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.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (5 votes, average: 5.00 out of 5)
Loading...
No Existing Comments

Comments are closed.