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Apply online for Simmons Bank Visa® Platinum
About Our Ratings
Credit Needed
Excellent

Simmons Bank Visa® Platinum Review

Pros & Cons

  • Due to consistently having among the lowest variable interest rates in the country, this card has been an Editor's Choice pick every year since it came on the market.
  • There's no balance transfer fee or annual fee with this card, so it's a great option to have on hand for larger purchases you can't pay down right away.
  • You'll enjoy a range of behind-the-scenes perks, such as travel insurance, with this card.
  • This card is only available to people with impeccable credit.

Top Features

Purchase APR
8.00% (Variable)
Purchase Intro
APR:
None
Annual Fee
None

Full Review

Curtis Arnold Editor-in-chief

The Simmons Bank Visa® Platinum is a no-frills, no-annual-fee credit card with one of the lowest variable APRs on the market, which is exactly why it was recently named a 2017 CardRating's Editor's Choice Award winner for the Best Ongoing Low Interest credit card.

With physical branches in just three states, Simmons Bank barely qualifies as a regional bank. However, they've spent over a century building a reputation for fairness, value, and customer service. Their conservative underwriting approach means that very, very few of their customers ever default on their loans. Therefore, they can offer some of the country's best low interest credit cards. This basic credit card routinely offers a very small spread from the prime rate, ensuring that you'll save money whenever you need to park a balance here.

Best card for balance transfers

The Simmons Bank Visa® Platinum may not come with a leading-edge online banking service or a fleet of concierges standing by, but it offers something that most elite credit cards don't provide: free balance transfers. That means you can pair this account with your favorite rewards credit card or cash back credit card whenever you can't pay off a purchase within a single statement cycle. This one-two punch can help you finance large purchases, like appliances or vacations, when you don't have access to a zero interest teaser rate from another lender.

Otherwise, this card's extra perks and benefits match what you'll get from just about any lender's entry level Visa or MasterCard account. The card includes ATM access for cash advances at a slightly higher interest rate than that for standard purchases. Purchase your airline or cruise tickets with this card, and you'll get up to a million dollars in automatic travel accident insurance. The Visa Auto Rental Insurance program means you won't have to pay a rental agency's CDW at the airport.

How the Simmons Bank Visa® Platinum compares to other low-interest credit cards

Only a few credit cards offer similar feature set. IberiaBank, another small lender, issues Visa Platinum® accounts with APRs about the same as Simmons Bank. They charge 2 percent fees on balance transfers, though. Chase Slate® also offers occasional signup promotions. A $0 Intro Fee on Transfers made within 60 days of Account Opening, for instance. Afterward, you pay either $5 or 5 percent of the amount of each transfer, whichever is greater.

The Barclaycard Ring™ Mastercard® lets you transfer a balance at no fee, anytime. While the ongoing interest rate is higher, the Barclaycard Ring™ Mastercard® does offer 15 months of no interest on purchases as well as on balance transfers made within the first 45 days. Additionally, reports are that Barclaycard's U.S. team uses far less stringent application guidelines than Simmons Bank. If you've got a significant balance on a competing card, you may have an easier time getting approved for Barclaycard Ring™ Mastercard® than for a Simmons Bank Visa® Platinum card.

This page was last updated on March 28, 2017

This card compared to other low interest cards

Purchase APR
8.00% (Variable)
13.74%* Variable 
7.40% to 24.40% Variable 
Purchase Intro
APR:
None
APR:
0%
Period:
15 months
APR:
N/A
Balance Transfer Intro APR
8.00% (Variable)
0%
N/A
Balance Transfer Intro Period
N/A
15 months (on balance transfers made within 45 days of account opening)
N/A
Annual fees
None
$0
$0
This card is best for consumers with excellent credit who revolve a balance and do not need a high credit limit.
CardRatings.com Editorial Staff

