It combines good rewards with a decent interest rate, making it an excellent option for those with an outstanding account balance with their credit cards but who do not want to miss the opportunity to earn points. Spend $3,000 on purchases over the first three months to earn 30000 bonus points.
This Card Is Best For
This card is for those who want an interest-rate credit card that is competitive but isn't looking to lose the chance to earn rewards completely. Some cards with low-interest rates don't offer a rewards program, and many rewards credit cards come with higher interest rates, sometimes as high as 20 percent.
The card might also be a great alternative for those who need to transfer a balance but isn't certain if they'll be able to pay it all off within 60 days. The zero-interest rate after 60 days is a nice option to allow you to pay off your debt quicker, but if you don't pay it off, you'll likely be charged lower interest rates over the long run for this card than the first one.
Rewards Earning Details
In the form of a reward bonus for introductory purchases, when you make $3000 in the first three months, you get 30000 Bonus Rewards Points. The reward rate is flat at 1.25 points for every dollar. For example, if you earned 5,000 points in May 2020, the points will expire on May 31st, 2023.
Rewards Redemption
Cardholders can redeem their rewards for various things such as gift cards, cash back rentals, flights, rental vehicles, vacation packages, and other items. The points can be redeemed via the internet and by calling the support number.
How to Maximize Your Rewards
Spend $3,000 on purchases over the first three months to earn 30000 bonus rewards points. Since the card does not offer any bonus reward categories, the best strategy for maximizing rewards is to use your card as frequently as possible. Additionally, paying the balance in full each month will ensure that you won't be charged interest, which can keep the value from the rewards program the card offers.
Cardholder Experience
Simmons Bank, which issues this card, has not been included in the 2021 J.D. Power U.S. Credit Card Satisfaction Study. It's a regional bank located within Arkansas and has branches across a few states. However, the customer service representatives are on the telephone 24 hours all week. You can control your account online or via Simmons Bank's mobile app. Simmons Bank mobile app.
Fees To Watch Out For
Most of the time, the fees charged by this card are in line with guidelines for the industry of credit cards. But, keep in mind that the balance transfer fee disappears after 60 days; you can apply for balance transfers to avoid paying higher interest for other credit cards. In addition, the card's charge for foreign transactions is lower than the average of 3%.
Pros
Low APR
A lot of credit cards provide an array of interest rates based on creditworthiness. There's no way of knowing which one you'll be eligible for unless you apply. For the Simmons Rewards Visa Signature, anyone accepted by the bank will receive the same rate, which is currently a variable 14.50%-22.50 APR of 5. The APR is determined by what is known as the Wall Street Journal Prime Rate plus 9.00 percent to 17.00 percent. The median interest rate for credit cards is 15.91 percent, according to February 2021 information from the Federal Reserve, to give an impression of just how incredible this is.
Decent Rewards
Some low-interest credit cards don't provide any rewards. This means you'll have to decide between earning points, cash back, or miles or getting the lowest APR for carrying a balance from one month to the next. With this card, however, you'll receive both. It doesn't have the lowest APR on the market, and its reward rate might disappoint some users. However, the balance between these two options could be worth it to anyone looking for something from both.
Cons
Lackluster Benefits
Within the first 60 days of the account's opening, you must pay 3% of the value balance transfer, whichever is more. For the first 60 days after that after that, you'll pay the 0% rate. Additionally, the promotional rate doesn't apply to purchases, and the card doesn't offer additional unique benefits compared to other high-end credit cards. If you're looking for simplicity and want to have precisely what this card can provide, it could be an ideal choice.
