First Credit

IberiaBank Credit Cards Review

Thankfully IberiaBank is one of those helpful banks that let potential customers see all their credit cards available with all the terms and conditions – no subterfuge, no having to apply before actually knowing which card would suit one best.

Range of Credit Cards available:

All of IberiaBank’s credit cards are Visa cards. The Visa Classic Card from Iberiabank has a low APR rate without an introductory offer on purchases. The rate ranges from 7.25% to 10.25% to 13.25% depending on a customer’s creditworthiness at the time of signing up. The APR for balance transfers is a generous 1.99% for 6 months from the date of the transfer. Cash advances are charged at 12.75%, 16.25% and 19.25%, depending on a customer’s financial circumstances. There is no annual fee. Foreign transactions attract a hefty 2% regardless whether or not a currency conversion actually takes place.

The Visa Platinum Credit Card attracts an APR of 9.25%, 12.25% and 15.25%, depending on a customer’s financial circumstances at the time of applying. As with the above card balance transfers enjoy a 1.99% APR for the first 6 months.

The Visa Select card from IberiaBank has a generous 0% APR on purchases for the first year, after which the rate will go up to 7.5%, 9.50% and 11.50% depending on creditworthiness at the time of becoming a member. The APR for balance transfers is 1.99% or 7.5% APR for the first 12 months, depending on creditworthiness. Foreign transactions are charged at an eye watering 3% of the transfer amount.

The Visa Gold card from IberiaBank has no intro APR on purchases, but does offer 1.99% for the first six billing cycles, after which they will “assign” a purchase rate, whatever that may signify. One assumes that after spending and payments have been monitored for 6 months, Iberia will decide on the most appropriate rate, which can be either APR 9.25%, 12.25% or 15.25%. See also, Low Interest Credit Cards and Balance Transfer Credit Cards

Member Benefits:

There is a wide ranging selection from auto rental with collision damage waiver offers to insurance for accidents during travelling or cashback on shopping, which can be redeemed via their ScoreMore scheme. Customers can earn bonuses points at 2x, 3x and 4x at IberiaBank’s participating online and in-store retailers. The latter scheme is only available with the Visa Platinum card.

The ScoreMore scheme is not affiliated to any bank or financial institution, so what type of rewards and point system will be valid is presumably out of Iberia Bank’s influence – which can be an advantage or disadvantage, if the scheme only offers a limited choice of stores.

General Terms and Conditions:

Potential cardholders must have been with their current employers for a minimum of 6 months before they can apply. The Bank issues cards to people with excellent credit rating and credit history, namely a credit history without any negative information, neither current nor historic. You will have to provide proof of income, as with all applications to financial institutions and proof your identity with an ID card, passport or valid driving license and a couple of recent utility bills to confirm your permanent, current address.