Since there are several rewards credit cards that offer more than 1.25% back (and some even offer 2% back on everything you buy), it’s hard to argue that this card is best for consumers who want to maximize the rewards they can earn on their purchases. The reality is that this card really shines in terms of its low interest rate. This APR is much lower than what most cash-back and rewards credit cards charge, making the Simmons Rewards Visa Signature a good option if occasionally carry a balance.
Just remember that you’ll need excellent credit to qualify, so this card may not work for everyone.
Low ongoing interest rate
Multiple rewards redemption options
Decent introductory 0% interest offer on balance transfers
No sign-up bonus and unimpressive earning rate
Limited redemption options
- Low ongoing interest rate: This card’s low ongoing interest rate can help you save money on interest whenever you have to carry a balance. For example, say you have a $5,000 balance and can only afford $200 a month to pay it off. With a card charging 19% interest, you’d pay $1,415.49 in interest to pay off the balance. With this card’s 10.25% interest rate, you’d pay $648.70.
- Multiple rewards redemption options: You can redeem your points for cash back, travel, gift cards, and merchandise, all at a decent rate.
- Decent introductory 0% interest offer on balance transfers: You can also avoid interest on balance transfers made within 60 days with this card for 12 months, which means even more interest savings. Just note, however, that a balance transfer fee applies for the 0% offer. (When the offer expires you can transfer a balance without a fee and pay interest at the ongoing rate.)
- No bonus: The Simmons Rewards Visa’s lack of a sign-up bonus is a disappointment, especially when you consider that some no-annual-fee cards offer bonuses of $150 or more.
- Unimpressive rewards-earning rate: Earning a flat 1.25 points for every $1 you spend is better than nothing, but it’s less than you’d earn with many competing cards. Some of the best cash-back credit cards offer 1.5% or even 2% back—and like this card, don’t charge an annual fee.
Earning Points & Rewards
The Simmons Rewards Visa Signature lets cardholders earn 1.25 rewards points for every $1 spent. There are no bonus categories that let you earn more than the base rate, and no rotating categories, either. That makes things easy to keep track of.
If you’re looking for a card that offers a higher ongoing rate of rewards for each dollar you spend, you won’t have to look very hard. Multiple cards provide higher rewards rates without an annual fee. They’ll likely charge a higher APR, though.
Points expire three years from the last date of the month during the month you earned them. For example, points earned on July 25, 2020, will expire on July 30, 2023.
The Simmons Rewards Visa Signature is at its heart a cash-back card, though it does allow you redeem points for travel and other rewards at a decent rate. You’ll need to cash in rewards through the bank’s online rewards portal or over the telephone with customer service. You can ask for cash back in the form of a statement credit or direct deposit, and book airfare, hotels, or car rentals through the portal. Regardless of how you redeem them, your points are worth 1 cent each.
As a rule of thumb, a rewards point value of 1 cent or more is considered a good value. So while many rewards programs offer more than 1 cent per point for certain redemptions, plenty of others offer less—sometimes much less.
How to Get the Most Out of This Card
Because you’ll earn a flat rate of 1.25 points for each dollar you spend, using your card for all your regular purchases and bills is the best way to maximize rewards. Redemption is just as uncomplicated, as you’ll redeem your points at the rate of 1 cent each via the Simmons rewards portal.
If you have balances on cards with higher interest rates, the 0% balance transfer offer and the relatively low ongoing variable interest rate can help you save on interest charges. Be aware that if you want to transfer a balance after the 60-day window for the intro deal is closed, you still can, but you’ll pay the regular ongoing variable APR. However, you won’t have to pay a balance transfer fee.
You’ll forfeit all your Rewards Points if you close your account without redeeming them. Make sure you cash in your points before you close your credit card.
Simmons Rewards Visa Signature’s Excellent Perks
The Simmons Rewards Visa Signature does offer one perk considered “excellent” by the editors of The Balance:
- Travel accident insurance: Qualify for up to $1 million in travel accident insurance coverage in the event of accidental loss of life, limb, sight, speech, or hearing while traveling on a common carrier. You must pay the full amount of your common carrier fare (train fare, airfare, taxi fare, etc.) with your credit card to qualify.
Simmons Rewards Visa Signature’s Other Features
- Extended warranties
- Rental car collision insurance (secondary to your own policy)
- Roadside assistance hotline
- Travel and emergency hotline
The Simmons Rewards Visa Signature offers 24-hour customer service and online banking.
Simmons Bank does not provide an app for its credit cards. To make payments and manage your card, you have to log into your online account.
Simmons Bank offers industry-standard security features, including two-factor authentication and chip-enabled technology. Customers can also set up alerts to monitor account activity.
Simmons Rewards Visa Signature Fees
The Simmons Rewards Visa Signature comes with a standard selection of fees, but you’ll have to pay a 2% foreign transaction fee on purchases made abroad.