The Simmons Bank Platinum Travel Rewards Visa is targeted at people who have excellent credit and want to earn travel rewards on their credit card purchases. It has no annual fee and offers card members an extremely competitive APR on both purchases and balance transfers. It is issued by Simmons First National Corporation.
There is no signup bonus currently available for new account holders.
Members earn one point per dollar on all eligible purchases made with the card. The points you earn are redeemable towards free airline tickets depending on the number of points you have accumulated. Redemptions start at 10,000 points which is equal to a $100 credit on any airline ticket you purchase using your Simmons Bank Platinum Travel Rewards Visa. 20,000 points would be worth $200 off a ticket. Cardholders are not subject to blackout dates or seating restrictions when redeeming points. Points may also be redeemed for vacation packages, cruises, hotel reservations, and gift certificates. The reward rate calculates to 1% which is about average for a travel rewards credit card. As a comparison, you might consider the Capital One Venture Rewards Card ($59 annual fee waived for the first year) which offers double points on every purchase, all of the time.
The biggest selling point of this credit card is the low annual percentage rate. Card members receive a 9.25% variable APR on both purchases and balance transfers. Additionally, there is never a balance transfer fee charged with this card.
Account holders also get these benefits when using the Simmons Bank Platinum Travel Rewards Visa:
- Global Acceptance
- Travel Insurance
- Car Rental Loss/Damage Waiver
- Emergency Cash and Credit Card Replacement
Card members are charged a 2% foreign transaction fee on all purchases made with the card while traveling outside of the U.S.
The Facts
Below we have broken down the specific details of the Simmons Bank Platinum Travel Rewards Visa to help you determine if it’s the right card for you.
The Good:
Low interest rate:
The true advantage of this card is the low annual percentage rate. Card members are charged a variable 9.25% APR on both purchases and balance transfers. While it is never a good idea to carry a balance on your credit card, the Simmons Bank Platinum Travel Rewards Visa gives you a competitively low APR if you ever need to roll a balance to the next month. This low interest rate also allows you to transfer a high-interest balance from another credit card to this one while reducing your finance charges.
No balance transfer fee:
Card members are never charged a balance transfer fee with this card. This feature, along with the low APR offered on transfers, make this card a good choice for anyone wanting to transfer high-interest credit card debt to a card with a lower interest rate.
Simple to earn points:
Members earn one point for every net dollar spent on the card. Returns, credits, and adjustments are deducted from your total amount of purchases to arrive at the net amount. There are no rotating categories- every purchase you make using your card earns you one reward point.
Simple to redeem points:
Points are redeemable for free airline tickets and other rewards. Redemptions start at 10,000 points (which is equal to $100 towards an airline ticket). 20,000 points can be redeemed for $200 towards the ticket price. There are no blackout dates or seating restrictions when you use your points for rewards. Points can also be redeemed for Vacation Packages (starting at 35,000 points), Flights (starting at 25,000 points), and Cruises (starting at 250,000 points).
Card members can redeem points for gift cards from many popular retailers. For example, 10,000 points will get you the following:
- $100 at Pottery Barn
- $100 Hertz Award Check
- $100 at Amazon.com
- $100 Travel Voucher at Avis
- $100 at Bed, Bath, and Beyond
Hotels are included in the rewards program also. You can redeem 20,000 points for a $200 Gift Card at Fairmont Hotels & Resorts. 109,000 points will get you The Four Seasons Unforgettable Experience Award Collection Card.
Additional benefits:
Members receive additional benefits with this card. These include:
- Global Acceptance- Your card can be used anywhere in the world that Visa is accepted. This includes retailers as well as ATMs.
- Travel Insurance- When you purchase your airline, cruise, or railway ticket with your card you automatically receive $1,000,000 in travel accident insurance.
- Car Rental Loss/Damage Waiver- When you use your card as payment for a rental car, you are covered for collision, theft, and vandalism.
- Emergency Cash and Credit Card Replacement- A replacement card will be sent to you immediately if your card is ever lost or stolen- at home or while traveling.
No annual fee:
There is no annual fee associated with this card.
The Bad:
No signup bonus:
There is no signup bonus offered to new account holders either in the way of points or a 0% introductory APR on purchases and/or balance transfers.
Foreign transaction fees:
Members are charged a 2% foreign transaction fee on every purchase made on the card while traveling abroad.
The Ugly:
Mediocre rewards rate:
Card members earn one point for every dollar spent on purchases. This equates to a 1% reward rate which is fairly standard as reward credit cards go. There are other travel rewards credit cards which offer a better rate of return so you might want to consider one of them.
Harder to qualify:
The Simmons Bank Platinum Travel Rewards Visa is marketed to people with excellent credit (740+FICO).
There are other cards which offer more generous rewards earning programs. However, this card stands out from the competition by offering a low APR (9.25%) on both purchases and balance transfers. For people with excellent credit who want to move a high-interest credit card balance to one with a lower APR, this card is definitely worth considering.