Regions Bank Credit Card Rewards Program Is a Joke

say no to Regions Visa cardIs 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 rant off my chest, let’s review the Regions Bank credit cards…

1. Student

Annual Fee: None
Interest Rate: 15.99% with rewards, 14.99% without rewards (What the duck?! First time I’ve seen that switcharoo!)
Rewards: 1 point per dollar spent. No bonus categories.
Signup Offer: 0% for 7 months on balance transfers (which is stupid, if you’re a student and this is your first credit card, why would you already have a balance elsewhere?!). No bonus rewards.

2. Platinum

Annual Fee: None
Interest Rate: 11.99% – 18.99% with rewards, 12.99% – 19.99% without rewards
Rewards: 1 point per dollar spent. No bonus categories
Signup Offer: 0% for 7 months on balance transfers. No bonus rewards.

3. Visa Signature

Annual Fee: None
Interest Rate: 12.99% – 19.99%
Rewards: 1 point per dollar spent. No bonus categories
Signup Offer: 0% for 7 months on balance transfers. No bonus rewards.

4. Visa Signature Preferred

Annual Fee: $125.00 and it is NOT waived for the first year.
Interest Rate: 11.99%
Rewards: 1.5 points per dollar spent. No bonus categories.
Signup Offer: 0% for 7 months on balance transfers. No bonus rewards.

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

WorldPoints cash valueObviously 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, it’s a losing proposition.

Verdict for 2013?

With all due respect Regions Bank, your credit cards are complete garbage.

Sure, the Regions Visa Signature Preferred does give you 1.5 points per dollar, but is that worth paying $125 for per year, when there are cards that give 2% on everything?

This review has been updated for 2013

 
Comments
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

I have regions credit card at 5.9 percent

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.

I HATE Regions Bank. 6 yr ado & got a HUGE settlement. Opened a joint acct with hubby & a checking & savings with them.. TWICE mind you ALL my acct info got out to unscrupulous;ius people & they charged through the roof on my acct. Did I receive a contact ONE of spending not common to my acct??? NOT ONCE. Ended up closing that acct & they said ALL charges would be put back onto acct (Also contacted all stores card was used at giving them cashier, reg #, time of transaction, amount of same so they could follow it all up & peruse charges on their ens as I was on my end. (Thought the back would as well) Well guess what???? Apparently NOBODY but lil ole me did. I had since went on & opened an acct at a local credit union here & have had it for 7 yrs with no problems (hubbr co-signer on acct well the other day he attempted to make a check of his a direct deposit only to find out the credit union refused him to open an acct??? WTF is this, was under the impression that he HAD an account for the past 7 yrs, apparently NOT.

Now he’s gone BACK to Regions…I seriously think that something in the food, or sodas he drinks has deeply affected his brain cells beyond repair for going back to such an inept bank there ever was in a lifetime. Meantime I’ll just sit back & wait for all the complaining to begin once again as before, but NEVER say I told you so cuz he hasn’t told me me’s gone ahead & done this. Little does he know the WAR of the bank accts is on!!! He has an ATM card to my acct & will not give it back even though I’ve asked for it back, & I have NO ATM card nor listed in any way shape or form on HIS acct. so today I back hunting in order to plat this fair & square. He has only one month on his current ATM with MY current financial institution & they the laugh is ALL on him. & YES it’s gonna feel SO GOOD> to laugh that HARD when he attempts to get $$$ out of that acct for himself without MY knowledge & MEN think they are so darn smart when it comes to LIFE. Get a “CLUE:” men you are NO WHERE as SMART as a woman is when it comes to such things. So GIVE IT UP & QUIT making fools of yourselves!!!!!!!! Hand me another drink…this is gonna be a great & funny show.

I’m not sure what you are saying. . . Because you have no basic grammar skills and you clearly don’t know proper English. However, you clearly didn’t read the post. . . This is about Regions Credit Cards. And, while you did start talking about Regions Bank, you did not have anything to say about the Credit Cards at all. Then, you continued on a story about your husband taking your money and not sharing his. . . This isn’t a marriage forum, moron. Take your stupidity elsewhere.

Agreeably Confused

I completely agree with what Confused said. Also, I don’t see that marriage lasting too long if you’re that upset over an atm card.