Review: Simmons First Visa Platinum credit card
By Peter Andrew
If you follow the gossip columns, you may see a lot of master-of-the-universe types from Wall Street at $5,000-a-plate charity fundraisers. But, as a group, those in the financial services sector aren't famous for their altruism, at least when it comes to business. So when banks and credit card companies come to you bearing gifts, it's usually wise to read the small print carefully.
This applies to credit card rewards as much as anything else. These are in part funded by higher interest rates. In mid-November 2012, IndexCreditCards.com's credit card rate monitor found that the average rate for a consumer non-rewards card was 15.19 percent APR. The average for a consumer rewards card was 17.45 percent. Such a spread can easily wipe out the benefits of cash back, points and miles very quickly.