Review: Simmons Bank Credit Cards

simmons-bankSimmons Bank has bank locations in 8 states, but it offers its credit cards nationwide. The main selling point of the Simmons credit cards is their low interest rates, among the lowest in the country. Our overview / review of the Simmons Bank credit cards is below:

The first thing to know about Simmons Bank credit cards is that they are not very easy to qualify for. You must have a high credit score. How high? We’re not sure, but everything we’ve ever seen or heard about these cards tells us that you will not be accepted if you’ve got a shaky credit history. If you have missed payments in the past or have a lot of debt on other credit cards right now, it’s unlikely you’re going to get one of these low-interest cards. Sorry.

If your credit is very good, you probably will qualify. Let’s look at the two cards that Simmons offers:

  • The Simmons Bank Visa offers a 10.5% interest rate, among the very lowest in our list of Low Interest Credit Cards. There is no annual fee. There is no rewards program, just that great rate. You can transfer a balance from a higher-interest credit card over to this one and get a 0% interest rate on that balance for 12 months; after the 12 months, that balance would then be charged at the regular 10.5% interest rate. (Note that balance transfers do have a fee of 3% of the amount transferred. For example, transferring a $1000 balance would incur a one-time $30 transfer fee.)

  • The Simmons Bank Rewards Visa Signature offers a points rewards program, in which you get 1.25 points for every dollar charged to the card. Points can be used toward travel, merchandise, gift cards, cash back, etc. The interest rate on this card is a still-excellent 12.50%, and there is no annual fee. If you have good enough credit to qualify for a Simmons card, you probably don’t carry balances on your card very often, so this card might actually be a better choice than the card above.

Here’s What’s Weird

Simmons Bank credit cards have great interest rates, but they aren’t easy to qualify for, and the rewards card isn’t very generous when compared to other rewards credit cards. They are great cards if you have an excellent credit history and you tend to carry balances, due to the low interest rates.

But our intuition tells us that most people with excellent credit histories probably don’t regularly carry balances, so they’d be better off with a more rewarding credit card, because the higher interest rates on those cards wouldn’t matter if you never had to pay interest to begin with. On the other hand, people that do tend to carry balances are much more likely to have lower credit scores and probably not qualify for these cards. So, it’s hard to say exactly who these cards are for!