Simmons Bank Visa® Platinum

Robin Saks Frankel  in  Excellent Credit Advertising Disclosure
 Image
Annual Fee:
No Annual Fee.
Purchase Intro APR:
N/A
Regular APR:
8.25% Variable APR. This APR will vary with the market based on the Prime Rate.
Terms and Restrictions Apply | Rates and Fees

Commonly used for: Excellent Credit, Low Interest, No Annual Fee.

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our excellent credit category page.

If you carry a balance on your credit card, you’re probably paying too much in interest. The Simmons Bank Visa Platinum card’s low annual-percentage rate can help you keep a little more of your hard-earned cash in your wallet.

Review

This card has a super low variable APR of 9.25% on purchases and balance transfers. No that’s not a typo. It gets even better. You’ll pay no annual fee and no balance transfer fee, which, for some people who have debt, could make it a better deal than a card with a 0% balance transfer offer.

Who cares if it doesn’t dangle a sign-up bonus or flashy rewards for spending? If you typically carry a balance — like most credit card holders do, you’ll spend less on your debt with this card. Although the sign-up offers that come with some cards can be tempting, the value of those rewards is almost always overshadowed by what you end up paying in interest charges, usually somewhere in the range of 15% to 25%.

Why is paying the lowest APR possible important? It can save you a bundle when you do carry a balance. Let’s say you charge $10,000 on the Simmons card at an interest rate of 9.25% and $10,000 on another card that has the average variable credit card interest rate of 17%. If you charge nothing else to the Simmons card — and pay just the monthly minimum — you’ll have paid $777 in interest over the course of a year. But on your Average Joe card, you will have paid $1,478 in interest — or about twice as much.

Who should get this card

Anyone who typically carries a balance on their credit card might benefit from this card’s low APR on both purchases and balance transfers.

Advantages
  • This card's low APR makes it ideal for consumers who occasionally carry a balance.
  • Pay no annual fee or balance transfer fee.
Disadvantages
  • You need excellent credit to qualify.
  • There are no rewards with this card.
  • This card has a 2% foreign transaction fee.
  • Although late payments won’t affect your APR, you may still have to pay a penalty fee.

Fees and APR

• You’ll pay a variable APR of 9.25% on purchases and balance transfers.
• This card charges no annual fee.
• Balances may be transferred from another card without incurring a fee.
• You’ll pay a 2% foreign transaction fee on all purchases made outside the U.S.
• Late payments won’t affect your APR, but you may have to pay a late fee of up $35.

Extras and perks 

This card comes with accident insurance with a benefit of up to $1 million. It also comes with car rental collision and theft coverage.