Union Bank Credit Cards & Rewards Program [2023]

Union Bank, also known as UnionBank or MUFG Union Bank, is a full-service banking institution focused on West Coast clientele.

It’s also a wholly-owned subsidiary of Mitsubishi UFJ Financial Group — you’ll find retail branches in California, Oregon, and Washington, as well as commercial branches in Chicago, Dallas, Houston, and New York City.

In this guide, we’ll walk you through all of Union Bank’s major rewards credit cards and see what this New York-based bank has to offer.

What Is Union Bank Rewards?

Union Bank has 2 main types of rewards systems — one that earns points and one that earns cash-back.

This bank uses the Visa payment network for its credit cards, which is great news for those concerned about payment acceptance.

Union Bank’s cash-back rewards do not expire as long as you have an open account in good standing, but Union Bank Rewards points do expire after the third anniversary of the date you earned your points. These points are redeemed on a first-in, first-out basis.

If your account is closed for any reason, you will immediately lose any rewards you have not redeemed.

Union Bank Rewards Credit Cards

Union Bank Rewards is, quite simply, the name of Union Bank’s points-based rewards system.

In total, there are 4 main credit card options that earn Union Bank Rewards points — let’s take a look at all of the options.

Union Bank^® Travel Rewards™ Visa^® Credit Card

Union Bank’s flagship consumer credit card is the Union Bank Travel Rewards card. This card comes with a hefty introductory bonus after meeting a reasonable spending requirement.

In addition, all holders of this credit card will earn up to 3x points:

• 3x points per $1 spent on up to $6,000 annually on travel purchases (1x points thereafter)
• 2x points per $1 spent on up to $6,000 annually at restaurants (1x points thereafter)
• 1x points on all other purchases

Additionally, when you sign up for this credit card, you’ll likely also enjoy a 0% introductory APR benefit on balance transfers.

One of the neatest aspects of this credit card is that you’ll earn a bonus of 25% when you redeem points into your Union Bank checking or savings account or a bonus of 50% when you redeem points as a principal reduction payment to your Union Bank mortgage.

Other card benefits include purchase security, roadside dispatch, zero fraud liability, Visa concierge services, no foreign transaction fees, and more.

This card has an annual fee of $49, which is usually waived for the first year.

Union Bank^® Preferred Rewards™ Visa^® Credit Card

The Union Bank Preferred Rewards card is another rewards-earning option to consider, especially if you don’t find yourself spending all that much on travel.

This card usually comes with a more modest welcome bonus compared to the Union Bank Travel Rewards card, but it earns according to a fantastic structure:

• 5x points per $1 spent on digital wallet purchases, up to $6,000 the first year (1x points thereafter)
• 3x points per $1 spent on up to $6,000 annually at restaurants (1x points thereafter)
• 2x points per $1 spent on up to $6,000 annually on gas and grocery store purchases (1x points thereafter)
• 1x points on all other purchases

You’ll also likely find a 0% introductory APR on purchases and balance transfers, as well as the 25% and 50% redemption bonuses mentioned above.

You’ll also enjoy zero fraud liability, access to the Visa concierge, roadside dispatch, and purchase security.

This card has no annual fee.

Union Bank^® Business Preferred Rewards™ Visa^® Credit Card

The Union Bank Business Preferred Rewards card is the flagship business credit card offering, and it typically boasts the highest welcome bonus of any Union Bank credit card.

You’ll earn up to 5x points on your business spending (MCC refers to the merchant category code):

• 5x points per $1 spent on up to $25,000 annually on select business expenses (1x points thereafter)
  • Telecommunication services (MCC 4814)
  • Cable, satellite, and other pay television and radio services (MCC 4899)
  • Utilities – electric, gas, water, sanitary (MCC 4900)
  • Computer maintenance and repair (MCC 7379)
  • Advertising services (MCC 7311)
  • Stationery, office supplies, and printing (MCC 5111)
• 2x points per $1 spent on up to $25,000 annually on gas station and restaurant purchases (1x points thereafter)
• 1x points per $1 spent on all other purchases

This business credit card also usually comes with a 0% introductory APR benefit — other great benefits include primary rental car insurance when renting for commercial and/or business purposes, zero fraud liability, and more.

