Simmons Bank Visa® Platinum Credit Card Review 2020

Rating:
4/5
4 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The appeal of the Simmons Bank Visa Platinum Card lies entirely in its industry leading financing terms where consumers pay a 8.25% Variable APR on credit card balances. This is a very rare interest rate since most credit cards charge 14-24% on average which can put you further behind and make paying off your debt feel like a never-ending hamster wheel. 

With a 8.25% rate, your balance will grow at a slower pace, giving you more time to get it paid down and become a credit card deadbet!

In terms of rewards and sign up bonuses, the Simmons Visa does not offer an enticing rewards program. You’ve seen the highlights above, however, that come with this card.

In our view, the Simmons Visa credit card is meant for consumers who need great financing terms and this card is not recommended for consumers who want the best rewards program.

Simmons Bank Visa® Platinum Card

On Simmon’s Secure Website

Our Bottom Line

Credit Rating Requirements

PROS

CONS

Highlights

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Simmons Bank Visa® Platinum Card – Benefits

Let’s take a closer look at the benefits and drawbacks of the Simmon’s Bank Visa Platinum Card – and whether or not it’s right for your wallet…

The Simmons Bank Visa Platinum Card has a 8.24% APR which is the lowest APR available to the public for any credit card. 

This makes it a great credit card for individuals who carry a monthly balance since they’ll be paying a lower interest rate monthly compared to other credit cards.

0% Intro APR for 12 months on balance transfers completed within 60 days of account opening date.

If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 12 months. This introductory rate also applies to purchases.

This introductory promotional rate carries a fee of either $10 or 3% of the amount of each balance transfer, whichever is greater

The no annual fee will save you some money each year but it’s not that uncommon of a benefit for credit cards that focus on financing. 

However, you still at least save $15 to $200 that you may have to pay as an annual fee if you went with another credit card.

Simmons Bank Visa® Platinum Card – Drawbacks

Let’s take a look at the drawbacks of the Simmons Bank Visa® Platinum and see if it’s the right one for your wallet or not.

If you’re looking for a credit card that offers rewards, then this credit card may disappoint due to its lack of rewards offered. This is common, however, among credit cards that are financing focused. 

These types of credit cards make up for their lack of rewards by helping customers in other ways like saving them money on $0 transfer fees and lower interest rates towards the monthly debt balance.

The Simmons Bank Visa Platinum card will not be available to most people due to its excellent-credit approval requirement. This is ironic because most debt burdened customers who need access the most to the finance charge savings won’t be apple to qualify for this credit card.

 Prior to applying, check your credit score for free to ensure you have a high score that will give you a chance at qualifying.

There is a balance transfer fee required if you want to take advantage of the introductory 0% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your Simmons Bank Visa® Platinum Card. This fee is $5 or 3% of the transfer, whichever is bigger. 

For example, if you have a $10,000 balance then you’ll be saving $300 in transfer fees.

Alternatives to Simmons Bank Visa® Platinum Card

Several other credit cards provide similar financing benefits to Simmons Bank Platinum Visa card while also offering the enticing sign-up bonuses and intro APR periods that the Simmons Visa lacks.

The City Simplicity card is a favorite for people who hate to pay interest, and they use it to pay off other credit cards that have high-interest rates.

The  card is a no annual fee credit card but like the Simmon’s Visa, it does not offer a rewards program and does not offer sign up bonuses. As a Citi Simplicity card holder, you get access to purchase protection and identity theft support. You also get a 0% intro APR for 12 months on purchases and 0% intro APR on balance transfers for 21 months.

Paying 0% on purchases for 12 months is a huge benefit if you aren’t going to be paying off the balance month to month due to your financial circumstances and you need credit card financing. Once these intro periods end, you’ll pay between 14.74 and 24.74% Variable APR. If you’re not interested in chasing rewards and sign up bonuses, then this credit card could be for you.

Wells Fargo Cash Wise Visa Card is a straightforward cashback card. This card offers a simple 1.5% back on all purchases with no limit or special categories. If you are looking to save money on interest, the Wells Fargo Cash Wise Visa Card offers a 0% introductory rate for 15 months on balance transfers. 

This card offers many benefits to those wanting a simple straightforward card. It does not come with an annual fee and has a decent sign-up bonus  of $150 cash rewards bonus when you spend $500 in purchases in the first 3 months. 

The APR for the Wells Fargo Cash Wise Visa Card is a 13.99% to 25.99% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. Also, There is  %3-5 balance transfer fee required if you want to take advantage of the introductory 0% APR rate.

American Express Everyday Card is a rewards card that has an emphasis on groceries spending. It offers an average spending rewards and sign-up bonus – 1 point for every $1 spent. This Card shines with supermarket purchases – card holders earn 2 points for every dollar spent at a supermarket. The card has no annual fee.

In addition, there is 0% APR Introductory Rate on Balance Transfers and Purchases in the First 15 Months and you can earn 10,000 points (about $100) after spending $1,000 within three months of opening the account.

It also has a unique feature in which there is no transfer fee for the first 60 days of opening the card and card holders can take advantage of the 0% APR introductory rate. 

The APR for the American Express Everyday Card is a 12.99% – 23.99% and also 2.7% foreign transaction fee.

Is the Simmons Bank Visa® Platinum Card Right for You?

The lack of rewards program makes this credit card boring for the average consumer who does every day spending with their credit card and pays off their monthly balance in full. 

But for the average consumer who carries a monthly credit card balance and doesn’t see themselves being able to get out of debt for many years, then this is a great option for saving you money thanks to the industry best, 8.25% APR.