Simmons Rewards Visa Signature® Review - finder US

Simmons Rewards Visa Signature® review – August 2018

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A low variable interest rate card that give you more rewards the more you spend

The Simmons Rewards Visa Signature® is a credit card that lets you rack up rewards points as you spend. You can redeem your points on vacation packages, merchandise, gift cards and cash back. You can also use your rewards points to buy a US-based airline ticket with no blackout dates or seating restrictions. The card has a lower-than-average interest rate, and can be used nationwide anywhere that accepts Visa.

Product NameSimmons Rewards Visa Signature®
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases12% variable
Cash Advance Rate16% variable
Cash Advance Fee$4 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee2% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$0
Late Payment Fee$35
Returned Payment Fee$35
Additional Cardholder Fee$0
Minimum Age18 years of age
Reward Value per Dollar1.25 points
Rewards Points ExpiryNever

If you want a credit card that includes helpful benefits, and accumulates points, the Simmons Rewards Visa Signature® may be for you. Formerly known as the Simmons Bank Visa® Platinum, this card has a 12% variable interest rate on purchases, and does not charge annual or balance transfer fees. The Simmons Rewards Visa Signature® offers features, including Travel rewards, and travel insurance with coverage up to $1,000,000. It also includes rental car damage protection for collisions, vandalism and theft. Your card is protected by Emergency Cash and Credit Card Replacement coverage, in case you are traveling and your card gets lost or stolen.

The application process is demanding, requiring excellent credit and proof of employment. The main draw of the card is the travel rewards. For every dollar you spend with the Simmons Rewards Visa Signature®, you get 1.25 reward points.

Benefits of the Simmons Rewards Visa Signature®

  • $0 annual fee. You won’t pay an annual fee to use this card.
  • No balance transfer fee. With the Simmons Rewards Visa Signature®, you won’t have to pay balance transfer fees.
  • Alerts. You can sign up to get free alerts about your account sent straight to your phone or email. If Simmons Bank suspects fraudulent activity on your card, you’ll immediately get a notification. You can protect up to 10 Simmons Bank cards, and up to 10 phone numbers can receive alerts.
  • Accessible. The card is accepted worldwide anywhere that takes Visa. You can use the card to get cash from ATMs and cash advances across the globe.
  • Travel insurance. As a cardholder, you’ll receive Travel Accident Insurance for free. You’re covered up to $1,000,000.
  • Car rental loss/ damage. If your rental car becomes victim to damage, theft or vandalism, your card gives you coverage through Visa Auto Rental Insurance. This service is available worldwide, 24 hours a day. The rental car transaction must be paid for using the Simmons Rewards Visa Signature®, and you must decline the rental company’s damage waiver.

Features

  • APR. For purchases, this card has an APR of 12% variable. Balance transfers also have a 12% variable APR. Cash advances and convenience checks have a variable APR of 16%. APR rates vary with the market, and are based on the prime rate.
  • Interest. After the close of each billing cycle, you have 25 days until your payment is due. You will not be charged interest on purchases if you pay the balance before the due date. Cash advances, balance transfers and convenience checks start accruing interest right from the transaction date.
  • Transaction fees. Cash advances and convenience checks cost a fee of 3% of the amount of each cash advance, but not less than $4. Foreign purchases have a 2% transaction fee.
  • Penalty fees. For late fees, you pay $35. Returned payment fees are up to $35.
  • Rewards. This card generates rewards. For every one net dollar spent with the card, you get 1.25 points. You can redeem your points on a US-based airline ticket with no blackout dates or seat restrictions. Or, you can use the points to obtain vacation packages, merchandise, gift cards, and cash back awards. You can redeem as little as 10,000 points to enjoy travel rewards. 10,000 points typically gets around a $100 ticket. You can usually get a free domestic airline ticket when you reach 22,000 rewards points. The program offers a one-stop shop method of redemption.
  • Statements. If you notice an error in your statement, you must contact the company in writing within 60 days of the statement’s mailing date.
  • Credit score. You need excellent credit to be approved.
  • Emergency cash and credit card replacement. You can take advantage of Emergency Cash and Credit Card Replacement coverage if you are traveling and your card gets lost or stolen.

How to apply for the Simmons Rewards Visa Signature®

Eligibility criteria

  • US citizen
  • Excellent credit
  • If you are under 21 years old, and want to increase your account’s credit limit, you must first get it approved in writing.

Required documents & information

  • Full name
  • Residential address
  • Social Security number
  • Birthdate
  • Email address
  • Proof of employment and income amount

Bottom line

If you’re looking for a low interest credit card that accumulates travel rewards points among other perks, the Simmons Rewards Visa Signature® could be a helpful solution. Before choosing the Simmons Rewards Visa Signature®, make sure to check out other cards similar to it.

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