Regions Prestige Visa Signature credit card review

Regions Prestige Visa Signature credit card review

Updated: November 17, 2020
Updated: November 17, 2020
Ratings Policy
Balance Transfer Rating:
2.6 rating
2.6 rating
2.6 / 5
Introductory Offer:2.4
Net Value:3.5
Features:1.0
Issuer Customer Experience3.3

In a Nutshell:

The introductory period for balance transfers on the Regions Prestige Visa Signature card is too short and the 4 percent fee for balance transfers is higher than average.

0% Introductory Period
12 months

Poor

Transfer Fee
$10 or 4% (whichever is higher)

Poor

Introductory Purchase APR
0%

Excellent

Regular APR
14.49-24.49% (variable)

Average

Annual Fee
$0

Excellent

Regions Bank Customer Experience

  • J. D. Power 2020 customer satisfaction rating: average of 816 (no issuers ranked higher in this category)
  • 24/7 customer service?: Yes
  • Online chat available?: No
  • Google Play Store mobile app rating: 3.9/5
  • Apple Store mobile app rating: 4.6/5
Very Good

Other Notable Features: Visa Signature benefits, concierge service, lost luggage reimbursement, fraud coverage, purchase security, overdraft protection

Ratings Policy
Low Interest Rating:
2.9 rating
2.9 rating
2.9 / 5
Rates, Fees, Penalties:2.8
Rewards:1.6
Features:1.0
Issuer Customer Experience3.3

In a Nutshell:

The Regions Prestige Visa Signature card offers a reasonable interest rate and a fairly long 12-month 0 percent introductory period on balance transfers and new purchases.

Regular APR
14.49-24.49% (variable)

Poor

Introductory Purchase APR
0% for 12 months

Excellent

Introductory Balance Transfer APR
0% for 12 months

Excellent

Fees

  • No annual fee
  • 4% balance transfer fee
  • No foreign transaction fee
  • 4% cash advance fee
Very Good

Penalties

  • $38 late payment fee
  • No penalty APR
  • No returned payment fee
Excellent

Regions Bank Customer Experience

  • J. D. Power 2020 customer satisfaction rating: average of 816 (no issuers ranked higher in this category)
  • 24/7 customer service?: Yes
  • Online chat available?: No
  • Google Play Store mobile app rating: 3.9/5
  • Apple Store mobile app rating: 4.6/5
Very Good

Other Notable Features: Visa Signature benefits, concierge service, lost luggage reimbursement, fraud coverage, purchase security, overdraft protection

Ratings Policy
Rewards Rating:
2.4 rating
2.4 rating
2.4 / 5
Rewards Value:0.9
Annual Percentage Rate:4.2
Rewards Flexibility:3.3
Features:2.0
Issuer Customer Experience3.3

In a Nutshell:

There’s not much to recommend this low-earning rewards card besides a few small bonuses for signing up for Regions Bank services.

Rewards Rate
1:1 general purchases (2:1 with Regions personal checking account registered for Regions Rewards Multiplier program)

Poor

Sign-up Bonus
10,000 points if you spend $500 in first 90 days

Fair

Annual Bonus
None

Excellent

Annual Fee
$0

Excellent

Average Yearly Rewards Value ($1,325 monthly spend)
$192

Poor

APR
14.49-24.49% (variable)

Very Good

Rewards Redemption
Pros

  • No blackout dates
  • You can use points for travel, events, gift cards, merchandise, and cash back directly to a checking account

Cons

  • Points expire after 36 months
  • You can only redeem points for travel through the Regions loyalty program
  • Poor values for most redemptions
  • Must collect a large number of points to redeem for travel rewards
Very Good

Regions Bank Customer Experience

  • J. D. Power 2020 customer satisfaction rating: average of 816 (no issuers ranked higher in this category)
  • 24/7 customer service?: Yes
  • Online chat available?: No
  • Google Play Store mobile app rating: 3.9/5
  • Apple Store mobile app rating: 4.6/5
Very Good

Other Notable Features: Visa Signature benefits, concierge service, lost luggage reimbursement, fraud coverage, purchase security, overdraft protection

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As a rewards card, the Regions Prestige Visa Signature credit card takes the meaning of “no frills” to the next level. It comes with a meager sign-up bonus and a weak rewards program with a low rewards rate of one point on the dollar – a rate far surpassed by many if not the most rewards credit card programs out there. The much touted “Relationship Rewards Program” doesn’t offer any sizeable benefits for banking with Regions Bank.

Poor earning scheme

The Regions Prestige Visa Signature card comes with the most basic of rewards schemes: You get one point per dollar for all purchases. There are many no-fee travel cards on the market offering bonus categories that enable you to rack up extra rewards points, and even a few cards that come with a higher general rewards rate. If you are willing to dole out some money for an annual fee, you will find premium rewards cards that offer general rewards rates as high as 2 points per dollar.

Small sign-up bonus

The card includes a modest sign-up incentive for new customers: You can earn 10,000 bonus points if you spend $500 in the first 90 days. Even for a no-annual-fee card, this is a small sign-up offer. You can find several no-annual-fee cards, including the Capital One VentureOne Rewards Credit Card, with higher sign-up bonuses.

Low value on rewards redemption

Like most rewards programs, redeeming points for merchandise yields the worst possible value. Travel rewards are a mixed bag – some airfares offer a higher value than others, with a low average value of 1 cent per point. Getting cash back at 1 cent per point is the most straightforward reward you can get out of the program.

Regions relationship rewards

If you are a current Regions banking customer and don’t mind signing up for additional services with Regions Bank, you can get some extra points. For instance, you get 250 points for signing up for mobile banking and another 250 points for online banking. You’ll also get 500 points for opening a savings or money market account, as well as ongoing bonuses and points for various banking activities. Although the points are on the small side, the incremental rewards may be worth it, even with the $10 annual fee that regions charges for participating in the program.

Short 0-percent introductory offer

If you’re considering the Regions Prestige Visa Signature credit card for the introductory 0-percent APR, be careful: The introductory period lasts only seven months, which is far shorter than offers from many other competitors. The 4 percent balance transfer fee is also higher than the typical 3 percent.

Why get the Regions Prestige Visa Signature card?

  • You prefer a card with no annual fee and are fine a low rewards rate.
  • You prefer a card with Visa Signature benefits.
  • You have a relationship with Regions Bank.

How to use the Regions Prestige Visa Signature card:

  • If you are transferring your high-interest balances to the Regions Prestige Visa Signature credit card, make sure you can pay them off within the seven-month introductory period to avoid the regular interest rate. In addition, Regions charges a higher-than-usual, 4 percent balance transfer fee.
  • Redeem for cash back and avoid other redemption options.

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