-
Recent Posts
Categories
Iberia Bank Visa® Classic Card Review
September 16, 2011 - 11:43 amThe IBERIABANK Visa® Classic Card is a great card for those looking for a low interest rate credit card. You’ll need excellent credit to qualify for the lowest rate of 7.25%. The card doesn’t have any frills or major perks, so it’s great if you’re looking for a simple credit card to carry a balance on from time to time.
The application process for Iberia Bank credit cards is a little more stringent than for other credit cards. You’ll have to provide a recent paystub and Iberia Bank will verify your employment before they’ll issue you a credit card. It may take a few days, or even a month, to process your application.
There are no rewards for this card, but Iberia Bank’s Visa Platinum and Visa Gold have reward. Neither of these cards has an annual fee.
APR and Fees
The regular APR for purchases will either be 7.25%, 10.25% or 13.25% based on your creditworthiness.
The card comes with a 1.99% introductory rate on balance transfers for six billing cycles. You must make the transfer within three months of opening the account to take advantage of the balance transfer offer. After the introductory rate expires, the transfer rate is the same as the regular purchases APR. The balance transfer fee is 2% of the amount you transfer.
The cash advance APR is 12.75%, 16.25% or 19.25% based on your creditworthiness – much lower than most other cash advance APRs. The cash advance fee is either $5 or 5% up to $100.
There’s no annual fee for this card, though you’ll have to pay $5 for additional cards, for example, if you decide to add another person to your account.
You’ll pay a 2% foreign transaction fee on all transactions where the merchant isn’t located in the United States. Iberia Bank charges the fee even if there’s no current conversion for the transfer.
Iberia Bank Visa Classic has a few other perks like Auto Rental Collision Damage Waiver, Roadside Dispatch ($59.95 per call), and Travel Emergency Services.
Biggest Benefit
- Low interest rate
- No annual fee
Drawback
- Strict application process
No rewards
Similar Posts