Three Cards from Iberia Bank: Which is the Better Choice?October 21, 2011 - 3:37 pm
Three of Iberia Bank’s credit cards are similar to each other so if you’re shopping for this bank’s credit card, you might question which one is the better deal.
IberiaBank Classic Visa
The IberiaBank Classic Visa is the most basic of all three credit cards. It doesn’t pay any rewards on purchases, but applicants who qualify enjoy the lowest 7.25% on purchases with no annual fee. The Classic Visa also has a 1.99% introductory interest rate on balance transfers for six billing cycles. After that, the balance transfer rate is the same as your purchase rate, which could also be 10.25% or 13.25% depending on your credit history.
IberiaBank Vis Gold Cash Back
The IberiaBank Visa Gold Cash Back rewards card also has a low interest rate and even better, the card pays cash back rewards on purchases. If you qualify, you’ll enjoy 1% cash back on purchases. There’s no limit or expiration on the cash rewards you earn as long as your account remains in good standing. The regular purchases APR is slightly higher than the APR on the Classic Visa – 9.25%, 12.25% or 15.25% depending on your credit history. The Gold Cash Back rewards card also has an introductory balance transfer deal – 1.99% for six months. After that, the balance transfer APR is the same as the purchases APR.
The IberiaBank Platinum credit card also pays rewards, but this card pays points instead of cash. You’ll earn one point for every $1 you spend, and possibly 17,000 bonus points in the first year of having your credit card. You can redeem points for merchandise and travel rewards. The APR on the Platinum card is the same as the cash back card – 9.25%, 12.25%, or 15.25% depending on your credit history. You can enjoy the same balance transfer deal as the other two cards.
None of the cards have an annual fee and they all require the same application process where you must provide proof of income and have your employment verified.
Which is Best?
Of the three credit cards, the Visa Gold Cash Back rewards card is Iberia Bank’s best offering. At no annual fee, you earn 1% cash back on all your purchases. While the Platinum credit card also pays rewards, point rewards are generally less attractive than cash rewards because the value doesn’t necessarily translate dollar for dollar.
If you’re not interested in the rewards, the Classic Visa is a great option because of its low interest rate. The 7.25% rate is one of the lowest of any credit card on the market right now and is several points lower than the average credit card rate around this time. You’ll need excellent credit history to qualify for any of these credit card deals so only apply if your credit score is in the high 700s or low 800s.