Should you apply for the Simmons First National Bank Student Visa Platinum credit card offer? Simmons First National Bank has been offering banking services for over 100 years. This institution offers a student Visa Platinum card specifically to assist college students in building a strong credit rating.
As a platinum card, it provides more features than other types of credit cards. It can be used at ATM’s worldwide with 24-hour access everywhere Visa is accepted. This card also allows for cash advances. However they must be made in person at a physical location with proper identification. Travel Accident Insurance coverage is standard and applies to tickets purchased by commonly used carriers, such as bus, rail and air.
Simmons Student Visa Rewards
This is a traditional Platinum card. It offers many benefits that other student platinum Visa cards do not offer, from the global benefits and emergency cash and credit card replacement to the lower interest rates and fees. As a result, it does not offer the rewards or points that many cards use.
There are no special offers associated with this Platinum student Visa that allow for discounts. It also does not have a member network. The overall APR’s that are charge are lower equivalent cards, but they are variable, which means that when Federal interest rates change, so do the rates associated with payments.
Although the Simmons First National Student Visa Platinum does not charge a fee for the actual transaction, there is no introductory period that includes a reduced or 0% rate.
Simmons Platinum Visa APR’s
The lure of many student credit cards includes 0% APR for the first several months for purchases and transfers. The annual percentages rates (APR’s) for the Simmons student Visa card are much better than some of the other options.
As long as payments are kept up to date and paid on time, the standard rate for purchases and balance transfers is 7.25% variable. This is 10% below many other student platinum cards. If a payment is made late, twice during a six- month period, the average daily interest rate will be moved to 13% with a penalty rate of 16.25% and a late payment fee of $29.00. It is possible to regain the initial APR if payments are made on time for six consecutive months.
Other Platinum Visa cards carry with them significantly higher rates. The Simmons First National Bank student Visa Platinum allows for cash advances and the rate of 11.25% is charged. Other Platinum Visa cards charge up to 25.24% even if the next payment is made on time. Late fees with other cards are up to 29.99% on cash advances.
Convenience checks are offered at no charge and have the same 11.25% rate as a cash advance. Many student visa cards do not offer the convenience checks. There is a transaction fee for each the cash advance and convenience check options.