I believe these wristbands are given to anyone staying on a points reservation. Whether you rented points or are a DVC member doesn't make a difference. We rented points and our room key said "DVC Room Only", which is what the CMs at the towel stand would see every day when we checked in for the wrist band, and as a result we always got the sparkly DVC wrist bands. We did not receive any additional perks because of it, and any DVC owner also needed to present their membership card to take advantage of any discount perks (like cabana rentals).