IBERIABANK Visa® Gold Card Review

The IBERIABANK Visa® Gold Card is a great low interest rate credit card that pays cash back rewards. Like other Iberia Bank cards, you’ll need excellent credit to qualify for the lowest rate.

The rewards program is simple and straightforward – one of the easiest to understand of all reward programs. You earn 1% cash back on purchases with no limits or expiration on the rewards you can earn. You can keep your rewards as long as your account remains in good standing. The rewards may be lower than some other credit cards out there, but so is the interest rate. It’s typically a bad idea to carry a balance on rewards cards because the interest rate is so high. But carrying a balance on the IberiaBank Visa Gold would be cheaper than other rewards cards on the market.

The application process for Iberia Bank credit cards is a little more involved than it is with 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.

APR and Fees

The regular APR for purchases will either be 9.25%, 12.25% or 15.25% 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 14.75%, 18.25% or 21.25% 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 currency conversion for the transfer.

Iberia Bank Gold Visa 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
• 1% rewards on purchases

Drawback

• Strict application process