These banks won’t come out and seek you. These banks want you to seek them out.
That’s the catch but the long-term benefits in terms of interest savings is well worth the effort.
So how do you find these gems?
Start by doing some searches for local or regional banks near you. If their rates are quite high, then check on banks in states that have tighter lending laws.
Now if you are the type of person who pays off all of your credit card balances each and every month to avoid any interest charges, then …
… a credit card’s interest rate would not be as important as its annual fees, right?
Did you also know that smaller banks are less likely to charge an annual fee compared to major banks?
This was in fact confirmed by consumer research firm J.D. Power and associates. They found that customers of smaller regional banks were more satisfied with the “reasonableness of the annual fees charged.”
Oh … by the way, some of these regional banks don’t even have an annual fee at all.
Other fees that may be lower aside from the annual fees are late fees, foreign transaction fees, balance transfer fees, and cash advance fees.
Again, fewer fees will mean more savings for you. When paired with lower APRs, this further enhances the value of regional banks.
One of the best regional bank cards you might like to look into is Regions Bank, a bank located in Birmingham, Alabama.
Regions Bank serves customers in 15 states across the South and Midwest, including Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
Another regional bank you might like to check is KeyBank of Cleveland, Ohio.
KeyBank serves customers in Alaska, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, D.C. and Washington. 💰