Simmons Bank Visa Platinum Rewards

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A great card if you must carry a balance.

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Don’t let the modest perks fool you, the Simmons Bank Visa Platinum Rewards card is no entry-level credit card. It requires excellent credit, so if you’re just establishing or repairing your credit, then you might want to keep looking.

The reason for the high standards is the consistently low APR Simmons Bank offers, clocking in at a variable 10.25%. So if you need to carry a balance, then this card is one of the best choices.

Review

The Simmons Bank Visa Platinum Rewards credit card is a turkey without the trimmings. There’s no shiny sign-up bonus — and it offers meager rewards — but it is a solid and straightforward card that offers a low interest rate and no balance transfer fees.

This card is probably most useful for people who want to consolidate debt and reduce their interest rates in the process. For that purpose, this card is one of the best around. The only exception, of course, would be a card that has an introductory 0% APR for the first year. One of the best offers like this is the Barclaycard Ring Mastercard. This card offers cardholders 15 months of interest-free use.

Along with offering a very competitive interest rate, Simmons card owners also will save on some key fees. There’s no balance transfer or annual fee; however, if you plan to use it outside of the United States, then you will pay a 2% foreign transaction fee.

Who should get this card

This is a smart option for people who tend to carry a balance. Even cards that offer a 0% APR for the first year usually jump up to about 12% to 24% APR, depending on the card and the owner’s credit score. This card offers the security that your APR will remain lower than average even after owning it for a year.

If you have existing debt and want to lower your interest payments, then the Simmons Bank Visa Platinum Rewards card is an optimal choice because there’s no balance transfer fee. Couple that with the low APR and this is a tough card to beat.

Advantages
  • This card offers a lower-than-average APR.
  • There is no balance transfer fee.
  • You can redeem your points in a variety of ways -- from gift cards to airline tickets.
  • You won’t pay an annual fee.
Disadvantages
  • There is no sign-up bonus.
  • The points you earn on purchases is lackluster.
  • You will have to pay a foreign transaction fee if you use the card abroad.

Fees and APR

  • This card charges a low 10.25% variable APR.
  • There is no annual fee.
  • You’ll pay no fee for transferring a balance to this card.
  • You’ll pay a 2% foreign transaction fee for purchases made outside the U.S.

Extras, perks and using rewards

The rewards points are modest. Cardholders earn 1 point per dollar on all purchases. You can redeem the points on the Simmons Bank website for travel, hotels, car rentals, goods, services and gift cards. The points vary in value depending on a number of factors, but they tend to hover just below a penny per point.

The two notable perks cardholders get are insurance-related. If you rent cars often, then you’ll probably appreciate the complimentary car rental damage and theft coverage benefit. You must rent the car with this card to qualify.

The second one is the free travel accident insurance plan that covers up to $1 million. You must purchase travel tickets with the card to qualify for the insurance, which automatically covers the cardholder, their spouse and dependent children.

How this card compares

Simmons Bank Visa® Platinum
Card Details
  • No rewards.
Credit Needed Excellent
Regular APR 8.25% Variable APR. This APR will vary with the market based on the Prime Rate.
Annual Fee No Annual Fee.
Balance Transfers Intro APR

Forgo the modest rewards for an even lower APR with the Simmons Bank Visa Platinum. Enjoy a remarkably low 8.25% variable APR on purchases and balance transfers. Must like with the Platinum Rewards Card, you’ll need excellent credit to qualify for this card.

Citi® Diamond Preferred® Card
Card Details
  • Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 13.99% - 23.99% based upon your creditworthiness*
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer
  • Citi® Price Rewind searches for lower prices online for 60 days for your registered purchases: you can get back up to $500 per item and $2,500 a year*
  • $0 liability on unauthorized purchases and Citi® Identity Theft Solutions
  • No annual fee*
  • Free access to FICO® Scores*
Credit Needed Good
Regular APR 13.99% - 23.99%* (Variable)
Annual Fee $0*
Purchase Intro APR 0%* for 21 months*
Balance Transfers Intro APR 0%* for 21 months*

Citi Diamond Preferred gives you 21 interest-free months to pay off purchases and balance transfers. That’s the longest 0% introductory period available today.

Citi Simplicity® Card
Card Details
  • The Only card with No Late Fees, No Penalty Rate, and No Annual Fee...Ever
  • 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 14.99% - 24.99% based on your creditworthiness*
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
  • The same great rate for all balances, after the introductory period
  • Save time when you call with fast, personal help, 24 hours a day - just say "representative"
  • Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
Credit Needed Excellent
Regular APR 14.99% - 24.99% (Variable)
Annual Fee $0*
Purchase Intro APR 0%* for 21 months*
Balance Transfers Intro APR 0%* for 21 months*

If you have a great deal of credit card debt, you have a choice to make when it comes to balance transfer credit cards: Pick the one that on the surface offers the cheapest way to get out of debt, or pick the one that gives you the longest 0% APR introductory period possible.

The Citi Simplicity Card falls into this second group.

EDITORIAL NOTE

Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.