MoneyGeek’s Take

Simmons Visa Review

With no annual fee and extremely low interest rates, the Simmons Visa card is a practical choice for people who want to build their credit and those who want to get out from under their debt.

Reviewed by    |  

The Simmons Visa is a basic credit card with no rewards or VIP perks. However, its selling point is its low interest rates and lack of annual fees. This makes it the best option for those looking to consolidate debt or maintain good credit. Balance transfers made within the first 60 days of opening an account get 12 months interest-free after a 3% or $10 fee or the transferred debt, whichever is greater. Once the 12 months are up, there is an 8.25% variable APR on purchases and balance transfers.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Has Rewarding Welcome Offer
  • Credit Needed
    Excellent
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Simmons Visa at a Glance

If you’re looking for a practical credit card with no frills, the Simmons Visa card might be for you. It has no annual fee as well as a low ongoing APR for purchases and balance transfers.


  • Simmons Visa

    A fantastic low-interest card that comes with no annual fees


    • ExcellentCredit Needed
    • None at this timeAPR Offer
    • None at this timeAPR Offer Duration
    • 0% Intro APR on balance transfersBalance Transfer Offer
    • 8.25%APR

Pros & Cons Explained

Given Simmons Visa’s benefits, the card is ideal for some given its low interest and lack of an annual fee. That said, it also comes with some drawbacks that should be noted prior to applying for the card.

Pros

  • Benefits
    Description
  • Low APR
    With an ongoing 8.25% variable APR, the Simmons Visa has one of the lowest interest rates on the market.
  • No annual fee
    Despite the low interest rate, the Simmons Visa does not charge any annual fees for the life of the card.
  • No balance transfer fees
    For the first 12 months of having the card, balance transfers will receive a 0% APR. Note that balance transfers must be made within the first 60 days of card ownership.
  • Complimentary car and travel insurance
    If you intend to travel or go overseas, the Simmons Visa card can provide you with peace of mind thanks to its complementary secondary car insurance and up to $1 million in travel insurance. Keep in mind that this only kicks in if you use the Simmons Visa card to pay for car rental or travel bills.

Cons

  • Drawbacks
    Description
  • No rewards
    Low interest cards like the Simmons Visa card do not come with rewards. It also does not include any cashback, point or mile-earning opportunities.
  • Difficult to get
    Simmons Bank often looks for good credit in order to qualify for their low-interest cards. It’s best suited for those with scores of 700 and above, making it difficult to get for some people.
  • Foreign transaction fee
    The Simmons Visa has a 2% charge for any foreign transactions.
tip icon
INTERESTED IN COMPARING THE BEST LOW-INTEREST CREDIT CARDS OF 2021?

While the Simmons Visa is featured on our list of best low-interest credit cards, there may be a better option for you. Check out our selection to compare other low-interest credit cards that may suit your needs.

Other Features Explained

Beyond the low interest rates and zero annual fees, Simmons Visa cardholders can benefit from a host of additional perks that the card has.

  • Card Feature
    Description
  • Low interest rate
    The card’s biggest selling point is the ongoing 8.25% variable APR. This is one of the lowest rates available.
  • Zero annual fee
    The Simmons Visa card doesn’t charge an annual fee.
  • Car rental and travel accident insurance
    Cardholders can benefit from valuable protection and peace of mind on a trip, knowing that the Simmons Visa card offers some form of coverage in case of an accident.
tip icon
MONEYGEEK EXPERT TIP

"You can pair the Simmons Visa card with a rewards card. Transfer the portion of your balance you won’t pay off from your rewards card to the Simmons Visa to take advantage of the low APR and still get points, miles or other rewards.

If you’re looking to earn more rewards, you can pair this card with the Simmons Rewards Visa Signature. " - Alene Laney, Credit Card Journalist

Understanding the Fine Print

Before applying for the Simmons Visa card, make sure to understand all the fees and interest rates that come with it.

  • Card Feature
    Amount or Rate
  • APR
    8.25%
  • Annual Fee
    $0
  • Balance Transfer Fee
    3%
  • Balance Transfer APR
    8.25%
  • Late Fees
    $35.00
  • This is an icon

    Low Annual Percentage Rate (APR)

    The variable APR of 8.25% for the Simmons Visa applies to both purchases and balance transfers. For cash advances, cardholders can enjoy a variable APR of 12.25%, which is low compared to other cards.

