Anyone who routinely carries a balance on their credit card is best served by a card with a low interest rate. Whilst offers abound with low introductory rates, these are displaced when the standard APR kicks in after the introductory period. Ideally one would simply become a rate tart, swapping cards as each introductory period expires. However the credit scoring system works against this by penalising those who frequently switch cards. The ideal solution is thus a fixed rate credit card with a lower than average APR.
The best no fee fixed rate credit card currently available is issued by Simmons First Bank in Arkansas. The Simmons First Visa Platinum card offers a low variable APR of 7.25%, which is standard for both purchases and balance transfers. The latter are available fee free. The cash advance APR is extremely low at just 11.25%. Even the penalty interest rate is low in comparison to other cards on the market at 15.25%.
The card offers a 25 day grace period on purchases although balance transfers and cash advances are charged interest from the transaction date. The Simmons First Visa Platinum card is only available to those with excellent credit. There is no rewards program with the card but there are great benefits which are available fee free.
Cardholders receive travel accident insurance cover of one million dollars. Additionally those who are traveling and suffer a loss or theft of their card are provided with emergency cash and credit card replacements. Car rental insurance cover is included as a benefit and covers collision, theft and vandalism.
Simmons First bank also offers a student Platinum Visa card with the same terms as the standard Platinum card. Additionally card holders who prefer to make use of a rewards program can select the Simmons First Visa Platinum Rewards card. This is also fee free with a fixed interest rate but the rate is higher at 9.25%. The cash advance APR is 13.25%.
Reward points are issued at the rate of one point per dollar spent and redeemable awards include gift certificates, hotel stays, free airline tickets with no blackout dates or restrictions and discounted airline tickets and. The rewards card offers the same Platinum benefits as the non reward card.
Credit card users with excellent credit looking for the certainty of a fixed rate credit card with no fees will currently find that the Simmons First Visa Platinum card is the best available offer.