The Explore Visa Credit Card is an ideal financial tool for individuals looking to build or improve their credit history while also enjoying the perks that come with a secured credit card. By securing the card with a minimum deposit in an Explore Card Savings Account, cardholders can set themselves on a path toward financial stability, with potential benefits like credit limit increases and cashback offers.
This card not only helps users responsibly build credit but also includes features like the Visa Zero Liability Policy for added security and Regions LockIt® for customizable card controls. Let’s explore all the benefits, details, and application requirements for the Regions Explore Visa Credit Card, a credit-building card that balances security, rewards, and protection.
Key information about the credit card
How does the annual fee work?
The Explore Visa Credit Card comes with an annual fee of $29. This fee covers the cost of maintaining the account, including security measures and cashback opportunities. Unlike some cards that offer fee waivers after the first year, this annual fee remains standard. However, the $29 fee is modest, particularly when compared to the benefits, like the opportunity to build credit with the backing of the Explore Card Savings Account.
How is the credit limit determined?
For the Explore Visa Credit Card, the credit limit is based on the amount deposited in the Explore Card Savings Account, starting with a minimum of $250. Since it’s a secured credit card, this initial deposit acts as collateral, meaning cardholders can decide their credit limit based on their financial capacity.
This approach allows users to manage spending within a predetermined amount, fostering responsible credit habits while also making them eligible for potential refunds of the security deposit over time.
Advantages of the credit card
- Build positive credit history: Regular, responsible card use helps establish a solid credit history, which can open the door to more financial opportunities.
- Security deposit refund eligibility: With responsible use, cardholders may qualify to have their initial security deposit refunded, moving them closer to an unsecured credit line.
- Visa Zero Liability Policy: This policy ensures users are not held liable for unauthorized purchases, providing peace of mind.
- Customizable card controls with Regions LockIt®: Regions Bank offers flexibility through LockIt®, allowing users to control where, when, and how their card is used.
- Cashback rewards with Regions Offers℠: Cardholders can earn cashback on everyday purchases, adding tangible benefits to daily spending.
Standout advantage
One of the most notable features of the Explore Visa Credit Card is its graduation potential. This means that users who demonstrate responsible use over time may have their security deposit refunded and transition to an unsecured credit line. This feature encourages good financial habits and allows the card to grow with the user’s financial journey, offering long-term benefits.
Disadvantages
- Annual fee: The $29 fee may be a drawback for some, especially for users looking to avoid additional costs.
- Deposit requirement: To qualify, applicants must make a $250 minimum deposit, which may be a barrier for those unable to provide the collateral.
- Limited rewards program: While cashback offers are available, the rewards program may not be as robust as some unsecured cards.
A standout disadvantage
The primary disadvantage of the Explore Visa Credit Card is the need for an initial deposit. Although the deposit secures the credit line and fosters responsible use, it can be restrictive for those who don’t have the financial means to set aside $250 as collateral. This requirement may limit access to the card for individuals facing financial constraints, despite the card’s overall accessibility.
Who can apply for this card?
The Explore Visa Credit Card is available to applicants who meet certain requirements. Individuals must be at least 18 years old to apply. U.S. citizenship is not a requirement; however, non-U.S. citizens who are permanent residents or hold refugee/asylee status may qualify. For approval, applicants should have an open Explore Card Savings Account, into which they will deposit at least $250 as collateral.
A stable income can significantly improve your chances of approval, even though the specific income requirements are not openly disclosed. The application process evaluates your payment history, with preference given to applicants demonstrating responsible financial habits. Those who maintain a good track record may be eligible to “graduate” to an unsecured card in the future, enjoying added financial flexibility and benefits.
How to apply for the Explore Visa Credit Card
For the website
To apply online, visit the Regions Bank website and locate the Explore Visa Credit Card application page. On this page, applicants can find the details about the card, along with a button to start the application process.
The application typically requires basic information such as name, address, Social Security number, and financial details to verify eligibility. After submitting the application, Regions Bank may request additional documentation. This online process allows for a smooth, convenient experience from any location with internet access, making it a popular choice for applicants.
Through the app
For mobile users, applying for the Explore Visa Credit Card is easy via the Regions Mobile Banking app. After downloading and opening the app, users can navigate to the credit card section, where they’ll find the option to apply for the Explore Visa Credit Card.
The app will guide users through the required steps, allowing them to complete and submit their application directly from their mobile device. This method is convenient for those who prefer managing their financial applications on the go, as the app includes functionalities like document uploads for any required verification.
At the branch
For applicants who prefer a face-to-face approach, visiting a Regions Bank branch is an option. In-person applications are straightforward, as applicants can speak directly with a representative who will assist in filling out the application.
This method may be beneficial for those who have questions or prefer guidance through each step. Branch representatives can also clarify any terms or requirements for the Explore Card Savings Account, ensuring the applicant understands the deposit requirements and the process for securing their credit line.
