The Simmons Rewards Visa Signature Card is not one of our top-rated rewards credit cards. You can review our list of the best rewards credit cards for what we think are better options.
Full Review of Simmons Rewards Visa Signature
Low APR for all who qualify
Offers decent rewards
Not many opportunities to maximize rewards
- Low APR for all Who Qualify: Many credit cards offer a range of interest rates based on your creditworthiness, and there’s no telling which APR you’ll qualify for unless you actually apply. With the Simmons Rewards Visa Signature, however, everyone who is approved for the card will get the same rate, currently a low 10.25% variable APR. The APR is based on the Wall Street Journal Prime Rate plus 7%. To give you an idea of how impressive that is, the average credit card interest rate is 16.61%, according to February 2020 data from the Federal Reserve.
- Offers Decent Rewards: Many low-interest credit cards don’t offer rewards of any kind, which means you have to choose between earning cash back, points, or miles or getting a low APR when you carry a balance from month to month. With this card, however, you get both. Of course, it doesn’t offer the lowest APR out there, and its rewards rate may leave some rewards enthusiasts unimpressed. But the compromise between the two may be worth it for someone who wants a little something from both worlds.
- Lackluster Benefits: This card does offer an introductory 0% APR promotion on balance transfers, but that’s not an unusual benefit, especially for no-annual-fee cards. Also, the introductory rate doesn’t apply to purchases, and the card doesn’t provide any other benefits that stand out compared with other top credit cards. However, if you value simplicity and want exactly what this card offers, it may be a good option for your needs.
- Not Many Opportunities to Maximize Rewards: The card offers a flat 1.25 cents per point on every purchase you make. Many other rewards credit cards, however, have a tiered rewards system, which means that you can earn bonus points, miles, or cash back on certain everyday categories, such as groceries, gas, or restaurants. If you spend a lot in one area of your budget, you may benefit from getting a card that will give you more rewards there.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Seeks to maximize points or miles earnings across spending categories
The Simmons Rewards Visa Signature is best suited for someone who wants a low-interest credit card but doesn’t want to miss out on rewards entirely. Many cards that offer lower interest rates don’t have a rewards program, and most rewards credit cards charge higher interest rates—some upwards of 20%.
This card may also be a good option for someone who needs to transfer a balance but isn’t sure they’ll be able to pay it off completely before the promotional period ends. Getting a 0% APR can be nice to help you pay down your debt faster, but if you can’t, you’ll likely have a lower long term interest rate on this card than on the original one.
Rewards Earning Details
The Simmons Rewards Visa Signature doesn’t offer an introductory rewards bonus, and its rewards rate is a flat 1.25 points per dollar. Compared with most top no-annual-fee credit cards, that doesn’t stack up well. But considering the card’s other major feature—a low interest rate—the potential savings can help make up for what its rewards program lacks.
Once you’ve earned rewards, they expire three years from the last day of the month in which they were earned. So if you earn 5,000 points May 2020, they’ll expire May 31, 2023.
Rewards Redemption Details
Cardholders can redeem their rewards for several different things, including cash back, gift cards, airfare, rental cars, travel packages, and merchandise.
Regardless of how you use your points, you’ll get 1 cent per point in value, which is standard for top rewards credit cards. You can redeem your points online or by calling the customer service number.
How to Maximize Your Rewards
Because the card doesn’t offer any bonus rewards categories, your best bet for maximizing rewards is to use the card as much as possible. Also, while the card does charge a relatively low interest rate, paying your balance in full each month will ensure that you never pay interest at all, which will preserve the value you gain from the card’s rewards program.
- Travel accident insurance
- Rental car insurance
- Visa Signature concierge
- Access to exclusive hotel offers and entertainment packages
Simmons Bank, which issues this card, is not ranked in the 2019 J.D. Power U.S. Credit Card Satisfaction Study. It is a regional bank based in Arkansas and has physical branches in only a handful of states.
However, customer service representatives are available via phone 24 hours a day, seven days a week. You can manage your account online or from the Simmons Bank mobile app.
Simmons Bank employs standard security features for its credit cards.
Fees to Watch Out For
For the most part, the card’s fees are in line with the standards for the credit card industry. However, note that the balance transfer fee goes away after the promotional period ends, which means that you could still request balance transfers to avoid higher interest rates on other cards.
Also, the card’s 2% foreign transaction fee is slightly lower than the norm, which is 3%.
If you’re looking for a card with a low interest rate, but you also want an opportunity to earn rewards on your everyday purchases, the Simmons Rewards Visa Signature should be on your radar. The card doesn’t compete with the best rewards credit cards on the market, and its APR isn’t the lowest you can get. But it does provide a happy medium for people who may carry a balance from time to time and also want to take advantage of their credit card use to get some rewards.