Simmons First, a financial company headquartered in Arkansas since 1903, sponsors the Simmons First Visa Platinum Rewards Credit Card. The Simmons First National Company currently has eight affiliate banks in 47 communities in the state of Arkansas. The company also has its own financial products, including a collection of Visa credit cards. This rewards card has been designed for consumers that have good credit, and who want to reap the benefits of a job well done– namely a low cost credit card with some impressive perks.
Read on to finish this Simmons First National Bank Visa Platinum Rewards Credit Card review and then either apply above or use our free credit card comparison tool today!
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The Best Features of the Simmons First Rewards Card
Do those far and in-between perfect credit customers get what they deserve with this Visa card? Yes, and the low interest rate is arguably the most attractive feature. At a rate of 9.25%, the card offers a low cost option to those who plan to carry a revolving balance. Customers pay the same percentage for balance transfer fees, making the card even more inviting.
Cash advances tend to be expensive with any credit card account and the cash advance APR for the Simmons First Visa Platinum Rewards card is 13.25%, which is hard to dismiss, but hardly worth complaint. The default APR rate is a bit pricey, being 16.95%. However, there is a 25-day grace period as well as a waived annual fee for this account. Late fees are standard at $29, and over-the-limit fees are also $29. There is an extra finance charge of 2% when making purchases overseas. There is no sign up fee for this card—your good credit is all you need to get started.
Are the Rewards Worth It?
What about that generous reward program? Is it really above the run of the mill credit card that you can get from any other bank? For starters, customers can earn points on every purchase they make. If you use the Simmons First Visa Platinum Rewards card you get one point for every dollar. These points can be redeemed to “buy” any number of perks like airfare (with no black outs or seat restrictions), hotel accommodations, restaurant meals, entire vacations and car rentals.
Simmons First and Visa have agreed on the fact that there are no limitations on points that can be earned per year. Cardholders can redeem these points with a simple process that requires making a toll-free call. The only downside on this deal is that the points do expire within three years if they are not used.
Cardholders can also expect the card to cover their travel accident insurance, including auto rental insurance and emergency roadside assistance coverage. There are also anti-fraud features such as emergency card replacement or cash replacement and a process for reporting lost or stolen cards.
It should be noted that there is a difference between the Simmons First Visa Platinum card and the special Rewards Card account. The APR rate for the Rewards card is slightly higher than the traditional card, 9.25% compared to 7.25% variable rates.
The Only Downside is in Qualification
Are there any disadvantages to using the Simmons First Visa Platinum Rewards card? Aside from the fact that the points eventually run out, the drawbacks are minor. There is no annual fee, no restrictions or limits and APR is fairly low. Even balance transfers are low—competing cards can run up to almost 30% in over-the-limit fees. (There are no extra fees for balance transfer either)
If you default on the monthly payment more than one time in a half a year then you do lose the alluring 9.25% APR rate and will end up paying 16.25% APR. However, you can go back to 9.25% if you make your payments on time for six months in a row. Then again, perfect-credit customers are probably unlikely to make such a small credit mistake.
That brings up an interesting drawback—the qualification process. In order to qualify for this Rewards card, you must have perfect to near-perfect credit. This can be a problem for some cardholders who may have questionable items in their extended credit history. Bad credit customers and even medium score customers will have to admire the Simmons First Visa Platinum Rewards card from a distance.
There are some cards out there that offer comparable or better rewards structures, but the Simmons First Visa Platinum Rewards card remains a favorite for many. If you are interested in this new Simmons First Visa Platinum Rewards credit card account then apply online using the apply button at the top of this page or if you still want to look around at other credit cards then consider using our free credit card comparison tool!