Regions Bank Credit Card Rewards Program Worth It?
Is it just me or does anyone else not understand the Regions Bank branding strategy? To be frank with you, I am getting fed up with their green/treehugger image they are trying to create for themselves. Those green bikes are bad enough, but what makes me really want to vomit are things like their “LifeGreen Savings” account which their website states “Go green – it’s good for you and the environment.”
Regions Bank… let’s be honest here. The biggest motive behind your paperless statements, online check images and the like is because they are more profitable for you (versus printing/mailing). I’m well aware that all banks play up the eco-friendly thing when peddling paperless, but you guys are really taking it overboard. Bring it down a notch because people aren’t buying it. For crying out loud you’re a bank, not a charity.
Now that I’ve gotten that off my chest, let’s review the Regions Bank credit card…
Type: There are two different versions depending on your preference; Regions Bank Visa Signature or World MasterCard.
Annual Fee: None
Interest Rate: As I write this review the application lists 12.99% to 20.99% depending on your credit. I would consider these average, however I should point out that Regions Bank does not charge a penalty APR – definitely unusual in a good way.
Rewards: For both the MasterCard and Visa card, you only get 1 point per dollar. There are no categories of spending that earn bonus points.
Now here’s the big surprise
If you review the fine print of the Regions Bank credit card application, you will discover that ironically, this card is not issued by Regions Bank! It is issued by FIA Card Services (Bank of America). So basically what you are getting here is a run of the mill BofA card with just a couple minor tweaks.
This explains why the Region card’s standard APR range is exactly the same as what BoA offers right now and why it uses the World Points.
Why the rewards program is less than ideal
Obviously the 1 point/dollar is nothing to write home about, but that aside, the World Points program isn’t a good idea for moderate spenders. Why? Because typically in order to get a full 1 cent per point during redemption, you will have to cash in a boatload of points at a time. For example, to get the full 1 cent value on gift cards, it will take 25,000 points for a $250 gift card. At only 1 point per dollar, that would require spending of $25,000.
For heavy spenders this isn’t a huge problem but for most people it is. If the Regions Bank Visa/MasterCard was giving bonus points for some categories it could make sense but the way the program is currently setup, I see no reason to apply.
Written August 2011
I was urged to join their savings program to make it easier to save money . 100.00 a mth was taken out of my checking into savings. This was done by phone while I was ordering checks. Later I got a packet of lots and lots of fine print a a card to sign. This was supposed to be a FREE account. I tried to transfer money but could not because I had not signed and returned their card yet. They had no problem taking 200.00 dollars from my account without that signature but could not switch it back without it. I said no problem, I’ll just come down , get my 200.00 and close out the little account. They said They would have to charge me 25.00 for early closure since I had it less than 6 months. This was not disclosed on the phone.. You get nice sweet friendly ladies before you have a lifegreen acct at regions bank ,but afterwards you find you really just have been horribly lied to.