New Secured Card Offers Consumers The Chance To Rebuild Credit

Friday, August 18th, 2017

For anyone who’s looking to repair damaged credit, establish a credit history from scratch, or just boost their credit score, a secured credit card can be a great option. And now Regions Bank is offering a new card that comes with low fees, competitive interest rates, and all the benefits that come with a Visa card.

When you have no credit or bad credit, being approved for a credit card can be a challenge. A secured card gives folks the option of putting down a deposit that acts as collateral, allowing them to have a credit card and build their credit without requiring the issuing bank to take a risk on them possibly defaulting.

A new way of using a secured card

The Regions Explore Visa Credit Card is secured by a Regions savings account; meaning cardholders open a savings account that is held in reserve and stands in for the traditional deposit required by secured cards. The secured Regions card has a credit limit equal to the balance of the Regions Explore Card Savings Account at all times. If the cardholder pays the card balance off each month, the savings account funds will be untouched and the credit limit will stay the same. Cardholders who want a higher credit limit simply need to deposit more money into their savings account, and their credit limit will go up accordingly.

Secured card fees and benefits

Secured cards can sometimes charge higher fees than other types of cards; this card has no foreign transaction fees, and the annual fee for the card is only $29. It also has chip technology, making it more secure and able to be used more places around the globe. In case of fraud, cardholders can rest easy, knowing the card is backed by a zero liability policy, which protects them in case of unauthorized transactions.

Rajive Chadha, head of retail products and payments at Regions, says the new card will help people expand their borrowing power, even if their credit isn’t perfect. “The new Explore Card helps Regions expand our product offerings, and it provides an option for consumers who might not qualify for a traditional credit card.”

Latest Credit Card Fees News

Wednesday, March 15th, 2017
There’s a new cash rewards credit card on the market, and it’s got no caps on spending, no hidden fees, and no revolving categories to keep track of.
Tuesday, October 25th, 2016
For people with limited credit, bad credit, or no credit history at all, secured credit cards are a huge help. They let folks who might otherwise have trouble getting a credit ...
Thursday, August 13th, 2015
MasterCard is going to move fraud protection to the next level. The company will start a test of their new program which approves online purchases with a facial scan.
Monday, January 12th, 2015
Have you ever thought about what metamorphoses your credit account undergoes when you miss a payment? Here are several things that can happen to your credit card account in case ...
Tuesday, July 15th, 2014
Today most consumers understand how to avoid their credit cards having a negative effect on their credit scores. They know that making every minimum payment every month on time, ...
Best Credit Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 5 / 5
Horizon Card Services Horizon Gold Credit Card
Copyright © 2001-2017 BestCreditOffers.com All Rights Reserved.

* The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

Disclosure: Not an access card.

User Generated Content Disclaimer: These responses 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.