IBERIABANK Visa® Platinum Card Review

The IBERIABANK Visa® Platinum Card is a great card for those looking for a low interest rate credit card. You’ll need excellent credit to qualify for this credit card.

The card has a rewards program that pays 1 point for each $1 you spend on qualifying purchases. You also have the opportunity to earn 17,000 in bonus points the first year. You can redeem points for merchandise and travel rewards online, over the phone, or by mail as long as your account is in good standing. Points can’t be purchased, so you need to have enough points in your balance to cover the award you want to receive. You can enjoy this low interest rate credit card and the rewards at no annual fee.

Applying for a credit card with IberiaBank requires a little more than other credit cards. Iberia Bank requires a recent paystub and income verification before they’ll issue you a credit card. Because of the extra verification process, 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 a foreign transaction fee even if there’s no currency conversion for the transfer.

Iberia Bank Platinum 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 point reward per $1

Drawback

• Strict application process