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September 28, 2012

Simmons First Visa Platinum Rewards Review

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The Simmons First Visa Platinum Rewards is a nice combination of low fees plus rewards. It has a low 9.25% variable interest rate. However, you don’t need to give up rewards to get this low rate as this card earns travel points on all your purchases. This great combo comes at a cost though, because only applicants with excellent credit will be approved for this card.

3/2/2013 Update: We're sorry, Simmons First Visa® Platinum Rewards is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Overall Score

4.1

Rewards

4.0

Interest Rates

4.5

Fees

4.5

Benefits

3.5
5-point scale (the higher, the better)

Pros and Cons

  • Low interest rate
  • Flexible travel rewards
  • No annual fee
  • Requires excellent credit
  • No signup bonus

Bottom Line

Excellent rewards credit card for those who plan to carry a balance.

Low Interest

If you carry a balance on your Simmons First Visa Platinum Card, you save money on interest compared to most other credit cards. The current interest rate is 9.25%, much lower than most other cards. When you first sign up for this card, you are allowed to transfer balances from other cards without paying a fee. This gives you the chance to use this card’s low interest rate to pay off your other card debts.

Travel Rewards

Most low-interest cards don’t offer purchase rewards. This is how they save costs to keep the interest low. This doesn’t apply to the Simmons First Visa Platinum Rewards Card. Every time you make a purchase on this card, you earn travel points. You earn 1 travel point for every $1 you spend. You can use your points for free flights, hotel stays, gift certificates, and travel packages. Every 10,000 points you redeem is worth about $100 off a flight ticket. You can use your points with any airline or hotel as the points are redeemed as a credit against your travel purchases.

Difficult to Qualify

For the Simmons First Visa Platinum Card to offer its great combination of rewards and low interest, it needs to keep its cost low. This means it can’t take on cardholders that might not pay off their balances. As a result, you will only be accepted into this card if you have excellent credit. If your credit score isn’t well above 700, you probably shouldn’t apply to this card.

No Signup Bonus

One other disadvantage of the Simmons First Visa Platinum Card is it doesn’t offer a signup bonus. When you first get this card, you won’t receive any bonus travel points or cash back. You also won’t receive a 0% introductory APR, so you’ll owe interest on your account balances right away. The only benefit you get for signing up for this card is you don’t need to pay a balance transfer fee for balances transferred in response to the online offer.

Pros

  • Charges a low interest rate -- currently 9.25%
  • Earns travel points on all your purchases. Your travel points are good for free flights, hotel stays, and gift certificates.
  • Doesn’t charge an annual fee
  • Doesn’t charge a fee on balance transferred when you sign up

Cons

  • Only accepts applicants with excellent credit
  • Doesn’t give a signup bonus

Bottom Line

If you want to minimize your interest payments but still earn rewards at the same time, the Simmons First Visa Platinum Rewards card is a good choice. If you don’t plan on carrying an account balance, you would be better off with a more generous rewards program.

3/2/2013 Update: We're sorry, Simmons First Visa® Platinum Rewards is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

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Follow @CreditDonkey or write to David R at davidr@creditdonkey.com
David R is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

Editorial Note: This content is not provided by Simmons First National Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Simmons First National Bank. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: This content was first published on September 28, 2012. This content may have been updated on October 1, 2012. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Simmons First National Bank website for updated information.

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About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.