  • This is an icon

    Introductory Balance Transfer Fee

    For balance transfers made within the first 60 days of acquiring the Simmons Visa card, cardholders need to pay a fee of 3% or $10, whichever is higher. This means that if you transfer a balance of $5,000 within the first 60 days, you will need to pay a fee of $150. This 3% fee can eat away at any savings you can make compared to credit cards with no balance transfer fees.

  • This is an icon

    Foreign Transaction Fee

    The Simmons Visa card has a foreign transaction fee of 2%. This means that for every $100 spent abroad, an additional $2 fee will be charged to your account.

tip icon
WHERE TO FIND THIS INFORMATION?

The APR and annual fees are the key things to look at when comparing credit cards with a low interest rate. You can find this on your latest billing state or online account for your current card, and for other cards, you can find it on the card issuer’s website. The fine print and fees can also be found under the credit card agreement database, which is maintained by the Consumer Financial Protection Bureau.

Who Should & Shouldn’t Consider Simmons Visa?

Loading...
Loading...

Other Considerations for Simmons Visa

Before deciding on whether or not to get the Simmons Visa, make sure to evaluate your current financial situation. This way, you can determine if getting this card is right for you and your needs.

Things to Consider if This is Will Be Your First or Only Credit Card

Before getting the Simmons Visa, there are two things you need to determine, including what you’ll use it for and what your credit score is.

Keep in mind that while the Simmons Visa has a low APR, it offers no rewards or cashback opportunities. This means that if you decide to use it to pay for daily items like groceries or phone bills, you may not be getting the most out of this card. However, if you decide to get it in order to transfer your balance and eliminate your high APR cards to get yourself on track financially, the Simmons Visa card may be good for you.

Consider your credit score as well. The Simmons Visa may automatically not be an option for you if your credit score is not 700 or more.

Things to Consider if This is Will Be an Additional Card in Your Wallet

If you’ve built up good credit, the Simmons Visa can work well with other cards in your wallet. For instance, if you have a rewards card with a high APR, purchasing items with the rewards card and transferring the balance to the Simmons Visa can help you take advantage of the low APR.

This also works best with cashback and travel cards. With no annual fees, the Simmons Visa will not be a costly addition to any credit cards you might have.

tip icon
WHY TRUST OUR REVIEWS

MoneyGeek’s review process for credit cards involves six steps that thoroughly evaluate a card’s benefit for consumers. It involves collecting credit card information from the Consumer Finance Protection Bureau's database, following standardized data points for easy evaluation, estimating spend profiles, factoring in any card bonuses, establishing the value of holding a card for three years and reviewing data to re-rank as needed.

How Simmons Visa Compares to Other Cards

The Simmons Visa is undoubtedly one of the best low interest credit cards out there, but it may be lacking for some who want the benefits that come with other cards. There are some low interest credit cards that come with a few more perks, but how it ultimately compares to other cards will depend on what you’re looking for.

Quick Comparison of Simmons Visa

creditCard

Simmons Visa

  • Annual Fee: $0
  • Purchase APR: 8.25%
  • Introductory APR on Balance Transfers: 0% for 12 months for transfers made within 60 days of account opening
  • Rewards Rate: None
  • Mini Verdict: Best for those who want super low interest rates.
creditCard1

Simmons Rewards Visa Signature

  • Annual Fee: $0
  • Purchase APR: 10.25%
  • Introductory APR on Balance Transfers: 0% for 12 months for transfers made within 60 days of account opening
  • Rewards Rate: 1.25 points per dollar
  • Mini Verdict: Best for those who want relatively low interest and rewards.

Other Helpful Decision-Making Q&As

Deciding whether to get the Simmons Visa card requires a lot of research and comparison. MoneyGeek has answered a few frequently asked questions about the Simmons Visa below to help you come to a decision.

Still not sure about this card? Consider these options.

If the Simmons Visa doesn’t quite meet your needs, consider comparing other credit cards. You may find that a balance transfer card, a cashback credit card or a low interest rewards card may be best for you.

Learn more about credit cards in general

sources