The Simmons Rewards Visa Signature credit card is a good choice for people who want low interest rates while receiving rewards on their purchases. Every dollar you spend earns you 1.25 points, and points are redeemable for cash back. You can even use points to pay for gift cards, travel and more.
If you’re looking for a card that allows you to carry a balance without charging high interest, the Simmons Rewards Visa is a solid choice. Most low interest cards don’t offer any rewards program, but this is one benefit of Simmons Rewards Visa Signature credit card. You get 1.25 points for every $1 you spend, and points are redeemable for cash back, gift cards, airfare and more. Additionally, the card doesn’t charge an annual fee, which is a major perk.
The Simmons Rewards Visa Signature credit card is best suited for cardholders who want access to a rewards program without paying high interest rates. Although it applies a 10.25% variable APR, it offers a 0% APR on balance transfers made within 60 days from when you open an account. The Simmons Rewards Visa Signature credit card also gives cardholders benefits such as car rental coverage, concierge services and travel accident insurance.
A great no annual fee card that offers rewards and travel benefits
Before deciding which card to add to your wallet, it’s wise to understand the benefits and disadvantages. MoneyGeek takes a closer look at some of the pros and cons of the Simmons Rewards Visa Signature credit card.
MoneyGeek does a monthly analysis of the data for all cards in our database to determine top picks for popular categories. The Simmons Rewards Visa Signature credit card is our top pick for the best low interest rate credit card. You can see how other cards in this category compare to it.
Low interest and availability of rewards are two things most cardholders want. You get a little bit of both with this card. MoneyGeek listed the rewards and benefits the Simmons Rewards Visa Signature credit card provides its users.
This card follows a flat rewards scheme where you earn 1.25 points for every dollar you spend. Although the Simmons Rewards Visa Signature credit card doesn’t have direct rewards for travel and the like, you can use your points for airfare or other merchandise. It’s also best to use your points regularly since they will expire three years from the end of the month when they were earned.
If you want to move your balance from other cards to your Simmons Rewards Visa Signature credit card, you’ll enjoy 0% APR for 12 months if your transfer is completed within 60 days of account opening. You pay a transfer fee (either $10 or 3% of the transferred amount) for each transaction during the promotional period. After that, it becomes $0, but regular APR is applied.
You can extend the warranty of specific items bought using your Simmons Rewards Visa Signature card or the points you earned. This benefit includes warranty registration and extended warranty protection services. You can access both with a toll-free call.
Another Simmons Rewards Visa Signature benefits gives you access to services if you encounter an emergency while you’re traveling. You can use it anytime, year-round. These services also extend to your spouse and children under 22 years of age.
You get insurance coverage for cars you rent using your credit card. You can also get reimbursed for the cost of damages from a collision or theft, subject to terms and conditions.
The Simmons Rewards Visa Signature card has other features and benefits. The list below highlights a few of them.
"Use this card for large purchases you need to pay over time, such as home improvements. The low APR will help you keep costs down and you’ll still earn rewards." - Alene Laney, Credit Card Journalist
Although the Simmons Rewards Visa Signature card offers various benefits, there may be other fees that you have to pay depending on your usage. MoneyGeeks has the details so you know what to expect.
Regular APR
Considering the average APR across all cards as of the first quarter of 2021 was 15.91%, Simmons Rewards Visa Signature has one of the lowest at 10.25%. Typically, cardholders will have varying APRs based on several factors, but Simmons Rewards Visa Signature offers a flat rate as long as you qualify for it.
Annual Fee
Simmons Rewards Visa Signature has a $0 annual fee, making it a good choice if you aren’t a frequent credit card user but want a financial line available in case of emergencies.
Reward Rate
Regardless of the type of purchase, the amount of points you earn is the same. For every $1 you spend, you earn 1.25 points. Be mindful of when you receive your points because they will expire after three years. For example, if you earned 2,500 points on September 2, 2020, they will expire September 30, 2023.
Balance Transfer Fee
Simmon Reward Visa Signature offers an introductory 0% APR for balance transfers made within 60 days for the first 12 months. This means you don’t pay any interest. However, you will have to pay a fee for each balance transfer you make within the promotional period, which is $10 or 3% of the amount transferred, whichever is higher. With a balance of $150, your transfer fee is $10. In comparison, you pay $12 if you transfer $400 from an old card. After the promotional period expires, balance transfers will no longer charge a fee.
Late Fees
There is a $35 fine for late payments. Returned payments also have a $35 penalty
Cash Advance Fees
The cash advance fee amounts to a minimum of $4 or 3% of the amount of each cash advance, whichever is higher. It also applies to convenience checks. Those are checks issued by a credit card company you can use to pay balances on other cards.
Foreign Transaction Fees
You can use your card for purchases in any location that accepts Visa. Be mindful, though, that you pay a foreign transaction fee of 2% for each transaction. It is, more or less, at par with other cards.
If you’re comparing the Simmons Rewards Visa Signature with other reward or cash back credit cards, pay attention to how they set up their reward programs. In comparison to other low-interest cards, focus on the APR and possible fees. Additionally, you can find details via the credit card agreement database created by the Consumer Financial Protection Bureau (CFPB).
If you’re currently using a different card for your purchases and want to compare it against the Simmons Rewards Visa Signature card, you can get more details from your latest billing statement or online account.
Having a clear idea about how you intend to use your credit card plays a large part in whether you should continue with your Simmons Rewards Visa Signature application. Failing to consider several things could lead to challenges in terms of managing your credit.
If you plan to make the Simmons Rewards Visa Signature card your first or only credit card, you’ll want to consider the rewards structure and whether or not it will work for your spending habits. Otherwise, if you need a solid card that offers a consistent rewards rate regardless of your spending, this card may be a good option.
You’ll also want to take into account the foreign transaction fee if you plan to travel and use the card while doing so. If you plan on doing a considerable amount of traveling, a different card with lower foreign transaction fees may be a better option for you.
If you already have other cards, it’s best to see how to use a new one alongside those you already have.
You can use the Simmons Rewards Visa Signature if you want to transfer existing balances from other cards. Since you have 0% APR for 12 months, you can save money during this period. It’s also an opportunity to decrease your balance incrementally without having to worry about interest.
Another option is to use your Simmons Rewards Visa Signature for regular payments since you earn 1.25 points for each dollar purchase you make. Additionally, you can use it for costlier transactions if you can’t pay them off in full and on time since its regular APR is lower than most credit cards.
MoneyGeek’s methodology involves a structured and standardized process that allows us to generate accurate and up-to-date information. Our approach involves various steps that include gathering and using data from several card categories, having standardized ranking calculations, factoring in average spend profiles and other bonuses offered by credit card companies. The process ends with an approximation of a card’s three-year value and a regular re-ranking process.
The Simmons Rewards Visa Signature is a strong contender in the low-interest rate category because of its low APR, the absence of an annual fee and a decent rewards program. That said, the best way to confirm whether it’s the one that fits your needs is to compare it to a similar card.
Simmons Rewards Visa Signature
Simmons VIsa
If you’re considering the Simmons Rewards Visa Signature card as your next card, you may want more information before applying. Here are the commonly asked questions about the card.
The Simmons Rewards Visa Signature card is ideal if you’re after low rates and aren’t expecting high-end rewards. If you’re still not convinced about getting this card, you may want to explore other alternatives in different categories. You may find reward cards or cash back cards more suited to your needs.
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