Simmons Bank Visa® Platinum details

Balance Transfer Intro APR
8.00% (Variable)
Balance Transfer Intro Period
N/A
Purchase Intro
APR:
None
Purchase APR
8.00% (Variable) 
Annual Fee
None
see more  

Credit Card Rate Information:


 
  Purchase
  Balance Transfer
  Cash Advance
Index:
 Prime
 Prime
 Prime
Margin:
 4
 4
 8
APR:
  8.00% (Variable)
 7.50% (Fixed)
 11.25% Fixed
APR Floor:
 None
 None
 None
Intro Rate:
 None
 8.00% (Variable)
 None
Intro Period:
 N/A
 N/A
 None


Finance Calculation Method:
 Daily Balance
Default/Penalty APR:
 N/A
Default/Penalty Margin:
 N/A
Default/Penalty APR Floor:
 None
Penalty/Default Trigger:
 

Credit Card Fee Information:


Annual Fee:
 None
Foreign Transaction Fee:
 2%
Late Fee:
 $25
(An amount equal to past due payment or $25.00, whichever is less.)
Over-the-limit Fee:
 N/A
Balance Transfer Fee:
No balance transfer fee  


Notes:

Rebate Description:
 
Special Notes:
 Consumer friendly credit card with a great low variable rate of 7.50%. No balance transfer fees and no annual fee.
Credit Card More Information:

Card Issued By:
 Simmons Bank
General Correspondence Address:
PO Box 7836
Pine Bluff, AR 71611
Card Type:
 Visa
Card Class:
 Platinum
Card Category:
 Listed Card - Low Interest, Primary Category Cards - Low Interest, Low Interest
States Available In:
 
Minimum Credit Limit:
 
Maximum Credit Limit:
 N/A
Credit Limit Notes:
 

What Simmons Bank says about this card

  • Created for those with EXCELLENT CREDIT and approval is based on your credit rating and application review.
  • Low 8.00% variable standard purchase APR and platinum benefits
  • No balance transfer fee for balances transferred
  • No Annual Fee

Credit Card Consumer Average Ratings:

Overall Ratings
Reward Program
Card Benefit
Customer Service

Credit Card Consumer Reviews:

  1. Overall Ratings:
    Reward Program:
    Card Benefit:
    Customer Service:
    Bob Twitchell ( Nov 15, 2016 at 8:42 am)

    This is the very best card I have ever used. I use it as it was designed to be used,larger purchases that may need a couple of months to pay off.


  2. Overall Ratings:
    Reward Program:
    Card Benefit:
    Customer Service:
    Jane ( Jun 11, 2015 at 2:20 pm)

    Rate is good but was on hold over 19 minutes to talk to a credit card rep.


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Apply online for Barclaycard Ring™ Mastercard®

Barclaycard Ring™ Mastercard®

  • 0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.74%
  • No balance transfer fees
  • No foreign transaction fees
  • Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
  • Free online access to FICO(R) Credit Score
Credit Needed:
Excellent
Apply online for USAA Rate Advantage Platinum Visa®

USAA Rate Advantage Platinum Visa®

  • Membership eligibility and product restrictions apply and are subject to change.
  • Enjoy our lowest rate card.
  • Pay no annual, penalty APR or foreign transaction fees.
  • Get travel and retail benefits.
  • Special Benefits for Military: Reduced Rate: Get 4% APR on all balances for up to 12 months during deployment or PCS. After 12 months, the regular APR of between 7.40% and 24.40% will apply. This rate will vary with the market based on the prime rate. Special 4% SCRA Rate: When you have a balance on your account at the time you enter active military duty, get 4% APR on that existing balance until one year after you complete active duty.
  • Security Benefits: Chip card technology has added security when used at a chip-enabled terminal and greater acceptance worldwide. Zero liability coverage for unauthorized transactions if your card is lost or stolen. Collision damage waiver coverage pays for physical damage and theft to most rental vehicles. Get account balances and transaction history by sending a text message. Access your account on usaa.com or from a mobile device.
Credit Needed:
Good