Credit Cards

[migliogiorni]

any1 got this card? kno anything about it, 7% apr, really?

[gettnthere]

Absolutely one of the HARDEST cards to obtain. You absolutely MUST have perfect credit to obtain, im talkin FICO's over 760 and LOOONG credit history.

[Benton]

Lowest APR is 7.25% as of this writing. I have this card and started to use it for the first time this month after issued six months ago. Simmons First requested FR and issued $5K. This was the 4th of 5 cards I applied for over a 5 month period. I focused on low APR cards to balance my portfolio after aquiring 6 rewards cards.

[CreditScholar]

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gettnthere wrote:
Absolutely one of the HARDEST cards to obtain. You absolutely MUST have perfect credit to obtain, im talkin FICO's over 760 and LOOONG credit history.

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+1. Simmons First and Iberia are two of the most difficult banks to get cards with. To stand a good chance, you should have ~800 FICO, no baddies whatsoever, and an AAoA of ~8-10 years or more. They will also demand proof of employment and income.

[beb86]

Fort Knox of CCs

[Jlu]

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beb86 wrote:

Fort Knox of CCs

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This made me lol

[anderl]

Yep. I had a score of 780/790 when approved.

[LS2982]

IMO, i feel this card is overrated. Yea 7.25% APR is nice but if your planning on carring balances why not get in on promo offers for 0% and stand a much better chance for approval with higher CL's?

[JonStur]

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LS2982 wrote:

IMO, i feel this card is overrated. Yea 7.25% APR is nice but if your planning on carring balances why not get in on promo offers for 0% and stand a much better chance for approval with higher CL's?

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+1...And the 7.25% is on the no rewards card. To me those cards are just see I have these. I and many people on here could qualify for them. IMHO the best benefit Is if you want to use rewards on the Simmons Reward to book travel because there's no blackout dates. For my credit purposes I prefer practicality over showcasing. But if someones goal is to see if they can get the most elusive cards possible, I say go for it, life is short!!!

[Benton]

I think CreditScholar answered the question best about the credit status Simmons First is target marketing. There are many prestigious high income cards offered for private clients and others who post here without the the thought of grandstanding. High AF cards for those frequent flyers offer benefits which serve their individual needs and those folks aren't boasters.

I don't know the history about availability of 0% APR cards but, it seems to me if interest rates make an upward move lenders may pull back from that market. Also, it takes time to acquire a desired 0% APR card and time can be of essence when the need for a low APR card is needed - insurance if you will. PIFFING is always preferred though sometimes sufficient cash is not always on hand to meet an urgent situation. After all, lending is the backbone of the card business not promtional rewards. It seems to me more discussions about low APR lenders should be topics on this forum. Instead many are more interested in big name banks which are not interest rate competitive with credit unions and smaller banks. What does that say about the effectiveness of marketing by the big banks? I like the help from those who wade through the clutter from the biggies.