Credit Cards » Credit Card Reviews » Simmons Bank Visa® Platinum Credit Card: 2023 Review
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Simmons Bank Visa® Platinum Credit Card: 2024 Review

The lack of rewards program makes the Simmons Bank Visa card boring for the average consumer who does every day spending with their card.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Simmons Bank Visa® Platinum

Simmons Bank Visa Card review

Rewards Plan

None

Sign up Bonus

None

Credit Rating

Good – Excellent

0% Intro

12 months on balance transfers made within 60 days of opening an account

Annual Fee

None

APR

15.50% – 23.50%

Simmons Bank Visa® Platinum

Simmons Bank Visa Card review

Rewards Plan

None

Sign up Bonus

None

0% Intro

12 months on balance transfers made within 60 days of opening an account

PROS

CONS

APR

15.50% - 23.50%

Annual Fee

None

Balance Transfer Fee

$5 or 3% (whichever is greater)

Credit Requirements

Good - Excellent

The appeal of the Simmons Bank Visa Platinum Card lies entirely in its industry leading financing terms where consumers pay a 15.50% – 23.50% APR on credit card balances. This is a very rare interest rate since most credit cards charge 14-24% on average which can put you further behind and make paying off your debt feel like a never-ending hamster wheel. 

Also, new cardholders enjoy 0% intro APR for 12 months on balance transfers made within 60 days of opening an account. However, in terms of rewards and sign up bonuses, the Simmons Visa does not offer an enticing rewards program. You’ve seen the highlights above, however, that come with this card.

Overall, the Simmons Visa credit card is meant for consumers who need low APR due to a large purchase or a debt payoff plan. The card is not recommended for consumers who want the best rewards program.

  • Lowest Regular APR
  • No Annual Fee
  • 0% APR Introductory Rate
  • Global Acceptance
  • Lack of Rewards
  • Balance Transfer Fee
  • Excellent Credit Is Required

In This Review..

Benefits

Let’s take a closer look at the benefits and drawbacks of the Simmon’s Bank Visa Platinum Card – and whether or not it’s right for your wallet…

The Simmons Bank Visa Platinum Card has a 15.50% – 23.50% APR which is the lowest APR available to the public for any credit card.

This makes it a great credit card for individuals who carry a monthly balance since they’ll be paying a lower interest rate monthly compared to other credit cards. 

The no annual fee will save you some money each year but it’s not that uncommon of a benefit for credit cards that focus on financing. 

However, you still at least save $15 to $200 that you may have to pay as an annual fee if you went with another credit card.

0% Intro APR for 12 months on balance transfers completed within 60 days of account opening date.

If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 12 months on balance transfers made within 60 days of opening an account. 

This introductory promotional rate carries a balance transfer fee of $5 or 3% (whichever is greater).

Use your card anywhere Visa is accepted for purchases including varied network of ATMs.

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Rewards Plan:
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Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Drawbacks

Let’s take a look at the drawbacks of the Simmons Bank Visa® Platinum and see if it’s the right one for your wallet or not.

If you’re looking for a credit card that offers rewards, then this credit card may disappoint due to its lack of rewards offered. This is common, however, among credit cards that are financing focused. 

These types of credit cards make up for their lack of rewards by helping customers in other ways like saving them money on $0 transfer fees and lower interest rates towards the monthly debt balance.

There is a balance transfer fee required if you want to take advantage of the introductory 12 months on balance transfers made within 60 days of opening an account. The fee is incurred when you transfer debts from one or more credit cards to your Simmons Bank Visa® Platinum Card. This fee is sc name=”balance_transfer_fee_simmons_bank_visa_platinum”].

For example, if you have a $10,000 balance then you’ll be saving $300 in transfer fees. 

The Simmons Bank Visa Platinum card will not be available to most people due to its excellent-credit approval requirement. This is ironic because most debt burdened customers who need access the most to the finance charge savings won’t be apple to qualify for this credit card.

 Prior to applying, check your credit score for free to ensure you have a high score that will give you a chance at qualifying.

How To Apply For Simmons Bank Visa® Platinum Card?

Visit the Simmons Bank Visa Platinum Credit Card homepage and click on “Apply Online.”

Here comes the next page that puts you through some important disclosures; read through and understand the details.

Next, fill in your personal details such as your names, email address, SSN, date of birth etc.

You may decide to fill in the details of other authorized users (it is optional); after completing this, click “Submit.”

Is the Simmons Bank Visa® Platinum Card Right for You?

The lack of rewards program makes this credit card boring for the average consumer who does every day spending with their credit card and pays off their monthly balance in full. 

But for the average consumer who carries a monthly credit card balance and doesn’t see themselves being able to get out of debt for many years, then this is a great option for saving you money thanks to the industry best, 15.50% – 23.50% APR.

Compare The Alternatives

If you're looking for a low interest credit card – the Simmons card is definitely a good option, but there are some good alternatives:

Capital-One-Savor-One

chase freedom unlimited card

citi simplicity

Capital One Savor card
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Citi Simplicity® Card
Annual Fee
$0
$0
$0
Rewards
1% – 8% Earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases. 10% percent cash back on purchases made through Uber and Uber Eats. 8% cash back on Capital One Entertainment purchases. 5% cash back on hotels and rental cars booked using Capital One Travel.
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
N/A None
Welcome bonus
$200 $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening
$200 Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
N/A None
Foreign Transaction Fee
$0
3%
3%
Purchase APR
19.99% – 29.99% variable
20.24%–28.99% variable
19.24% – 29.99% (Variable)

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Picture of Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.