Regions Bank Secured Credit Card
Regions Bank | Bright App to build credit with a secured loan
Card Summary
Some of the key advantages of the Regions Secured Card include:
- No annual fee in the first year helps lower initial costs
- Refundable deposit provides a credit limit for those needing to build credit
- On-time payment reporting assists in establishing a positive history
- Online account access and account alerts available
- Possible graduation to unsecured Regions card after demonstrating responsible use
Card Summary - Cons
Some potential downsides include:
- $29 annual fee after the first year
- High 22.99% variable APR
- 3% foreign transaction fee
- No rewards program
- Credit limit increases are only possible by adding to the deposit
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Rates and fees
Highlights
The Regions Bank Secured Card is highlighted by its suitability to build credit, low security deposit requirements, and the option to increase your deposit to raise your credit limit. The availability of the mobile app for easy account management is also a plus.
Comparative Analysis with Other Cards
When compared to other secured cards, the Regions Bank Secured Card stands out for its flexibility with the security deposit and relatively low APR. However, it falls short in terms of rewards and limited availability.
Some alternative secured cards, like the Discover it Secured Card, offer cashback rewards and may have no annual fees. But they might have stricter credit requirements.
Conclusion
The Regions Bank Secured Card is a solid choice for those looking to rebuild or establish their credit. Its flexible security deposit and low APR make it a practical option for responsible cardholders. However, the lack of a rewards program and limited availability are notable drawbacks. If you prioritize rewards and live in an area where this card is available, you might want to explore other options.
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Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
