About Regions Bank Prestige Visa Signature Card
Money doesn’t grow on trees but it definitely grows on the Regions Bank Prestige Visa Signature Card.
You see, the Regions Bank Prestige Visa is a cash rewards credit card, which means you’ll earn a small percentage of cash every time you use your credit card to buy something.
In the universe of credit cards, cash back is one small galaxy among many galaxies like travel rewards, hotel rewards, airline rewards, luxury/premium and low-interest.
Not all of these various genres will award your spending with cash rewards, but the ones that do tend to have lower APRs than other cards and are super easy to use.
Does the Regions Bank Prestige offer those low APRs and awesome ease of use? We’re going to answer that question as thoroughly as we can in this review.
We’ll show you how you can use the card to maximize your cash rewards, discuss which long-term benefits the card features and then talk about what other people are saying about the card.
The facts and numbers we use in our review are drawn directly from Regions Bank as well as a couple of other reliable sources we like to use in our credit card reviews.
At the end of this review, we’ll give you a quick list of the Prestige Visa Signature’s pros and cons, then who we think would most enjoy this credit card.
Before we launch into the review though, we want to make one thing clear. The Regions Bank Prestige is only available to Regions Bank customers.
The Regions Bank Prestige Visa Signature’s Cash Rewards Program
In most cases, cash rewards cards work off a multiplier system where you get varying levels of bonuses depending on what you buy.
Some cards offer a flat rate for all purchases while others give you more cash back for things like travel or a set of specific categories of purchases (groceries, for example) that change every three months.
The Prestige Visa Signature falls in that first category of cards with one flat rate. However, there’s a twist to that flat rate.
New cardholders will get 1% cash back on all their purchases, but during the first 90 days of owning your card, you’ll get 2% cash back. The “cash back” comes in the form of points: 2,500 points = $25.
The key here isn’t just to think about the percentages but to consider how much you could spend each month on a credit card.
I’ll use an example in my own life. To earn rewards on our credit cards, we use our cards to buy gas, groceries and to pay for meals when we eat out. We also use our cards to pay our health and dental insurance, along with any other miscellaneous expenses that come up during the month.
Over the past six or seven months, we’ve averaged about $3,500 spending on our cards. Based on that number, I calculate that we would spend about $10,500 in 90 days. At 2%, the Regions Bank Prestige Visa Signature would earn us $210 in cash rewards.
After the 90 days is over, though, that rate switches to 1% and we’d earn around $35 a month in cash rewards, which is about how much our life insurance policies cost us. Free life insurance from cash rewards? I think that’s a great idea.
Of course, every family is different. So, take a moment to figure out how much you spend each month. It will really help you gauge how much the Prestige Visa Signature’s cash rewards is worth to you.
Here’s a chart that shows how much you could earn when you combine the 2% in the first 90 days and 1% for the remaining nine months of the first year:
|Monthly Spending||2% for 90 days||1% for 9 months||Total First Year Rewards|
The bigger spender you are, the more value cash rewards have, but, of course, that conclusion can be applied to just about any rewards card. What’s important, though, is that you get a visual of how much cash back you get from this card.
According to Regions Bank’s terms and conditions, your cash must be redeemed in increments of 2,500 points.
Using Your Rewards for Travel and Shopping
If you don’t want to use your rewards for cash in your pocket, you can use it to book travel or go shopping through the Regions Rewards shopping portal.
We wanted to know how Regions’ travel prices compared to prices you could get on aggregate travel site Kayak, so we ran a test of a flight from Seattle to New York’s JFK airport.
Regions’ travel portal offered the exact same prices as what we found on Kayak, which is good news because it means you don’t have to go outside of Regions’ website to make your travel plans. Convenience is the key here.
However, remember that Regions dictates which travel purchases can be made with points and which ones have to be made with points and cash.
Because we aren’t Regions customers, we weren’t able to log in to their rewards portals and view travel redemption options. In our opinion, this card is best used for cash. If you’re interested in a card you can use for travel, check out our review of the best travel rewards cards of 2017.
No Interest for 12 Months
The other main bonus perk you get with this card is 0% interest on purchases and balance transfers for the first 12 months of owning the Prestige Visa Signature.
What this means is that any purchases or balance transfers you make within the first 12 months won’t be charged interest for 12 months. So, you can carry a balance on your card and it won’t cost you anything as long as you make the minimum payment on your bill in a timely manner.
