topic Re: Simmons Bank credit card, NFC, and interest rate in Credit Cards

Simmons Bank credit card, NFC, and interest rate

Gollum — Fri, 06 Jan 2023 12:05:27 GMT

My Simmons Bank VISA ~~(previously known as Simmons Bank VISA Platinum)~~ credit card's expiration date was approaching, so I recently received a new credit card with a later expiration date.

I was happy to see that the new card has the symbol on it that means it can do NFC (Near Field Communications): Tap To Pay. My old card was not capable of NFC.

I was surprised to see that the current (December 15, 2022) lowest variable interest rate (for new applicants) for purchases via the Simmons VISA card is apparently 14.50%: https://www.simmonsbank.com/personal/credit-cards/simmons-visa

Re: Simmons Bank credit card, NFC, and interest rate

FinStar — Tue, 03 Jan 2023 19:47:54 GMT

@Gollum wrote:
My Simmons Bank VISA (previously known as Simmons Bank VISA Platinum) credit card's expiration date was approaching, so I recently received a new credit card with a later expiration date.

I was happy to see that the new card has the symbol on it that means it can do NFC (Near Field Communications): Tap To Pay. My old card was not capable of NFC.

I was surprised to see that the current (December 15, 2022) lowest variable interest rate (for new applicants) for purchases via the Simmons VISA card is apparently 14.50%: https://www.simmonsbank.com/personal/credit-cards/simmons-visa

Not sure why the surprise (on the current lowest APR) given that the baseline would be adjusted with the 7 rate hikes since March of 2022 🤷‍♂️ -- which has risen by 4.25 bps.

Re: Simmons Bank credit card, NFC, and interest rate

Anonymous — Tue, 03 Jan 2023 20:10:51 GMT

@FinStar wrote:
@Gollum wrote:
My Simmons Bank VISA (previously known as Simmons Bank VISA Platinum) credit card's expiration date was approaching, so I recently received a new credit card with a later expiration date.

I was happy to see that the new card has the symbol on it that means it can do NFC (Near Field Communications): Tap To Pay. My old card was not capable of NFC.

I was surprised to see that the current (December 15, 2022) lowest variable interest rate (for new applicants) for purchases via the Simmons VISA card is apparently 14.50%: https://www.simmonsbank.com/personal/credit-cards/simmons-visa
Not sure why the surprise (on the current lowest APR) given that the baseline would be adjusted with the 7 rate hikes since March of 2022 🤷‍♂️ -- which has risen by 4.25 bps.

Right, and Simmons hasn't been one of the lowest rate cards for quite a while. It's MyFico fame has been for its strict underwriting, making it a status symbol for the tiny segment who know! In the old days, this strict underwriting gave a low APR, now it doesn't, so the value proposition of this card is, IMO, severely lacking...

Re: Simmons Bank credit card, NFC, and interest rate

Gollum — Fri, 06 Jan 2023 12:00:32 GMT

My current Simmons credit card (variable) interest rate is 11%. I noticed that the lowest interest rate for new applicants is 14.5%.

I thought that was interesting.

Re: Simmons Bank credit card, NFC, and interest rate

Anonymous — Fri, 06 Jan 2023 12:48:34 GMT

@Gollum wrote:
My current Simmons credit card (variable) interest rate is 11%. I noticed that the lowest interest rate for new applicants is 14.5%.
I thought that was interesting.

I guess I am still not sure why that is so interesting! As others have said, rates have gone way up, so it makes sense that for both fixed and variable rate cards, the APR for new applicants would be higher than before. Many issuers will have existing card holders at rates below the new minimum (though in some cases they will raise them for some existing users after a while). So this 3.5% spread isn't at all unusual.

Re: Simmons Bank credit card, NFC, and interest rate

coldfusion — Fri, 06 Jan 2023 20:04:22 GMT

@Anonymous wrote:
@Gollum wrote:
My current Simmons credit card (variable) interest rate is 11%. I noticed that the lowest interest rate for new applicants is 14.5%.
I thought that was interesting.
I guess I am still not sure why that is so interesting! As others have said, rates have gone way up, so it makes sense that for both fixed and variable rate cards, the APR for new applicants would be higher than before. Many issuers will have existing card holders at rates below the new minimum (though in some cases they will raise them for some existing users after a while). So this 3.5% spread isn't at all unusual.

To add credence to this claim, I have the same 3.5% differential with my Andrews Titanium - 10.24% vs. the currently published 13.74% rate.

An even more extreme example is my PenFed PCR @ 12.99% vs the currently published 17.99% - a 5% spread.

Re: Simmons Bank credit card, NFC, and interest rate

Gollum — Mon, 16 Jan 2023 09:05:50 GMT

I have excellent credit, so I thought some readers might be interested.

Simmons Bank currently has the largest difference between my interest rate and the interest rate for new customers, and Capital One currently offers a lower interest rate for me to switch from my old Capital One card to the Capital One Quicksilver card.

