Simmons Bank Visa Platinum
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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.
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.
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.
How this card compares
The Barclaycard Ring Mastercard offers a lengthy 0% introductory APR on balance transfers, but also earns its high marks by waiving the balance transfer fee so many other offers impose. With no fee, cardholders could save hundreds of dollars in additional costs over other balance transfer cards.
The interest rate is a bit higher on the sibling Simmons Bank Visa Platinum Rewards card, but you also can earn 1 point per dollar on purchases. That’s pretty modest, so earning rewards should not be the primary reason you choose this card.
Citi Diamond Preferred gives you 21 interest-free months to pay off 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.