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Regions Visa Signature Premium credit card review

Regions Visa Signature Premium credit card review

Published: December 5, 2017
Ratings Policy
Low Interest Rating:
3.3 rating
3.3 rating
3.3 / 5
Rates, Fees, Penalties: 3.5
Rewards: 1.6
Features: 2.0

In a nutshell:

While the APR on the Regions Premium Visa Signature card is reasonable and cardholders can save interest on the card with its 0-percent introductory offer, bargain-minded cardholders will likely scoff at the card’s $125 annual fee.

Regular APR
12.99% (variable)

Introductory Purchase APR
0% for 12 months

Introductory Balance Transfer APR
0% for 12 months

Fees

  • $125 annual fee
  • 4% balance transfer fee
  • No foreign transaction fee
  • 4% cash advance fee

Penalties

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

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

Rewards Rating:
2 rating
2 rating
2 / 5
Rewards Value 0.5
Annual Percentage Rate 5.0
Rewards Flexibility 3.3
Features 3.0

In a nutshell:

The Regions Visa Signature Premium 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.

Rewards Rate
1:1 on general purchases

Sign-up Bonus
30,000 points if you spend $2,000 in first 90 days

Annual Fee
$125

Average Yearly Rewards Value ($1,325 monthly spend)
$176

APR
12.99% (variable)

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:
2.1 rating
2.1 rating
2.1 / 5
Rewards Value: 0.6
Annual Percentage Rate: 5.0
Rewards Flexibility: 3.3
Features: 3.0

In a nutshell:

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

Rewards Rate
1:1 on general purchases

Sign-up Bonus
30,000 points if you spend $2,000 in first 90 days

Annual Fee
$125

Average Yearly Rewards Value ($1,325 monthly spend)
$176

APR
12.99% (variable)

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

For cardholders who do a lot of banking, the Regions Visa Signature Premium 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 Premium 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 Premium 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 Premium 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.

Meager points rate

Regions offers cardholders a mere 1 point for every dollar they spend, which is far below the rewards rate offered by many competitors with comparable annual fees, as well as many no-annual-fee cards.

Fair sign-up bonus

New cardholders will earn 30,000 points for spending $2,000 on the card in the first 90 days of card ownership. This is a fairly large bonus, but isn’t sufficient on its own to justify the card’s high annual fee, considering that you can find many cards with larger bonuses and better travel benefits for more reasonable fees.

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 Premium 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.

Why get the Regions Visa Signature Premium credit card?

  • 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 the Regions Visa Signature Premium credit card:

  • 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.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

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