Re: Simmons Bank credit card, NFC, and interest rate

floridakix — Sun, 27 Aug 2023 15:06:56 GMT

So disgustingly misleading that simmons bank is using there "best credit card designation from creditcards.com" to misinform potention applicants that their current credit card is still worthy of that designation! Even though, that "best credit card" they reference no longer is offered. Simmons now charges more than 15% APR !!! They should be sued for false and misleading advertising.

Re: Simmons Bank credit card, NFC, and interest rate

ChargedUp — Sun, 27 Aug 2023 17:13:40 GMT

Simmons doesn't have anything on what AODFCU put you through for a 3% on everything, 7.49% fixed APR Visa....

Re: Simmons Bank credit card, NFC, and interest rate

floridakix — Mon, 28 Aug 2023 00:27:17 GMT

is everyone eligible to apply for credit card from AODFCU? (membership section seems to say otherwise)

Re: Simmons Bank credit card, NFC, and interest rate

Anonymous — Mon, 28 Aug 2023 04:51:06 GMT

@floridakix wrote:
is everyone eligible to apply for credit card from AODFCU? (membership section seems to say otherwise)

Yes, via one of their associated entities. Most people here chose the Mountain Biking affiliate. But you can no longer get the 3% card so not clear it is worth the hassle.

Re: Simmons Bank credit card, NFC, and interest rate

coldfusion — Mon, 28 Aug 2023 14:30:17 GMT

@Anonymous wrote:
@floridakix wrote:
is everyone eligible to apply for credit card from AODFCU? (membership section seems to say otherwise)
Yes, via one of their associated entities. Most people here chose the Mountain Biking affiliate. But you can no longer get the 3% card so not clear it is worth the hassle.

Agreed on the juice not being worth the squeeze nowadays since the AOD 3% card is closed to new applications. Their current Platinum card is nothing special.

Still, the Simmons card was traditionally considered somewhat of a unicorn largely because it bestowed upon the cardholder an inferred level of prestige due to it being seen as being difficult to get approved for, not because its merits led to it being viewed as a spectacular card. in its own right.

Re: Simmons Bank credit card, NFC, and interest rate

Anonymous — Mon, 28 Aug 2023 15:11:00 GMT

@coldfusion wrote:

Still, the Simmons card was traditionally considered somewhat of a unicorn largely because it bestowed upon the cardholder an inferred level of prestige due to it being seen as being difficult to get approved for, not because its merits led to it being viewed as a spectacular card. in its own right.

Well, maybe it varied on the time, but from what I remember it did have a very low APR compared to others, and so needed strict underwriting. (This was before @galahad15 introduced us to all the other low rate cards that didn't have long applications) But, being a nasty cynic, I was always amused by the inferred prestige of a card that almost no-one knew about. OK, maybe kudos from the weirdos at myfico but..... Not like the misplaced but widespread inferred prestige from Amex Plat for example!

Re: Simmons Bank credit card, NFC, and interest rate

Gollum — Tue, 29 Aug 2023 04:45:08 GMT

In case anyone is interested

My current (from the statement ending date 08-08-2023) interest rates for my Simmons Bank Visa are

Purchases: 12.5%(v)

Cash advance: 16.5%(v)

Re: Simmons Bank credit card, NFC, and interest rate

Anonymous — Tue, 29 Aug 2023 11:40:42 GMT

@Gollum wrote:
In case anyone is interested

My current (from the statement ending date 08-08-2023) interest rates for my Simmons Bank Visa are
Purchases: 12.5%(v)
Cash advance: 16.5%(v)

Do a Youtube unboxing of your next statement!

Re: Simmons Bank credit card, NFC, and interest rate

Gollum — Wed, 30 Aug 2023 08:51:56 GMT

@Anonymous wrote:
@Gollum wrote:
In case anyone is interested

My current (from the statement ending date 08-08-2023) interest rates for my Simmons Bank Visa are
Purchases: 12.5%(v)
Cash advance: 16.5%(v)
Do a Youtube unboxing of your next statement!

The YouTube video audience would probably approach zero.

This audience is probably ten or so, which is sort of an order of magnitude higher.

Re: Simmons Bank credit card, NFC, and interest rate

Gollum — Wed, 30 Aug 2023 09:26:05 GMT

@floridakix wrote:
So disgustingly misleading that simmons bank is using there "best credit card designation from creditcards.com" to misinform potention applicants that their current credit card is still worthy of that designation! Even though, that "best credit card" they reference no longer is offered. Simmons now charges more than 15% APR !!! They should be sued for false and misleading advertising.

@floridakix, It seems to me that your blame for misrepresented interest rates should be placed on creditcards.com

Re: Simmons Bank credit card, NFC, and interest rate

floridakix — Wed, 30 Aug 2023 18:23:21 GMT

It was rated as best credit card years ago, but Simmons Bank still brags about it as though its recent (and) as though they )Simmons Bank) still offers the exact same credit card terms and rates as the one that won AWARD years ago ( they do not ..not even close...completely different ).