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Simmons Bank credit card, NFC, and interest rate

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Gollum
Established Contributor

Simmons Bank credit card, NFC, and interest rate

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 Smiley Surprised

Credit Scores: (FICO 8) 846 Experian July 2024, 842 TransUnion June 2024 | (FICO 9) 850 Equifax July 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500
Message 1 of 18
17 REPLIES 17
FinStar
Moderator Emeritus

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


@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 Smiley Surprised


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. 

Message 2 of 18
longtimelurker
Epic Contributor

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


@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 Smiley Surprised


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...

Message 3 of 18
Gollum
Established Contributor

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

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.

Credit Scores: (FICO 8) 846 Experian July 2024, 842 TransUnion June 2024 | (FICO 9) 850 Equifax July 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500
Message 4 of 18
longtimelurker
Epic Contributor

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


@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.

Message 5 of 18
coldfusion
Community Leader
Mega Contributor

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


@longtimelurker 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. 

 

 

 

 

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 6 of 18
Gollum
Established Contributor

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

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.

Credit Scores: (FICO 8) 846 Experian July 2024, 842 TransUnion June 2024 | (FICO 9) 850 Equifax July 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500
Message 7 of 18
floridakix
Member

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

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.

Message 8 of 18
ChargedUp
Senior Contributor

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

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

Message 9 of 18
floridakix
Member

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

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

Message 10 of 18
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