Simmons Rewards Visa Signature Review

Full Review of Simmons Rewards Visa Signature

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 variable 16.75%-24.75% APR. The APR is based on the Wall Street Journal Prime Rate plus 9.00% to 17.00%. To give you an idea of how impressive that is, the average credit card interest rate is 15.91%, according to February 2021 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: The first 60 days after account opening you pay either $10 or 3% of the amount of each balance transfer, whichever is greater. Only until after 60 days, you pay 0%. 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.

The Simmons Rewards Visa Signature is best suited for someone who wants a competitive 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 after 60 days. Getting a 0% APR after 60 days 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

As an introductory rewards bonus, if you spend $3,000 in purchases during the first three months you will earn 30,000 Bonus Rewards Points. Its rewards rate is a flat 1.25 points per dollar.

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. You can redeem your points online or by calling the customer service number.

How to Maximize Your Rewards

Spend $3,000 in purchases during the first 3 months to earn 30,000 Bonus Rewards Points. 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, paying your balance in full each month will ensure that you never pay interest, 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 2021 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 60 days, 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 simple card, 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.