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Simmons Bank Credit Card Has Many Consumer-Friendly Features

By , CardRatings contributor
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Simmons Bank Credit Card Has Many Consumer-Friendly Features

Recently, U.S. Senate hearings and Federal Reserve proposals regarding excessive credit card fees have filled the news. At such times it is refreshing to promote a card issuer whose card has been touted as being consumer friendly for many years.

I am referring to Simmons Bank based in Arkansas and specifically to their Simmons Bank Visa Platinum Card. This card is truly unique as is the lending institution itself.

A case in point involves the recent U.S. Senate testimony concerning the controversial universal default clause. This practice allows a lender to change the terms of a loan when that lender is informed that their customer has defaulted with another lender.

For example, you purchase a big screen television at 7% interest on your credit card and then the credit issuer discovers a default with another creditor in your payment history. All of a sudden the issuer jacks your rate up to a 33+% interest rate. This is universal default in action. Consumer advocates obviously oppose this practice and yet the practice permeates the credit industry in one form or fashion. Not so with Simmons Bank, though, who has never had any such policy.

Simmons has boasted one of the lowest card rates in the country for many years- currently a 7.25% variable APR. As expected, Simmons requires an excellent credit history in order to qualify for this premium rate. In addition, there are other benefits worth noting:

  • No annual fee
  • No balance transfer fee
  • 25 day grace period
  • A cash advance fee that is capped at $50.00

Simmons also offers an attractive benefits package to its cardholders. In addition to the benefits listed above Simmons Bank also offers travel accident insurance, emergency cash and a host of other services.

Robert Dill, Executive Officer & Marketing Director of Simmons Bank Card Center, noted the following during an interview.

"In 1967, Simmons First was the first bank in Arkansas to offer customers the BankAmerica Card, now VISA. It was our intent to offer a bank card with a competitive rate and unmatched customer service.

That was forty years ago, and Simmons First continues to receive national recognition for consistently having one of the lowest interest rates in America. Additionally our record of impeccable and responsive service has been cited recently by the Wall Street Journal, Consumer Reports and Money Magazine."

In short, if you are looking for a card that offers a low ongoing rate along with many other consumer friendly features, then you should definitely consider Simmons Bank.

We welcome your comments about credit card and other money issues in our popular credit forum!

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