If you’ve got excellent credit and don’t pay off your credit card bills in full each month, a low-interest card is the way to go. And with a variable APR under 10%, the Simmons Visa Card is one of the best you’ll find. You won’t get any rewards, sign-up bonuses, or VIP perks, but those features mean less if you keep a balance, since finance charges usually erase the value of any cash back or points you earn anyway.
Very low APR
Balance transfers with no fee
No rewards or sign-up bonus
Tough to qualify
- Very low APR: The single-digit variable rate for purchases and balance transfers is less than half the average interest rate for a credit card, based on The Balance’s analysis. Single-digit APRs are incredibly hard to find among even the best low interest cards. The card’s cash advance APR is lower than many cards, too.
- Balance transfers with no fee: If you transfer a balance within 60 days of opening your account, you’ll get 12 months interest-free on any balances you move to this card after paying a 3% fee or $10 (whichever is greater) on the transferred balance. Transfers you make after the intro period get the regular APR but Simmons Bank won’t charge you a balance transfer fee. This means you can use a higher-APR card to earn rewards and then transfer your balance to this card to reduce your finance charges. (More on this below.)
- No rewards or bonus for new cardholders: Many cards offer rewards in the form of cash back or points you can redeem for travel or cash. This card doesn’t offer cash back on your spending or points or miles
- May be tough to qualify for: Simmons Bank looks for those with an excellent credit score to get this card and take advantage of its low interest rate. Unless your score is solidly in the 700s or above, you may be better off looking for another option.
A rewards card only makes sense if you can commit to paying off your balance in full each month. Rewards card APRs are typically higher, so you could pay more in interest than what you earn in rewards.
How to Get the Most Out of This Card
Pairing this card with a rewards card that doesn’t charge an annual fee may be worthwhile if you carry a balance occasionally (holiday shopping, for example) or just on certain types of expenses like car repairs or medical bills.
You could pay for everything with the rewards card and then transfer any portion of your balance that you’re not going to pay off to the Simmons Visa Card. This method gives you three advantages:
- You’d earn rewards on your purchases with the companion card
- You wouldn’t have to pay a fee to transfer the balance to the Simmons card (as long as it’s more than 60 days after you’ve opened your account)
- You’d be paying one of the lowest APRs available on the transferred balance.
Only try the balance-transfer strategy if having a rewards card won’t tempt you to spend more than you normally would, and if you know you can be vigilant about transferring your balances from the rewards card to the Simmons card whenever you have to carry a balance.
If you carry a balance more often than not, your best bet is to focus on reducing your debt. Transfer your high-interest debt to this card during the first 60 days you have the account so you can get 0% APR for 12 months. Keep in mind you’ll have a 3% transfer fee.
Simmons Visa Card’s Excellent Perks
This card comes with very few benefits, but one is among those we’ve classified as excellent because of its superior value:
- Travel accident insurance: Get up to $1 million in accident insurance at no additional cost. This covers you, your spouse, and your dependent children if there’s an incident while you’re on a flight or other eligible trip you’ve paid for with your card.
Simmons Visa Card’s Other Features
- Rental car collision insurance (secondary to your own policy)
Simmons Bank makes customer service representatives available 24/7. It also offers a mobile app for credit card customers. And customers can use the app to view and manage any other accounts they may have with Simmons Bank, which operates more than 200 branches in seven states.
The Simmons Visa has standard security features, including opt-in fraud monitoring services that will send you texts or emails if potentially suspicious activity is detected.
Simmons Visa Card’s Fees
The Simmons Visa doesn’t charge a balance transfer fee except if you use the 0% APR promotion on balance transfers (available during your first 60 days with the card), and then the fee is 3% or $10, whichever is greater. Otherwise, the card has fairly standard fees. It’s worth noting that Simmons will charge you 2% of any foreign transactions, so you should avoid using this card if you travel abroad.