Simmons Bank Visa® Platinum

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The super-low APR makes this card shine.

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

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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.

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.

How this card compares

 

Barclaycard Ring® Mastercard®
  • Enjoy a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 13.99% APR will apply
  • Low 13.99% variable APR on purchases and cash advances
  • No annual fee
  • No foreign transaction fees
  • International Chip and PIN
Credit Needed

Good/Excellent

Regular APR

13.99% Variable

Annual Fee

$0

Purchase Intro APR

N/A

Balance Transfers Intro APR

See Terms

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.

Simmons First Visa® Platinum Rewards
  • Earn one point per dollar spent.

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

Credit Needed

Excellent

Regular APR

9.50% Variable APR. This APR will vary with the market based on the Prime Rate.

Annual Fee

No Annual Fee.

Balance Transfers Intro APR

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® Card
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that the variable APR will be 14.99% - 24.99%, based on your creditworthiness
  • 0% Intro APR on purchases for 12 months from date of account opening. After that the variable APR will be 14.99% - 24.99%, based on your creditworthiness
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • $0 liability on unauthorized purchases and Citi® Identity Theft Solutions
  • No annual fee
  • Free access to FICO® Scores

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

Credit Needed

Excellent, Good

Regular APR

14.99% - 24.99%* (Variable)

Annual Fee

$0*

Purchase Intro APR

0%* for 12 months on Purchases*

Balance Transfers Intro APR

0%* for 21 months on Balance Transfers*

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

Citi Simplicity® Card
  • The only card with No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 15.99% - 25.99%, based on your creditworthiness
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 15.99% - 25.99%, based on your creditworthiness
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full
  • There is a balance transfer fee of either $5 or 5% 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, Good

Regular APR

15.99% - 25.99%* (Variable)

Annual Fee

$0*

Purchase Intro APR

0%* for 12 months on Purchases*

Balance Transfers Intro APR

0%* for 21 months on Balance Transfers*

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.