There are three things you should know, though.
First, the 0% interest applies to balance transfers made in the first 60 days of owning the card. That 60-day deadline starts the day you’re approved for the card, not the day you get it in the mail.
Second, any balances left over after that 12 months will be charged your regular APR, which we’ll get to in a few seconds.
And, finally, you’ll be charged a 4% fee to transfer your balance. So, if you move $2,000 from another card to your Regions Bank Prestige Visa Signature, you’ll pay an $80 fee.
Visa Signature Benefits
Because the Regions Bank Prestige is a Visa Signature card, it comes with a series of benefits that stick with the card the entire time you use it.
The 2% rewards rate and 0% interest are a nice perk, but they’ll both be gone after the first year. The following suite of Visa Signature benefits won’t, though, and are part of the reason this card is a great fit if you want a card that has good rewards and benefits:
- Extended warranties on certain products
- Rental car insurance (CDW)
- Concierge services
- Lost luggage reimbursement
- Travel accident insurance
This suite of benefits focuses on travel-related situations. For example, Visa will reimburse you up to $3,000 ($2,00) for New York residents), if your airline carrier loses your luggage.
According to the Prestige Visa Signature’s terms and conditions, there are exceptions to this rule. For example, automobiles, motorized vehicles, sunglasses, contact lenses, perfume, cosmetics, and cameras are a few of the things which aren’t covered.
What we’ve just listed here is an example of some of the limitations that each of these Visa Signature benefits has, so, when Regions Bank sends you your Prestige Visa Signature, make sure you read through your benefits guide to know what those limits are.
If you want a heads up on all this information before you sign up for the card, click here to download a copy of the Regions Bank Prestige Visa Signature directly from the Regions Bank website.
The Regions Bank Prestige Visa Signature Card’s Rates and Fees
In your excitement over the prospects of getting a new credit card there’s a chance that you could forget to do a review of the Prestige Visa Signature’s rates and fees.
We always like to detail what you may have to pay in terms of fees and interest just in case you find yourself carrying a balance or paying late:
- APR: 13.99-22.99%
- Cash advance APR: 25.99%
- Annual fee: None
- Balance transfer fee: 4% or $10, whichever is greater
- Cash advance fee: 4% or $10, whichever is greater
- Foreign transaction fee: None
- Late fee: Up to $38
The Prestige Visa Signature’s 13.99% APR is the same as several of the popular cash rewards cards out there like the Bank of America Cash Rewards, the Quicksilver from Capital One and the Chase Freedom Unlimited.
The fact that there’s no annual fee is also a strength of this card but something that it shares with all of the major cash back rewards cards.
What Consumers and Experts Are Saying About the Regions Bank Prestige Visa Signature
According to J.D. Power, an independent consumer satisfaction research company, Regions Bank’s credit card customers are among the most satisfied in the industry; only American Express, Discover and USAA cardholders are happier.
Most of the expert websites we skimmed gave the card poor reviews. We can understand that – there are many cash rewards cards that offer higher rewards rates. The Citi Double Cash, for example, will give you 2% cash back and the Chase Freedom Unlimited’s rewards rate is a flat 1.5%.
Both cards offer a cash bonus if you can spend $500 in the first three months, a perk that’s missing from the Prestige Visa Signature.
Pros of the Regions Bank Prestige Visa Signature
Based on our research, we believe this card’s strengths are Regions Bank’s good reputation with customers and the Prestige card’s 2% cash back in the first 90 days, 0% interest for 12 months and the card’s Visa Signature benefits.
Cons of the Regions Bank Prestige Visa Signature
The main two drawbacks to this card are its lack of a cash sign-up bonus and the fact that you only get 1% cash back on your purchases.
Who Might Enjoy This Card
We believe consumers who want a Regions Bank credit card with no annual fee and cash back rewards will like this card.
If you feel like the cash rewards aren’t good enough on this card, take a look at Regions Bank’s Premium Visa Signature. It has 90 days of 3% rewards that drop to 1.5% after the promo period.
Fraudulent charges and customer service
I had to cancel my credit card because fraudulent charges were on this credit card and it is taking Regions 30 days to hopefully fix it. Merril Lynch takes it off immediately. I have paid my balance off every month and the first time I complained about charges, and it showed three fraudulent charges, and it takes Regions 30 days to fix it.
Bottom Line: No, I would not recommend this to a friend