Regions Financial Corp. has unveiled a new line of Visa credit cards following the purchase of its card portfolio from Bank of America Corp.’s FIA Card Services unit last summer.
Regions' new line includes four consumer credit cards and two cards designed for small businesses.
"People want options and help in managing their finances, and our new suite of credit cards provides those, whether someone wants specialized services, a lower rate or to earn points for their purchases," Tom Brooks, head of Regions' cards and payments division, said in a July 11 press release.
Other smaller banks, including Sovereign, also have bought back their card portfolios in recent months, reversing an earlier trend where many outsourced their card operations to big bank subsidiaries.
The move to service card portfolios in-house is seen as a way to increase fee revenue, control card offerings and deepen customer relationships, bankers have said.