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Why would anyone apply for a credit card from a bank located in Arkansas? The answer is simple. Cards issued by Arkansas banks have historically offered some of the lowest rates in the country.
The latest offering by an Arkansas based bank is no exception. I am referring to the new Simmons Bank Visa Platinum Card, which currently boasts a 7.25% variable purchase rate (APR) that varies with the market based on the Prime Rate. It is refreshing to see a low APR card offer in a rising tide of interest rates. Considering the fact that cardholders have had to digest 17 interest rate hikes by the Feds in the past few years, this card is definitely "bucking the high interest rate trend".
But having one of the consistently lowest APR's in the country is only one of the benefits of using the Simmons Bank Visa Platinum Card. Why? Because the card also provides benefits such as travel accident insurance, emergency cash and global acceptance wherever VISA is accepted. There is no annual membership fee, no transaction charges for balance transfers and the balance transfer APR is currently 7.25% variable.
Simmons' card offers have received much national recognition. Money Magazine has cited Simmons for having "one of the best [card] bargains in America". Consumer Reports noted that Simmons has one of the ten most consumer-friendly cards in the nation. And the Wall Street Journal pointed out Simmons reputation for good customer service. According to the Journal,
"Once you've entered the low-rate club, you're generally treated more like a neighbor and less like a number."
So, what's the catch? Well, Simmons does require that applicants have excellent credit. In other words, they don't give their card out to just anyone that asks for it! If you have excellent credit, you definitely should consider Simmons. You'll be hard pressed to find another card with a lower rate that is as consumer friendly.
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