Simmons Bank Visa Platinum Rewards
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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.
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.
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
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 gives you 21 interest-free months to pay off purchases and balance transfers. That’s the longest 0% introductory period available today.
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.
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