I don't think they are geofenced, but the consensus about them is that they are targeted towards people who are rebuilding. Many people with good reports and scores have not received offers for the card, and you can only apply if they send you a preapproval through the mail or through the Experian website. They seem to have a very specific clientele in mind; however, I wouldn't say the card is subprime.
I just got the card in the mail yesterday and looked at the terms again. It has no annual fee, no foreign transactions fees, a free Experian FICO score, a 27.99% APR, and you can redeem the cash back at any time for any amount. When I had a Chase Freedom card a few years ago, they required me to redeem a minimum of $20 and the APR wasn't much lower, so I definitely think this card is decent. I think it remains to be seen how they are with CLIs.
Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750 // Ollo Rewards $500 TU FICO: 663 (2 derogs remaining) EX FICO: 635 (6 derogs remaining) EQ FICO: 607 (6 derogs remaining)