Regions Prestige Visa® Signature Credit Card

Regions Prestige Visa® Signature Credit Card Review

The Regions Prestige Visa® Signature is a mid-level rewards card option from Regions Bank that features a base earning rate of 1X points on all purchases, a modest signup bonus, and no annual fee. It has a lower annual fee and earning rate than the Region Premium Visa® Signature (which costs $125 a year and earns 1.5% points on all purchases) but potential for an increased rewards rate and a signup bonus, both which the Regions Cash Rewards Visa card lacks.

This card would work best for existing Regions Bank customers that are looking for a credit card with versatile rewards but may not spend enough in one year to justify owning a rewards card with an annual fee. Low spenders will also be thrilled to find that the Regions Prestige Visa Signature has a very easily achievable signup bonus and allows them to earn points on every single transaction – no need to fuss over revolving categories, specific purchase categories, or activating rewards each month. However, the card’s simplicity comes at the cost of a sub-par earning rate which is easily rivaled by even the barest of reward credit cards.

Signup Bonus & Introductory Offers

New cardholders that spend $500 within the first 90 days of opening the account will yield 10,000 bonus points (which has a cash value of $100). This spend is incredibly easy to meet through everyday transactions and thus, won’t necessitate waiting for a big-upcoming purchase to apply for this card.

The 0% introductory APR, however, might provide some incentive to do just that, as both purchases and balance transfers will enjoy no-interest for 12 months.

Earning Points

The Regions Prestige Visa® Signature card offers a base of 1% back (in points) on every single purchase and has the potential to be increased up to 2% back, thanks to the Regions Reward Multiplier. Cardholders will earn 1 point per dollar spent regardless of MCC.

If there are any errors that result in points missing from your account, these discrepancies must be reported with 60 days or else it cannot be guaranteed that any adjustments can be made. Additionally, points expire every 4 years – a decent amount of time considering the versatility of reward redemption options – on the last day of your anniversary month.

What is the Regions Reward Multiplier and How Does it Work?

The Regions Reward Multiplier is a part of Regions Relationship Rewards. This program compensates those who have a Regions Bank personal checking account with increased credit card rewards of either 0.25, 0.50, or 1.0 extra points per dollar spent (available only for the Premium and Premier Visa Signature cards). Enrollment to the program is free but eligibility for these boosted earnings are based on how much is deposited into your checking account each month with a minimum of at least $15,000.

Each quarter, Regions Bank checks for qualifying deposit amounts to determine whether an account qualifies for any additional points. These quarters mirror how the calendar year is broken up and are as follows:

• Q1 (January, February, March)
• Q2 (April, May, June)
• Q3 (July, August, September)
• Q4 (October, November, December)

Total average deposit balance is calculated by combining the average deposit amounts of each individual month of the previous quarter. The average monthly balance is added together and then divided by three.

For example, to qualify for a 0.50 points bonus in Q2 one would have to have a total average balance of at least $15,000 between January, February, and March (the months prior to Q2) which could take several forms:

1. $15,000 in deposits for January, February & March
2. $30,000 in deposits for January, $0 in February, $15,000 in March
3. $0 in deposits for January, $0 in deposits for February, $45,000 in deposits in March

If your quarterly deposits do qualify for one of the bonuses, earnings will be adjusted to the new reward point amount (either 1.25%, 1.5%, or 2% back on purchases) for the following quarter (i.e. your deposits into your checking account today will contribute to your rewards rate a few months from now).

Individual Point Values

Each point earned with the Regions Prestige Visa® Signature Credit Card has a value of 1¢.

Although this is an average value within the industry, weakens the case for this card even further. Take retail credit cards, for example. While they might have reward structures that make it more difficult to earn rewards or require a certain amount before qualifying, the rewards typically end up having an above-average individual value which can make them worth the hassle.

Redeeming Points

All card rewards are redeemed via Regions Relationship Rewards which can be accessed through online account or call 1-877-883-0599. Redemption options are versatile and are comprised of:

Travel – For airfare, car rentals, hotel bookings use the Regions travel portal to make travel arrangements and pay entirely or partially with earnings. Redemption for larger-scale bookings such as cruises and vacation packages require having at least 10,000 points and can only be arranged by calling a Regions Bank travel agent (1-877-883-0599).

Shopping – Browse Region Bank’s online catalog to take your pick of gift cards, electronics, home furnishings, jewelry and more. Point value may dip here (to become worth less than one cent a piece) depending on each individual item.

Cash – Redeem points for statement credit, direct deposit into your checking account, or receive a physical check; 100 points = $1.

A Pre-Existing Banking Relationship is Recommended

While the low earning potential can leave much to be desired, the main appeal of this card is that there is a significant preference given to applicants who have a pre-existing relationship with Regions Bank. Aside from the fact that you must have a checking or savings account with them to apply for any of their credit cards in the first place, the length of your history with Regions Bank could give you a strong advantage including pre-qualification offers with high starting credit limits or a higher signup bonus.

A Regions Bank checking or savings account can be opened online or in-person at a physical branch and requires a minimum deposit of $25 dollars. Both types of accounts have a monthly fee of $10 per month which can be waived if you meet certain criteria. However, considering that the earning potential for this card is so weak, this card isn’t really worth jumping through all these hoops just for the chance to apply for a Regions Bank credit card.

As a Regions Prestige Visa® Signature Credit Card holder, you also have access to a suite of helpful Visa® benefits that have everyday applications. Frequent shoppers can scour store shelves with peace of mind knowing they are covered by purchase security and warranty manager service, whereas travelers can make use of their auto rental collision damage waiver and lost luggage reimbursement in the unfortunate instances that they need to.

Should You Apply for the Regions Prestige Visa® Signature Credit Card?

The only merit of this card is that it is eligible for the Rewards Multiplier and has the potential to earn up to 2% back on purchases. However, doing so requires a massive hurdle of depositing an average of $50,000 in a Regions personal checking account every quarter. There are plenty of other flat-rate rewards cards that offer the same bonus structure without requiring such large amounts of money. And even for the potential applicant that could meet those deposit requirements would likely qualify for some of the industries premium credit cards that offer much more lucrative rewards.

Overall, the Regions Prestige Visa card does not pack enough of a punch to warrant all the hoops it requires potential card holders to jump through – opening a checking account becoming eligible to apply for the card in the first place, or depositing thousands of dollars needed to earn up to an extra penny back on every purchase. The Regions Cash Rewards Visa Signature is a great alternative which features no annual fee and 1.5% cash back (without the need for having an average of $30,000 each month).