bank rates

Simmons First Switches To Variable Rate

When the Simmons First Platinum Visa card was introduced a few years ago, it won rave reviews for its exceptionally low interest rate — 7.25% on purchases and balance transfers.

While Simmons First National Bank is still offering the same great rate, one important thing has changed.

Instead of being a fixed rate, it’s now an adjustable rate, tied to the prime rate, which is what banks charge their best commercial customers.

I know you’ll have a hard time finding another credit card that charges the prime rate plus 4.00%. Prime plus 8% to 15% is far more typical these days.

But when the prime (currently resting at a record low of 3.25%) starts going up, the rate on a Simmons First Platinum Visa will go up, too.

Although that makes the Simmons First card a little less appealing than it used to be, it’s still one of our favorite low-rate cards.

There’s no annual fee and no transfer fee to move your balance from a high-rate credit card to your new account at Simmons. (Most cards are charging balance transfer fees of 3% or more.)

The variable 11.25% rate imposed on cash advances and convenience checks is also far less than most other credit cards charge.

Although there’s no rewards program, you can opt for a Platinum Visa Travel Rewards card if you’re willing to pay a slightly higher rate — 9.25%.

You’ll need good to excellent credit to qualify for this card from Simmons First, which is based in Pine Bluff, Ark., and has branches across the state.

But if you carry a balance at least a few months every year, it’s still a card well worth considering.

Click here to compare the Simmons First card with the best rates and terms from scores of other credit cards in our database.

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