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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 one of the lowest variable interest rates in the country, this card has made our Editor's Choice Awards every year since they began.
  • 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.
  • This card is only available to people with impeccable credit.

Top Features

Purchase APR
7.50% (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 lowest2016 Editor's Choice Award variable APRs on the market, which is exactly why it was recently named a 2016 CardRating's Editor's Choice Award winner for the best 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
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. A $0 Intro Fee on Transfers made within 60 days of Account Opening. Afterwards you pay either $5 or 5 percent of the amount of each transfer, whichever is greater.


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.

This card compared to other low interest cards

Purchase APR
7.50% (Variable)
8.25%* Variable 
10.24% to 17.99% Subject to credit approval.* Your APR will vary with the market based on the Prime Rate. N/A
Purchase Intro
APR:
None
APR:
N/A
APR:
N/A
Balance Transfer Intro APR
7.50% (Variable)
N/A
4.99%
Balance Transfer Intro Period
N/A
N/A
12 months
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

Purchase APR
7.50% (Variable) 
Purchase Intro
APR:
None
Balance Transfer Intro APR
7.50% (Variable)
Balance Transfer Intro Period
N/A
Annual Fee
None
see more  

Credit Card Rate Information:


 
  Purchase
  Balance Transfer
  Cash Advance
Index:
 Prime
 Prime
 Prime
Margin:
 4
 4
 8
APR:
  7.50% (Variable)
 7.50% (Fixed)
 11.25% Fixed
APR Floor:
 None
 None
 None
Intro Rate:
 None
 7.50% (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
Card Type:
 Visa
Card Class:
 Platinum
Card Category:
 Low Interest, Listed Card - Low Interest, Primary Category Cards - 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 7.50% 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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Apply online for Barclaycard Ring™ MasterCard®

Barclaycard Ring™ MasterCard®

  • No Balance Transfer Fees - start saving immediately!
  • A low variable APR on balance transfers and purchases
  • No Annual Fee
  • Choose your card benefits and features
  • Get rewarded through the new Giveback(TM) program, where Barclaycard Ring members get money back for good performance
  • Get exclusive access to our online community and vote on the card features you like and view the financials of the Barclaycard Ring MasterCard online
  • Learn more about personal finance from Barclaycard and other members
  • Complimentary FICO(R) Credit Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO(R) Scores from your Barclaycard online account.
Credit Needed:
Excellent
Apply online for PenFed Promise Visa® Card

PenFed Promise Visa® Card

  • 4.99% APR promo balance transfer rate for 12 mos with no balance transfer fee. After that, the APR for the unpaid balance and any new balance transfers will be 10.24% to 17.99%. APR will vary w/the market based on Prime Rate. Subject to credit approval. $100 bonus after spending $1,500 in purchase transactions within 3 months of account opening.
  • Rate and offers current as of July 1, 2016 and are subject to change.
  • Absolutely No Fees
  • No Annual Fee
  • No Late Fee
  • No Cash Advance Fee
  • Chip Enabled for Added Security
  • Federally Insured by NCUA
  • Rates As Low As 10.24% APR
Credit Needed:
Excellent

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