Regions bank has just launched a new secured Visa credit card called ‘Explore’. Let’s take a look at it in this quick review.
Contents
Card Basics
- Card is secured by funds in your Explore Card Savings account. Your credit limit is equal to the funds found in this account
- $29 annual fee
- No foreign transaction fees
- APR of 23.74%
- No rewards program
- Reports to three nationwide credit bureaus
Our Verdict
At this stage it’s not clear if it’s possible for this card to graduate to an unsecured card or not. It is interesting that there are no foreign transaction fees and looks like you can add funds to the savings account to increase the credit limit. Not the worst secured credit card available but people with bad credit can do so much better. For example the Discover it Secured card has no annual fee and offers a rewards program. You can view the best secured credit cards by clicking here.
