Regions Financial Corporation provides several banking, mortgage, insurance, and wealth management products and services for its customers in Texas, the Midwest, and the South. The company was founded in 1971 in Birmingham, Alabama. The financial services company offers multiple credit card options with various rates and benefits. According to its corporate website, Region's investment, insurance, and annuity products are not bank guaranteed or FDIC insured.
- Multiple card options
- Additional benefits
- Online services
Multiple Card Options
Regions offers a variety of credit card options with various benefits. The Regions Life Visa credit card is designed for consumers who make frequent gas and grocery purchases. The Regions Prestige Visa Signature card is designed for frequent travelers and the Regions Premium Visa Signature card offers exclusive benefits for cardholders to manage their overall finances. There are no foreign transaction fees on any of these cards, which is excellent news for frequent travelers making numerous purchases overseas. Both the Prestige and Premium cards reward points on eligible purchases that may be redeemed for cash back, travel, merchandise, and gift cards.
All cards are equipped with EMV chip technology for secure purchase transactions. Another beneficial feature available on all cards is the zero liability protection against unauthorized purchasing transactions. All cards are also equipped to use Apple Pay, Android Pay, and Samsung Pay. Other available perks on select cards include:
- Overdraft protection
- Visa Security protection benefits
- Lost luggage reimbursement
- Visa Checkout
- Visa Concierge service
- Purchase security
- Price protection
Not only does the company provide online banking services, it also offers a My Green Insights tool with a number of beneficial features. Cardholders can manage accounts from multiple financial institutions all in one place, create budgets, and set goals. Cardholders can also categorize and chart monthly cash flow and receive alerts regarding their spending habits and financial goal achievement. The online banking services allow cardholders to review statements, transfer funds anytime, and set up automatic recurring payments. Around-the-clock customer service is also provided to answer any questions or resolve any issues that may arise regarding Regions' credit card services.
- APR rates
- Additional fees
- Service limitations
The company offer a zero percent introductory APR rate on purchases and balance transfers for the first 12 billing cycles on all cards. But once that period ends, cardholders will be charged an APR rate between 12.49 percent to 22.49 percent based on past credit history. Cash advance APR rates are 17.49 percent for the Premium card and 25.40 percent for the other two available cards. The interest charge for monthly balances is $1.50. Even for customers with excellent credit, these rates are high compared to other industry offerings.
The Regions Prestige Visa Signature card has an annual fee of $125 but the rest of the options do not charge an annual fee. Transaction fees for balance transfers and cash advances are either $10 or four percent of the total amount, whichever is greater. Those looking to consolidate large amounts of debt from multiple other cards should run the numbers first to determine if it is wise financial move on their part. A charge up to $38 will be assessed for any late payments. Additional fees may be assessed which are fully disclosed on the company's website in the Credit Card Agreement for Prospective Customers link under each card description.
The financial services company only has branches located in 16 states. Consumers should check the corporate website for available branch locations before applying for credit. Points on the Visa Signature card expire after 36 months and cardholders need to acquire a large number of points in order to earn travel rewards. Cardholders must contact the company and disclose their travel itinerary each time before they plan to travel overseas.
The Bottom Line
Regions offers a variety of credit card options best suited for consumers with excellent credit and frequent travelers. These cards can also be good for debt consolidation if the transferred balance is able to be paid off in full within one year before the zero introductory APR period expires.Two credit card options are available for cardholders to earn points that can be redeemed for travel perks, cash, gift cards, and merchandise. Consumers must redeem accrued points within three years after being earned or they will expire.
The APR rates and interest charges are high after the first year compared to offerings from other similar competitors. Balances must be paid off in full each month to avoid interest penalties. The company only has branch locations in 16 states so many consumers will be ineligible for access to products and services Regions provides. Consumers with excellent credit might be better off seeking a lower rate option elsewhere.