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Simmons Rewards Visa Signature Review

The Simmons Rewards Visa Signature Card is not among our highest rated rewards credit cards. You can consult our list of best credit cards with rewards for what we think are better options.

Full Review of Simmons Rewards Visa Signature

  • Low APR for all who qualify

  • Offers decent rewards

The inconvenients
  • Poor benefits

  • Few opportunities to maximize rewards

The benefits explained

  • Low APR for all who qualify: Many credit cards offer a range of interest rates depending on your creditworthiness, and it’s unclear what APR you’ll qualify for unless you apply. With the Simmons Rewards Visa signature, however, everyone who is approved for the card will get the same rate, currently a variable APR of 14.50% to 22.50%. 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 offer no rewards of any kind, meaning you have to choose between earning cash, points or miles or getting a low APR when you carry a balance. month to month. With this card, however, you get both. Of course, it doesn’t offer the lowest APR, 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 of both worlds.

Disadvantages Explained

  • Mediocre benefits: For the first 60 days after account opening, you pay either $10 or 3% of each balance transfer amount, whichever is greater. Only until after 60 days you pay 0%. Additionally, the introductory rate does not apply to purchases and the card does not offer any other benefits that stand out from other credit cards. However, if you value simplicity and want exactly what this card offers, this may be a good option for your needs.
  • Few opportunities to maximize rewards: The card offers a flat rate of 1.25 cents per point on every purchase you make. However, many other rewards credit cards have a tiered rewards system, which means you can earn bonus points, miles, or cash back on certain everyday categories, such as groceries. , gasoline or restaurants. If you’re spending a lot in one area of ​​your budget, you might benefit from a card that gives you more rewards.

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 altogether. Many cards that offer lower interest rates don’t have a rewards program, and most rewards credit cards charge higher interest rates, some as high as 20%.

This card can also be a good option for someone who needs to transfer a balance but isn’t sure they can pay it off completely after 60 days. Getting a 0% APR after 60 days can be helpful in helping you pay off your debt faster, but if you can’t, you’ll likely have a lower long-term interest rate on this card than on the card. of origin.

Reward Earnings Details

As an introductory rewards bonus, if you spend $3,000 on purchases in the first three months, you’ll earn 30,000 bonus rewards points. Its reward rate is 1.25 points per dollar.

Once you have 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 in May 2020, they will expire on May 31, 2023.

Reward Redemption Details

Cardholders can redeem their rewards for several different things, including cash back, gift cards, airline tickets, 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 on purchases in the first 3 months to earn 30,000 bonus reward points. Since the card does not offer any bonus reward categories, your best bet for maximizing rewards is to use the card as much as possible. Plus, paying your balance in full each month will ensure you never pay interest, preserving the value you earn through the card’s rewards program.

Standard Benefits

  • Travel accident insurance
  • Rental car insurance
  • Visa Signature Concierge
  • Access to exclusive hotel deals and entertainment packages

Cardholder experience

Simmons Bank, which issues this card, is not classified in the 2021 JD Power US 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 by phone 24 hours a day, seven days a week. You can manage your account online or from the Simmons Bank mobile app.

Security functions

Simmons Bank uses standard security features for its credit cards.

Fees to watch

For the most part, card fees are in line with credit card industry standards. However, note that the balance transfer fee disappears after 60 days, which means you can still request balance transfers to avoid higher interest rates on other cards.

Additionally, the card’s 2% foreign transaction fee is slightly lower than the standard 3%.

Our opinion

If you’re looking for a simple card, but also want the ability to earn rewards on your everyday purchases, the Simmons Rewards Visa signature should be on your radar. The card doesn’t rival the best rewards credit cards on the market, and its APR isn’t the lowest you can get. But it’s a happy medium for people who may have a balance from time to time and also want to profit from using their credit card for rewards.

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