The Union Bank Business Preferred Rewards card has no annual fee.

Union Bank^® Rewards Visa Signature^® Credit Card for The Private Bank

The Union Bank Rewards card for The Private Bank is an elite credit card that is exclusively available to high-end wealth-management clients.

After signing up, you have the opportunity to earn a solid introductory welcome bonus, which is usually more substantial than that of any of the cards above.

You’ll earn according to the following rewards structure:

• 3x points per $1 spent on up to $6,000 annually on airfare (1x points thereafter)
• 2x points per $1 spent on up to $6000 annually at restaurants (1x points thereafter)
• 1x points per $1 spent on all other purchases

One of the most valuable benefits of this credit card is the ability to apply your rewards as a principal reduction payment to your Union Bank mortgage account at a rate of 1.75 cents per point (a 75% bonus)!

You’ll also get a complimentary Priority Pass Select membership with 4 free visits, as well as a $100 airline credit for airline incidental fees, including baggage fees, inflight entertainment, food and beverage purchases, and ticket change/cancellation fees.

The Union Bank Rewards card for The Private Bank has an annual fee of $199.

Hot Tip: Learn more about the top Visa Signature benefits and best Visa Signature cards in our informative guide.

Union Bank Cash-Back Rewards Credit Cards

Union Bank also has a cash-back rewards system that we should discuss — though there’s just 1 cash-back card option. Let’s dive into the details!

Union Bank^® Bank Freely™ Rewards Visa^® Credit Card

The Union Bank Bank Freely card gets you started with a solid cash-back welcome welcome bonus.

You’ll earn unlimited 1.5% cash-back on all purchases, as well as 0% introductory APR on purchases and balance transfers.

This card offers a 25% bonus on rewards when redeemed into your Union Bank checking or savings account and a 50% bonus as a principal reduction payment to your Union Bank mortgage.

Other neat benefits include purchase security, zero fraud liability, no foreign transaction fees, and access to Visa concierge services.

This card has no annual fee.

How To Redeem Union Bank Rewards

In general, if you earn cash-back, you can redeem your rewards in any of the following ways:

• As a statement credit to your credit card
• As a deposit into a non-Union Bank checking or savings account
• As a deposit into a Union Bank checking or savings account (a 25% bonus applies for the Union Bank Bank Freely card)
• As a principal reduction payment to your Union Bank mortgage (a 50% bonus applies for the Union Bank Bank Freely card)

However, if you’re earning Union Bank Rewards, you can also redeem your points for merchandise, gift cards/certificates, and travel (airline, hotel, and car rental bookings).

In general, all of these redemption options will net you a value of 1 cent each or less, so we recommend using your points for Union Bank checking, savings, or mortgage redemptions.

When you redeem your points for statement credits, Union Bank checking or savings deposits, mortgage payments, it will take around 5 business days for this activity to post to your account.

When you redeem your rewards into a non-Union Bank account, the deposit will post in around 7 to 10 business days.

Final Thoughts

Union Bank offers a run-of-the-mill credit card rewards program, except when you redeem your rewards for Union Bank checking or savings deposits or Union Bank mortgage payments.

Being able to get a redemption value of up to 1.75 cents per point towards paying down your mortgage principal is an exceptional benefit that should not be taken for granted.

Also, getting 1.25 cents per point towards Union Bank checking or savings deposits is not too shabby, either.

But if you’re planning to redeem points for travel, you can do better elsewhere, as you’ll get a maximum of 1 cent per point in value with these redemptions.

The information regarding the Union Bank^® Travel Rewards™ Visa^® Credit Card, Union Bank^® Preferred Rewards™ Visa^® Credit Card, Union Bank^® Business Preferred Rewards™ Visa^® Credit Card, Union Bank^® Rewards Visa Signature^® Credit Card for The Private Bank, and Union Bank^® Bank Freely™ Rewards Visa^® Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.