Reviews Regions Student Visa review

Regions Student Visa review

Published: December 2, 2016
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Ratings Policy
Students Rating:
3.1 rating
3.1 rating
3.1 / 5
Introductory Offer 0.0
Interest and Fees 4.7
Rewards Program 2.1
Features 1.0

In a nutshell:

The rewards program is not the greatest, but the Regions Student Visa is the rare student card that lets you earn rewards without jacking up the interest rate.

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APR
16.24% with rewards / 15.24% without rewards

Annual Fee
None

Penalty APR
None

Introductory Offer
0% APR on balance transfers for 7 months

Estimated Yearly Rewards Value ($300 monthly spend)
$36

Rewards Program

  • 1 point/dollar on general purchases
  • Redeem points for gift cards, merchandise and cash

Other Notable Features: No late fee on first late payment, no overlimit fee, no foreign transaction fee, free FICO credit score, Spend Analyzer tool, customizable text alerts

If you are a resident of the South, the Midwest or Texas, you have probably spotted a Regions Bank in the vicinity. As one of the largest regional banks in the U.S., Regions features a line of highly average credit cards that are nothing to write home about. However, it just happens to offer a student Visa card that does include some fairly favorable terms.

Low interest rates for rewards

With a regular APR ranging between 15.24 percent and 16.24 percent (you get the higher number if you opt into the rewards program), the Regions Student Visa offers an exceptionally low interest rate for a student rewards card. Furthermore, you won’t be hit with a penalty APR (which can range up to 30 percent) if you miss a payment. We prefer student cards that don’t penalize new cardholders too heavily for building up a balance or skipping a payment.

An average, but inexpensive rewards program

You get one point for every dollar that you spend with Regions Visa. Points can be redeemed for gift cards, merchandise and cash. This falls short of most of the other rewards programs in the student category. Most cards offer a straight 1 percent cash return on your spending, with no points system to water down the value of your rewards. Several cards include a generous sign-up bonus. And they’re generally less restrictive than the Regions Student Visa program, which puts a 36-month time limit on your rewards points.

No introductory APR

While the Regions Student Visa does offer a zero-percent rate on balance transfers for the first seven months, there’s no introductory APR. Other cards in the student category have a zero-percent introductory APR, which is nice to have if you are a new cardholder. We don’t recommend carrying a balance, but it’s good to be forgiven on interest if you stretch your budget in the first few months.

Minimal features

Aside from the modest rewards program, the Regions Student Visa is mostly a no-frills, low-fee card. There are a few useful features for Regions Bank customers, such as online banking and overdraft protection, but nothing in the way of travel or purchase perks.

We recommend this card primarily for new cardholders who are seeking to build a credit history with a no-frills card that’s light on penalties. Also, if you’re looking for a student card that will let you earn rewards without bombarding you with interest, this may be a good choice. Furthermore, if you’re already a Regions Bank customer, you may appreciate the convenient features the card offers for checking-account holders.

Reasons to sign up for it:

  • You prefer a card with minimal costs.
  • You want a student card with a low interest rate and a rewards program.
  • You’re already a Regions Bank customer.

How to use it:

  • You must redeem your points within a three-year time limit.
  • You will get the best rewards rate if you redeem your rewards in 25,000-point increments.
  • You can combine your card with your Regions Bank checking account and use it for overdraft protection.

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