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Recently, U.S. Senate hearings and Federal Reserve proposals regarding excessive credit card fees have filled the news. At such times it is refreshing to promote a card issuer whose card has been touted as being consumer friendly for many years.

I am referring to Simmons First National Bank based in Arkansas and specifically to their Simmons First Visa Platinum Card. This card is truly unique as is the lending institution itself.

A case in point involves the recent U.S. Senate testimony concerning the controversial universal default clause. This practice allows a lender to change the terms of a loan when that lender is informed that their customer has defaulted with another lender.

For example, you purchase a big screen television at 7% interest on your credit card and then the credit issuer discovers a default with another creditor in your payment history. All of a sudden the issuer jacks your rate up to a 33+% interest rate. This is universal default in action. Consumer advocates obviously oppose this practice and yet the practice permeates the credit industry in one form or fashion. Not so with Simmons First, though, who has never had any such policy.

Simmons has boasted one of the lowest card rates in the country for many years- currently a fixed rate of 7.25%. As expected, Simmons requires an excellent credit history in order to qualify for this premium rate. In addition, there are other benefits worth noting:

• No annual fees
• No balance transfer fees
• 25 day grace period
• A cash advance fee that is capped at $50.00

Late fees are also lower than most cards in the industry and their default payment policy includes a 15.25% default interest rate. In comparison, some major issuers have default rates as high as 32+%. This simply means that if Simmons First finds it necessary to raise your rate because of excessive non-payment and/or late payments, your interest rate will not jump to 32+%, but to only 15.25%.

Simmons also offers an attractive benefits package to its cardholders. In addition to the benefits listed above Simmons First also offers travel insurance, emergency cash and a host of other services.

Robert Dill, Executive Officer & Marketing Director of Simmons First Bank Card Center, noted the following during a recent interview.

"In 1967, Simmons First was the first bank in Arkansas to offer customers the BankAmerica Card, now VISA. It was our intent to offer a bank card with a competitive rate and unmatched customer service.

That was forty years ago, and Simmons First continues to receive national recognition for consistently having one of the lowest interest rates in America. Additionally our record of impeccable and responsive service has been cited recently by the Wall Street Journal, Consumer Reports and Money Magazine."

In short, if you are looking for a card that offers a low ongoing rate along with many other consumer friendly features, then you should definitely consider Simmons First.

Any tips or thoughts on other attractive low rate and/or consumer friendly cards? Please share your thoughts!

Curtis Arnold, is the Founder of CardRatings.com, a website that provides ratings and reviews of over 20,000 credit card offers. Mike Killian, a reporter for CardRatings.com who has many years of experience with consumer credit issues, also contributed to this article.

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