Regions Explore Visa Review

Who is the Regions Explore Visa card for?

If you are new to credit scores and credit cards, this may be the card for you. The Regions Explore Visa card comes in handy for those that want to be a part of a bank that manages a lot of your expenses for you. For those that are attempting to build or rebuild credit, the benefits this card offers should speak to you.

This card offers secured funds in a Regions Explore Card Savings Account. Before applying for this credit card, it should be noted that one must open an account with this bank. While some may find this offsetting, others could find a sense of security with this option. This bank offers premium security to managing finances and bumping up credit scores. This Regions Explore Visa card is one of the finer products to come out of Regions Bank in some time. For this ever-expanding bank, the benefits this card offers will only expand in the near future.

If you have already established a solid bank that you trust with your credit cards, this card might not offer you a lot. Opening up a new banking account is never the best idea if you’re already somewhat set in your finances. However, for those that are trying to establish a new line of credit, such as a graduating student or someone who needs to re-establish a good line of credit, this could be a solid option for you.

Rewards Rate

This card is unlike other cards in terms of their rewards points. Instead of earning rewards through purchases such as food or airlines, you would actually get reward points based on the deposited cash in the card’s bank account. While this may turn some new cardholders away, there are a lot of benefits that could come with having a card like this one.

Another different but exciting feature this card carries is the credit limit it offers. While normally credit card limits would be calculated by balancing credit, adjusting annual income, and living situation, this card proves to be different. The credit limit this card offers is exactly equal to the deposited balance you have in your own Explore Card Savings Account. Therefore, if you know you’re good at saving your money but you plan on starting a small business in the future or plan on taking out a loan, this card could benefit you in a lot of ways. You could get back whatever you put into your savings and depending on your short and long-term goals, this could be the perfect card for you.

The rewards rates of this card differ depending on your deposited cash in your bank. For each balance deposit with Region Bank, certain brackets will earn your rewards. These brackets consist of

1. $15,000-$30,000
1. Any deposit within this range will earn .25 extra points for each $1 on qualifying purchases
2. $30,000-$50,000
1. Any deposit within this range will earn .50 extra points for each $1 on qualifying purchases
3. $50,000 or more
1. Any deposit of $50,000 or over will earn 1 extra point for each $1 on qualifying purchases

For those who are planning to save money immediately after opening this account, you would benefit the most from this unique benefit.

Benefits and Credits

When dealing with a bank that’s part of the S&P 500 Index with over $125 billion in assets, you know you’re going to have some solid benefits. The first of which would be the wealth management team placed on your account upon opening. While most banks will let you figure out what you should be doing for yourself, Regions Bank will offer you full-time assistance on how to manage your future. Whether it be for retirement, savings, commercial banking, taking out mortgages, or covering insurance products and services, this card will do everything a card should do and more.

When you open up your account, you must have a minimum deposit balance of $250 dollars, making that your maximum credit loan for this period. However, for those who want to receive a much larger loan in a short time span, the maximum deposit balance right away would be $10,000. This will secure a credit loan of up to $10,000 while saving your own money with the bank.

Probably one of the best benefits of this card is the ability to redeem points in lots of ways. You may redeem anything from cash back, to airfare, to dining, to gift cards, and many more things. This card is a true all-around redeemer with tons of options.

With the complimentary Visa Signature Concierge benefit, anyone is able to find tickets to sports, entertainment events, or restaurant reservations 24 hours a day. If you and a friend are trying to see a basketball game but mixed up who would be buying the tickets for the week, simply get in contact with a Visa representative and they will take care of everything for you as fast as possible.

Finally, there is a lot of convenience with payments that come with this card. If you are interested in later becoming a more extensive member of Google, Apple, Samsung, LG, or any other company, Region Bank supplies all of these paying options. Whether it be Google Pay, Apple Pay, Samsung Pay, LG Pay, or anything else, this bank will do its very best to accommodate cardholder’s ease of payment.  

Security

With the security of a national bank, cardholders won’t need to worry too much about their fraud protection. With Visa’s Zero Liability Policy, no cardholders would be deemed responsible for unauthorized transactions on their credit card, this even includes online transactions. If anyone were to find some kind of mysterious transactions on their account, simply call Region Bank immediately and they will replace the compromised card and provide redeemable credit for whatever was charged to the Regions Explore Visa. 

Welcome Bonus

The unique thing about this card is the welcome bonus is whatever you invest in your account at the beginning. A credit limit equal to your deposit is the welcome bonus all cardholders receive. Due to the uniqueness of this card, this can be seen in two different lights in terms of how useful the welcome bonus can be. It is up to how much the cardholder wishes to initially deposit. 

Annual Fee

The annual fee of this card is $29. While it is not a lot of money like other cards, nobody wants to be paying $29 annually every year for a credit card.

Conclusion

This is the kind of credit card for recent college graduates or people who are just starting to rebuild their credit score. It is easy to attain but can be a hassle of a process to open a new bank account with Region Bank. We believe there is a lot of good that can be done with this card but if you have already established a secure bank outside of Regions Bank, there are probably different credit cards out there for you. For those who are rebuilding credit and or establishing some out of school, this card could be a perfect fit for you.