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Regions offers a few credit cards designed for individuals with good credit, as well as a Student credit card.
Both the Visa Signature and the Visa Signature Preferred cards allow you to earn rewards on all purchases, which may then be redeemed for gift cards, merchandise and cash back.
You also get Visa Signature benefits, including purchase protection, concierge and lost luggage reimbursement.
So, is it worthwhile to apply for one of these Regions credit cards or are there better offers out there?
Key Features & Benefits
The key features and benefits of this card are:
Regions Relationship Rewards Earn 1 point for every $1 in qualifying purchases, redeemable for cash credited to a Regions checking account, gift cards and merchandise.
0% APR on balance transfers for 7 months – Keep in mind this may not be the best deal out there, as the APR on balance transfers after this introductory period is still rather high. It’d be better to see a 0% introductory rate on purchases.
APR – The APR for the Visa Signature card will range between 12.99% and 19.99% while the Signature Preferred card has an APR of 11.99%. For the Preferred card, you’re getting a decent rate considering the average for rewards cards is currently 14.71%.
No penalty APR – Both cards have no penalty APR, which is very nice to see. If you pay your bill late you won’t incur a higher interest rate. You will still be subject to a late payment fee that may be as high as $35.
Visa Signature Benefits – Enjoy Visa Signature benefits with both cards, including Concierge, Purchase Security and Lost Luggage Reimbursement. With the Preferred card you also get Price Protection and Trip Cancellation/Interruption coverage.
Of those, the “Regions Relationship Rewards” seem the most interest. So let’s take a deeper dive there.
How Does the Regions Relationship Rewards Program Work?
The Regions Relationship Rewards program is rather confusing, as it claims you can earn additional rewards by using Online Bill Pay, Direct Deposits and Online Statements when you have a Regions checking account. This is in addition to the rewards you earn with the credit cards.
While it seems you can earn more points by adding other Regions services and products like consumer loans, a savings account or mobile banking, the additional rewards you earn is not explained anywhere. If you have a checking account through Regions, you will earn a program anniversary bonus and a balance bonus if your account balance growth exceeds $5,000 over the previous year.
As for the credit cards, with the Regions Visa Signature you’ll earn 1 point per $1 in spending or 1.5 points per $1 with the Visa Signature Preferred card.
There is no limit to the points you can earn and redemptions start at 750 points. You can choose between gift cards, merchandise or cash credited directly to a Regions checking account.
Beware of The Problems with the Regions Credit Cards
The first problem with the Regions Visa Signature and the Visa Signature Preferred cards is the confusing rewards program.
While it’s clear you’ll earn 1 or 1.5 points per $1, it’s unknown how to earn additional points by using other Regions services or products. The rewards rate for the two credit cards is also very poor, especially considering the Signature Preferred card has a high $125 annual fee.
While you do get access to Visa Signature benefits, there are better cards out there that offer the same benefits along with rewards up to 5% back on certain categories.
There really is no reason to apply for either credit card from Regions.
The interest rate is nothing special, and the annual fee for the Signature Preferred card is simply too high at $125 considering the rewards program doesn’t have a lot to offer.
While they’ve revamped their rewards program, it’s still sub-par when compared to popular rewards programs with cards like the American Express Blue Cash Everyday and the Discover it.
Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.