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Apply online for Simmons Bank Visa® Platinum
About Our Ratings

Simmons Bank Visa® Platinum Review

Our Editor's take

Due to consistently having one of the lowest variable interest rates in the country, this card has made our Editor's Choice Awards every year since they began. Watch out for: This card is only available to people with impeccable credit
Curtis Arnold Curtis Arnold
Editor-in-chief

Full Review

Curtis Arnold Editor-in-chief
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If you need the Simmons Bank Visa Platinum, you probably can't get the Simmons Bank Visa Platinum. That's because this credit card for excellent credit operates at an intersection rarely crossed by most Americans: a no frills, no annual fee credit card with one of the lowest variable APRs on the market, available exclusively to applicants with zero blemishes on their credit reports.

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
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. The Chase Slate also offers occasional signup promotions an introductory no fee balance transfer if you transfer balances during the first 60 days your account is open. Slate's variable interest rate rises back above 10 percent at the end of the teaser period.


Barclaycard Ring lets you transfer a balance at no fee, anytime, with a variable interest rate that's about a percentage point higher than Simmons Bank. However, reports from the first wave of cardholders report that Barclays' US 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 than for a Simmons Bank Visa Platinum.

Simmons Bank Visa® Platinum details

Purchase APR
7.25% Variable 
Purchase Intro
APR:
None
Balance Transfer Intro APR
7.25% Variable
Balance Transfer Intro Period
N/A
Annual Fee
None
see more details ∨

Credit Card Rate Information:


 
  Purchase
  Balance Transfer
  Cash Advance
Index:
 Prime
 Prime
 Prime
Margin:
 4
 4
 8
APR:
  7.25% Variable
 7.25% Variable
 11.25% Variable
APR Floor:
 None
 None
 None
Intro Rate:
 None
 7.25% 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:
 N/A

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:
None  


Notes:

Rebate Description:
 
Special Notes:
 Consumer friendly credit card with a great low variable rate of 7.25%. No balance transfer fees and no annual fee.
Credit Card More Information:

Card Issued By:
 Simmons Bank
General Correspondence Address:
 PO Box 7836
Card Type:
 Visa
Card Class:
 Platinum
Card Category:
 Low Interest, Primary Category Cards - Low Interest
States Available In:
 ALL
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 7.25% 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:
    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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  • No changing categories and no expiration on rewards
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Credit Needed:
Excellent/Good