The Explore Visa® credit card is offered to consumers by the Regions Bank as a product that will allow credit or poor credit-building. It is beneficial to many people in that it is a secured credit card which gives those with no credit history a chance at creating good credit.
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Because a person needs to deposit $250 as minimum opening deposit in an Explore Card Savings Account, this credit card makes it easy for an individual to get acquainted to credit. This card does not only assist with the creation of a good credit history but also provides for safety of Visa’s Zero Liability Policy.
Some of the benefits of the Explore Visa® credit card include the ability to set limits of when and where the card can be used such as the Regions LockIt®. In this regard, be it the begin of one’s credit history or the aftermath of credit mismanagement, this card might be of considerable help on the way to the credit success.
Key information about the Explore Visa® credit card Regions
Unlike most of the credit cards, the Explore Visa® credit card is a secured credit card that entails the cardholder to deposit a specified amount of money to be used in determining the credit limit. This deposit is introduced into an Explore Card Savings Account that also earns some amount of interest and help you to earn some cash in the process of getting your credit established.
How does the annual fee work?
The Explore Visa® credit card comes with a modest annual fee of $29. This fee is standard among secured credit cards and is necessary to maintain your account. Unlike some other cards, where annual fees can be quite high, the Explore Visa® credit card keeps it affordable, making it a manageable cost for cardholders.
How is the credit limit determined?
For the Explore Visa® credit card, your credit limit is directly tied to the amount of your security deposit. The deposit you make into the Explore Card Savings Account acts as collateral, which Regions Bank uses to set your credit limit.
This means that if you deposit the minimum $250, your credit limit will be $250. You can increase your credit limit by making a larger deposit, giving you more spending power while still maintaining control over your finances.
Credit card benefits
- Credit building potential: The primary benefit of the Explore Visa® credit card is its ability to help users build or rebuild their credit history. Consistent and on-time payments can lead to improvements in your credit score over time.
- Low minimum deposit: With a minimum deposit of just $250, this card is accessible to a wide range of applicants, making it easier to get started on your credit-building journey.
- Interest-earning savings account: The security deposit is placed into an Explore Card Savings Account, which earns interest, allowing your funds to grow while you build your credit.
- Graduation to unsecured credit: After a period of responsible use, Regions Bank may evaluate your account and refund your security deposit, transitioning you to an unsecured credit card.
- Security features: The card includes Visa’s Zero Liability Policy, protecting you from unauthorized transactions, and Regions LockIt®, which allows you to control how, when, and where your card is used.
- Simplified online shopping: With the option to register for Visa Click to Pay, the Explore Visa® credit card offers a convenient and secure way to make online purchases.
Credit building potential
The most significant advantage of the Explore Visa® credit card is its potential to help you build or rebuild your credit. By using the card responsibly—making payments on time and keeping your balance low relative to your credit limit—you can gradually improve your credit score. Over time, this can open doors to better credit products, such as unsecured credit cards, loans, and mortgages.
Disadvantages
- Annual fee: The card comes with a $29 annual fee, which, while modest, is still an added cost to consider.
- No rewards program: Unlike some other credit cards, the Explore Visa® credit card does not offer a rewards program, which may be a downside for those looking to earn cash back or points on their spending.
- Secured card limitations: As a secured card, your credit limit is tied to your deposit, which may limit your spending power compared to unsecured cards.
Secured card limitations
The main disadvantage of the Explore Visa® credit card is its inherent limitation as a secured card. Since your credit limit is directly tied to your deposit, you may find yourself with less spending power than you would with an unsecured card.
For those who need a higher credit limit, this can be a significant drawback. However, it’s important to remember that the primary purpose of this card is to help you build or rebuild your credit, and in that regard, the secured nature of the card is actually a benefit, providing a controlled and manageable way to do so.
Who can apply for this card?
To be eligible to apply for the Explore Visa® credit card, applicants must be at least 18 years old, reside in the United States, and possess a valid Social Security number or Tax Identification Number. While this card is designed for individuals with limited or poor credit, applicants must meet certain credit criteria established by Regions Bank.
Additionally, a minimum deposit of $250 is required to open the Explore Card Savings Account, which secures the credit line. Non-U.S. citizens who are documented permanent residents, refugees, or asylees may also apply but are not eligible for the deposit refund.
How to apply for the Explore Visa® credit card Regions
Applying online
Applying for the Explore Visa® credit card is a straightforward process that can be completed online. To begin, visit the official Regions Bank website and navigate to the credit cards section. From there, select the Explore Visa® credit card and proceed to the application page.
You will be required to fill out an online form with your personal details, including your name, address, Social Security number, and income information. Additionally, you’ll need to indicate the amount you wish to deposit into the Explore Card Savings Account, which will determine your credit limit.
Once you have completed the application form, take a moment to carefully review all the information to ensure it is accurate. Any errors could delay the processing of your application or even lead to denial. After confirming that all details are correct, submit the application electronically.
Regions Bank will then review your submission, conducting a credit check and evaluating your financial history. If your application is approved, Regions Bank will set up your Explore Card Savings Account and issue your Explore Visa® credit card, which you should receive in the mail within a few business days. After receiving your card, you can activate it and begin using it to build your credit.
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