Simmons Rewards Visa Signature Review
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.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Simmons Rewards Visa Signature at a Glance
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.
- Simmons Rewards Visa Signature®
A great no annual fee card that offers rewards and travel benefits
- ExcellentCredit Needed
- $0Annual Fee
- 1.25 Points per $1Rewards Rate
- 1.25xRewards Rate on Groceries
- 1.25xRewards Rate on Gas
Pros & Cons Explained
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.
- RewardsYou get 1.25 points for every dollar you spend. Although the Simmons Rewards Visa Signature credit card’s reward scheme is flat when compared to other cards that follow a tiered structure, it’s still worth considering.
- Low APRThe Simmons Rewards Visa Signature credit card offers a flat 10.25% variable APR for everyone who qualifies. According to the Federal Reserve, the average credit card APR as of the first quarter of 2021 was 15.91%.
- No annual feeThis card charges no annual fee, which makes it cost-effective.
- Internationally acceptedYou’ll be able to use your card anywhere Visa is accepted. This means that it will be useful when you travel since it allows you to make purchases, withdraw from ATMs and make cash advances.
- Foreign transaction feesAlthough it allows you to have an open credit line when you’re outside the United States, you pay a 2% fee on each purchase you make. This may not sound like a lot, but if you’re not careful, this may compound quickly without you realizing it.
- Balance transfer feeWhile it offers a 0% APR for 12 months on balance transfers completed within 60 days of the account opening, you have to pay a fee for each balance transfer you make. This amounts to either $10 or 3% of each transfer amount, whichever is higher.
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.
Bonuses & Rewards Explained
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.
Earn Redeemable Points
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.
0% Introductory APR for Balance Transfers
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.
Warranty Manager Service
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.
Travel and Emergency Assistance
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.
Auto Rental Collision Damage Waiver
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.
Other Features Explained
The Simmons Rewards Visa Signature card has other features and benefits. The list below highlights a few of them.
- Card FeatureDescription
- Card alertsUse this feature to turn your card off if it gets lost or stolen or back on when you find it. It also allows you to be on top of things through instant notifications about any suspicious activity made using your card.
- Data securitySimmons uses state-of-the-art security to ensure all data transmitted between your computer and their secured site is encrypted. You can rest easy knowing your personal information is safe.
- Automatic sign-offIf you remain inactive for 15 minutes while using Simmons Bank Credit Card Digital Services, their site automatically logs you off. This may cause some inconvenience since you’ll have to sign in again, but it’s better than having your account information open for long periods.
"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
Understanding the Fine Print
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.
- Card FeatureAmount or Rate
- Annual Fee$0
- Cash Back Rewards
- Rewards Rate1.25 Points per $1
- Airline Benefits
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.
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.
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.
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.
Who Should & Shouldn’t Consider Simmons Rewards Visa Signature?
Other Considerations for Simmons Rewards Visa Signature
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.
Things to Consider if This Will Be Your First or Only Credit Card
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.
Things to Consider if This Will Be an Additional Card in Your Wallet
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.
How Simmons Rewards Visa Signature Compares to Other Cards
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.
Quick Comparison of Simmons Rewards Visa Signature
Simmons Rewards Visa Signature
- Rewards Rate: 1.25 Points per $1
- Regular APR: 10.25%
- Balance Transfer Offer: 0% for 12 months
- Cash Advance APR: 14.25%
- Best For: Users who want to earn rewards for a slightly higher interest rates
- Reward Rate: None
- Regular APR: 8.25%
- Balance Transfer Offer: 0% for 12 months
- Cash Advance APR: 12.25%
- Best For: Users whose primary concern is having low-interest and are not interested in having a rewards program
Other Helpful Decision-Making Q&As
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.
Still not sure about this card? Consider these options.
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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Learn more about credit cards in general
- Board of Governors of the Federal Reserve System. "Consumer Credit — G.19." Accessed August 25, 2021.
- J.D. Power. "2021 US Credit Card Satisfaction Survey." Accessed August 26, 2021.
- Simmons Bank. "Credit Card FAQs." Accessed August 25, 2021.
- Simmons Bank. "Simmons Bank Foundations Visa." Accessed August 26, 2021.
- Simmons Bank. "Simmons Bank Visa Credit Card Agreement." Accessed August 26, 2021.
- Simmons Bank. "Simmons Rewards Visa Signature." Accessed August 25, 2021.
- Simmons Bank. "Simmons Visa." Accessed August 26, 2021.
- Simmons Bank. "Your Guide to Card Benefits: Simmons Rewards Visa Signature." Accessed August 25, 2021.
- Visa. "Visa Secure." Accessed August 25, 2021.
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