Reviews Regions Visa Signature Preferred credit card review

Regions Visa Signature Preferred credit card review

Published: January 5, 2017
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Ratings Policy
Rewards Rating:
1.8 rating
1.8 rating
1.8 / 5
Rewards Value 0.1
Annual Percentage Rate 4.9
Rewards Flexibility 3.3
Features 3.0

In a nutshell:

The Regions Visa Signature Preferred card offers a unique rewards scheme for Regions Bank customers, but its limited perks and mediocre points value make its high annual fee hard to justify.

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Rewards Rate
1.5:1 on general purchases

Sign-up Bonus
None

Annual Fee
$125

Average Yearly Rewards Value ($1,325 monthly spend)
$114

APR
12.24-19.24%

Rewards Redemption
Pros

  • No point limits
  • No blackout dates
  • Redeem points for travel, gift cards, merchandise or cash

Cons

  • Rewards expire after 36 months
  • Minimum of 1,600 points required for redemption; travel starts at 25,000 points
  • Can’t transfer points to other loyalty programs

Other Notable Features: $0 fraud liability, free concierge service, baggage insurance, purchase protection, price protection, trip cancellation and trip interruption protection

Travel Rating:
1.7 rating
1.7 rating
1.7 / 5
Rewards Value: 0.2
Annual Percentage Rate: 3.8
Rewards Flexibility: 3.3
Features: 2.0

In a nutshell:

For $125 a year, the Regions Visa Signature Preferred card offers a 1.5:1 rewards rate – which can be easily found on cards with no annual fee – and minimal cardholder benefits.

Learn more about this card

Rewards Rate
1.5:1 on general purchases

Sign-up Bonus
None

Annual Fee
$125

Average Yearly Rewards Value ($1,325 monthly spend)
$114

APR
12.24-19.24%

Rewards Redemption
Pros

  • No point limits
  • No blackout dates
  • Redeem points for travel, gift cards, merchandise or cash

Cons

  • Rewards expire after 36 months
  • Minimum of 1,600 points required for redemption; travel starts at 25,000 points
  • Can’t transfer points to other loyalty programs

 

Other Notable Features: $0 fraud liability, free concierge service, baggage insurance, purchase protection, price protection, trip cancellation and trip interruption protection

This offer is no longer available. For current reviews, see our rewards card reviews section.

For cardholders who do a lot of banking, the Regions Visa Signature Preferred card could be an attractive option. Cardholders who have accounts with Regions Bank are rewarded for everything from paying bills to depositing money in an ATM and are also given the option to put their points toward something practical, such as their mortgage. However, the card’s annual fee is surprisingly high, and the so-so rewards offered by the Regions Visa Signature Preferred card aren’t generous enough to justify such a steep yearly cost.

To get the most value from this rewards card, cardholders also have to live in one of the 16 states served by Regions Bank and have a Regions Bank checking account. States with a Regions Bank include Alabama, Arkansas, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

High Annual Fee

The most disappointing feature of this rewards credit card is its high annual fee. Cardholders are charged $125 a year for the privilege of carrying the Regions Visa Signature Preferred card, but the benefits offered by the card pale in comparison to similar high-fee cards. The rewards rate offered by the card is relatively modest, and the card doesn’t offer any special perks to help make up for the annual fee. The Regions Visa Signature Preferred card doesn’t even offer online applicants a sign-up bonus, which is surprising considering that most comparable high-fee cards advertise generous bonuses in order to lure potential cardholders.

Modest points rate

Regions starts out by offering cardholders 1.5 points for every dollar they spend, which is more than the average rewards card, but less than many competitors with comparable annual fees. The enhanced points rate could help cardholders build a collection of points more quickly than lower-fee cards with a one-point-per-dollar rate. But cardholders in a hurry to build up points can find more generous point rates elsewhere, including through some cards without an annual fee.

Bonus points for everyday banking 

Regions Bank customers who do a lot of banking may find the steep annual fee worth it if they can build up enough bonus points through the card’s Relationship Rewards Program to cover the $125 annual fee. Cardholders with a Regions Bank checking account can earn an extra 500 to 1,000 bonus points automatically just by signing up for a Regions Bank savings or money market account, taking out a loan or getting approved for a new mortgage. Cardholders who sign up for online or mobile banking can also net an extra 250 to 500 bonus points, while cardholders who engage in everyday banking activities – such as paying bills or depositing money in a savings account – also earn bonus points. That makes earning points relatively easy and could help cardholders build up a valuable stash relatively quickly.

Disappointing rewards value 

Rewards points are typically only worth about a penny per point, so cardholders need to amass a significant number of points to justify spending more than $100 a year on the annual fee. Cardholders who don’t plan to do much banking with Regions Bank probably won’t find Regions’ points program worth it. Many rewards cards with comparable fees offer much more valuable rewards, especially for big purchases, such as travel. Some rewards are valued at even less than a penny per point, which is exceptionally low for such a high-fee card.

Comparatively few perks

The Regions Bank Visa Signature Preferred card also falls short by offering relatively few perks. The only perks offered by the card are the usual Visa Signature card perks, such as Visa Signature concierge services and select travel insurance. Usually, rewards cards with a high annual fee help justify their annual expense by offering more distinctive credit card perks, such as airline-fee credits, complimentary Wi-Fi, premium travel protection or other high-value benefits.

Reasons to sign up for it:

  • You already have a Regions Bank checking account and want to take advantage of the Relationship Rewards Program.
  • You plan to open additional Regions Bank accounts, such as a money or savings account, or apply for additional bank loans.
  • You want a straightforward rewards card with a relatively simple rewards structure.

How to use it:

  • Do the math when shopping for potential rewards purchases. Some gift cards, for example, have a higher redemption value than others.
  • Check the Relationship Rewards website regularly for specials. You may be able to squeeze more value out of your rewards by taking advantage of a temporary promotion.
  • To earn more rewards, try to save as much as you can in your Regions Bank deposit account. Customers whose bank balances grow by more than $5,000 to $10,000 from the previous year are eligible for up to 2,000 to 5,000 points in annual rewards bonuses.

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