Credit Cards Credit Card Reviews

Simmons Rewards Visa Signature Review

overall rating
3.1

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The Simmons Rewards Visa Signature combines decent rewards with a low interest rate, making it a solid choice for people who carry a balance on their credit card but don’t want to miss out on earning points.

Simmons Rewards Visa Signature®

overall rating
3.1
Simmons Rewards Visa Signature®
On Simmons Bank's Secured Site.
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Excellent
Regular APR (%) 10.25% variable
Annual Fee $0
Rewards Earning Rate 1.25 points for every dollar spent.
INTRO BALANCE TRANSFER APR 0% for 12 Months
Balance Transfer Fee During the promotional period: either $10.00 or 3% of the amount of each balance transfer, whichever is greater. After the promotional period: $0.
Foreign transaction fee (%) 2%
how this card stacks up
When compared among all rewards cards in our database:
Rewards
Benefits
Low Fees
Security/Customer Experience
Low Interest
worst best

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

Pros
  • Low APR for all who qualify

  • Offers decent rewards

Cons
  • Lackluster benefits

  • Not many opportunities to maximize rewards

Pros Explained

  • 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.

Cons Explained

  • 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

  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse
  • Avatar for Rewards Strategist Persona
    Seeks to maximize points or miles earnings across spending categories
    Rewards Strategist

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.

Standard Benefits

  • Travel accident insurance
  • Rental car insurance
  • Visa Signature concierge
  • Access to exclusive hotel offers and entertainment packages

Cardholder Experience

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.

Security Features

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%. 

Our Verdict

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.

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For Simmons Rewards Visa Signature®
on Simmons Bank's Secured Site.
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CURRENT CARD
Simmons Rewards Visa Signature®
overall rating
3.1
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Excellent
Regular APR (%) 10.25% variable
Annual Fee $0
Rewards Earning Rate 1.25 points for every dollar spent.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.