Regions Rolls Out New Credit Cards After Buying Back Portfolio

Regions Financial (RF) has unveiled a new line of Visa (NYSE: V) credit cards, following the purchase of its card portfolio from Bank of America's (BAC) FIA Services last summer.

Other smaller banks, including Sovereign, have also 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.

"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 press release Wednesday.

Regions' new line includes four consumer credit cards and two cards designed for small businesses.