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 of 10.25%-18.25%, 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 transfer 0% promo and no fees after it ends
No rewards or sign-up bonus
May be tough to qualify for the lowest interest rate
- Very low APR: The potentially low variable rate for purchases and balance transfers is significantly below the average interest rate for a credit card, based on The Balance’s analysis. APRs as low as 10.25% 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 transfer 0% promo and no fees after it ends: During the first 60 days after account opening, pay either $10 or 3% of the amount of each balance transfer, whichever is greater, but pay no interest on that transfer for 12 months. After the first 60 days, there are no balance transfer fees, but you'll pay the regular APR.
- 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 the lowest interest rate: Simmons Bank looks for those with an excellent credit score to qualify for the lowest interest rate. We recommend your score be solidly in the 700s to have a good shot at getting a low interest rate.
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
- The first 60 days after account opening you pay either $10 or 3% of the amount of each balance transfer, whichever is greater. After the first 60 days, pay 0%.
- You’d be paying one of the lowest APRs available on the transferred balance and no interest for 12 months on transfers made in the first 60 days.
However, the safest and cheapest option is of course to pay no interest by paying your balance in full each month.
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, and pay 0% for 12 months after that. Keep in mind you’ll have to pay either $10 or 3% of the amount of each balance transfer, whichever is greater on transfers that qualify for the 0% promo.
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 nearly 200 branches in six states.
The Simmons Visa has standard security features, including fraud monitoring services that will send you texts or emails if potentially suspicious activity is detected.
Simmons Visa Card’s Fees
The Simmons Visa in the first 60 days after account opening charges either $10 or 3% of the amount of each balance transfer, whichever is greater. After the first 60 days, there is no balance transfer fee. 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.