A Review of the Regions Bank New Secured Credit Card

A Review of the Regions Bank New Secured Credit Card

April 24, 2020         Written By Natalie Rutledge

Regions Bank has unveiled its latest secured credit card, the Regions Explore Visa.

The card, which helps customers build or rebuild their credit, offers competitive rates, Visa benefits, and the convenience of a credit card. Since the funds are secured by a Regions savings account, a member’s credit limit will be equal to the balance in their account.

Featured Secured Card

Top Features:

0% Introductory APR for the first six months your account is
open, afterward regular APR.

Other features of the Regions Explore Visa include:

  • No foreign transaction fees
  • Chip-enabled technology
  • Visa’s Zero Liability Policy, which means users will not be held liable for unauthorized transactions
  • $29 annual fee

“There are all types of needs when it comes to borrowing money, building credit and managing your finances,” said Rajive Chadha, head of Regions Retail Products and Payments. “The new Explore Card helps Regions expand our product offerings, and it provides an option for consumers who might not qualify for a traditional credit card.”

The Explore credit card and savings accounts are joining a number of other products that Regions offer to help those who may have not used traditional banking products in the past or who are rebuilding their credit. The Regions Now Card (a reloadable debit card), Now Savings, and Check cashing are all available to customers who have no credit or bad credit.

Breaking Down The Regions Bank Secured Credit Card

Secured credit cards are a fantastic option for consumers with less than perfect credit profiles. These cards allow consumers to “secure” their credit limit either through a checking account, savings account, or simply paying the card company a fee to secure the limit. In the case of the Regions Secured card, the credit limit is secured through a Regions savings account.  For example, if you deposit $500 into your Regions Savings account and maintain that balance, your credit card will have a $500 credit limit.

These secured cards traditionally come with fairly high fees and very few perks or rewards.  The Regions card does offer some added perks and lower fees than many other cards.  With a $29 annual fee, no foreign transaction fees, EMV/chip technology, and a zero liability fraud policy through Visa, the card offers several added benefits that you may not receive using a simple debit card or other secured cards.

The card does come with several added Visa benefits as well.  Some of those perks include warranty service manager, purchase security, roadside dispatch, travel and emergency assistance services, auto rental collision damage waiver, Visa Checkout, and several other Visa benefits.  These perks alone make the card worthwhile, especially for those with less than perfect credit.

What Is Regions Bank?

Regions Bank is a regional bank with nearly 2,000 ATM locations across 15 different states.  Formally known as Regions Financial Corporation, Regions primarily services the southeastern United States and parts of the midwest, with locations ranging from Texas to North Carolina, from Iowa to Alabama.

For those looking for a secured card offer, the Regions Bank Secured credit card is a solid option.  LowCards also offers a variety of other secured cards. In addition, there are a number of options for people who are limited or no credit history.

The information contained within this article was accurate as of April 24, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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natalierutledge

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com