Regions Cash Rewards Visa® Signature Credit Card

Regions Cash Rewards Visa® Signature Credit Card Review

A new addition to the Regions Bank credit card lineup, the Regions Cash Rewards Visa offers an easy entryway into their higher-tier credit card offerings. It carries no annual fee and offers a flat rate of 1.5% cash back on every single purchase – on par with industry offerings. However, this flat rate makes it a standout from other Regions Banks card options because unlike the Premium and Prestige Visa Signature, having a worthwhile rewards rate isn’t dependent by how much (or how little) is in your Regions personal checking account.

Cash Rewards Visa Sign Up Bonus & Introductory Offers

Unfortunately, there is no welcome offer or one-time cash bonus for new cardholders. This puts the card at a disadvantage when compared other cards with identical rewards rates of cards from both national and smaller-sized issuers.

The Cash Rewards card does come with an introductory APR offer of 12 months with 0% interest for both purchases and balance transfers. While this intro APR period is fairly standard, the card has a surprisingly low APR (for a rewards card) once the promotional period ends which will help ease the shock of anyone needed to carry a balance over into the thirteenth month.

Earning Cash Back

As is the case with most other rewards cards, the Regions Cash Rewards Visa does not offer rewards on balance transfers, cash advances, wire transfers, money orders, travelers checks, lottery tickets, or casino chips. Other than that, the world is your oyster and you will earn 1.5% cash back on every single purchase. Occasionally, Regions may provide special promotions for cardholders to earn higher rewards.

Cash earnings are issued (and redeemed) through the Regions Cash Rewards program. These earnings are rounded to the nearest penny and will typically be credited to your account within 10 business days. However, it is very important that cardholders note that rewards expire 48 months (4 years) from the month they were initially accrued.

Redeeming Your Earnings

Regions Cash Rewards Visa® Signature rewards can only be redeemed for cash back. Cash back rewards can come in three forms: a statement credit, a direct deposit, or a physical check –simply access your account online or call 1-855-575-4640 in order to select which option you prefer. There are no minimum redemption amounts, although Regions Bank reserves the right to add stipulations (such as redemption intervals or a maximum redemption amount) at any time.

As far as who can redeem card earnings, currently, only the primary account holder can redeem Regions Cash Rewards Visa Signature rewards. Regions Bank says they may allow for this person to designate an ‘Authorized Redeemer’ in the future, however this option is not available yet.

If you already own one of Regions high-end credit cards, you may be disappointed that the Regions Cash Rewards program and the Relationship Rewards program are separate so you cannot combine your cash earnings with points from the Premier or Prestige Visa.

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

Flat rate rewards cards like this one make for great supplementary credit cards to use for purchases that don’t fall into the bonus categories your other credit cards cover such as convenience stores, farmer’s markets, mechanics. However, the lack of a signup bonus puts a serious dent in this card’s appeal – especially since there are plenty of similarly structured cards such as the Chase Freedom Unlimited, or the Wells Fargo Cash Wise Visa (both which have no annual fee).

However, if you’re already a Regions Bank customer you might find the lack of signup bonus less of a deterrent as they are known to offer more favorable terms (especially starting credit limits) to long-standing customers. While a generous credit limit may not be immediately comparable to a few hundred dollars in bonus cash, it has the potential to significantly boost your total credit limit, which in turn could improve your overall credit score.

If you have a personal checking account with Regions Bank and make at least $45,000 in deposits within a quarter, you should consider the Regions Premier Visa Signature which also has no annual fee but has additional redemption options (travel, merchandise, and cash back) as well as the chance for a boosted rewards rate.