First Credit

Iberiabank Visa Classic Card Review

The Iberiabank Visa Classic Card is a low interest credit card for anyone wishing to use their credit card for everyday purchases and pay a low rate, but doesn’t look for rewards or any fancy extras.

The annual percentage rates (APR) for purchases are just 7.25%, 10.25% or 13.25%, but the rate applicable is depending on a customer’s creditworthiness at the time of signing up. For balance transfers Iberiabank Visa Classic Card offers an introductory APR of 1.99% for the first 6 billing periods after the application for the low interest credit card has been approved and you’ve become a customer. After the initial period is over, you will be charged whatever the APR is that was offered to you at the time of signing up to the card.

Other Charges and Fees

The APR for cash advances is 12.75%, 16.25% or 19.25% - again this is based on a customer’s creditworthiness, when signing up for the card and you may find that initially you will be asked to pay a higher rate and then, when Iberiabank has seen you use your card in a responsible manner and you have paid your minimum balance on time every month, your rate may be changed to something better.

The billing cycle allows you 25 days’ grace before you must pay off at least the minimum outstanding balance mentioned on your bill. You will not be charged interest on purchases, if you pay off the whole amount outstanding on the due date every month. Interest rates apply from the date of when the transaction was made, so if you have a larger purchase to make, it is advisable to work out the best date during your billing cycle for making the purchase, so you can keep the interest rate added to your purchase to a minimum.

There is no annual fee to pay but if you lose your card and need to be issued another one, then each time you will be charged $5.

There are a number of transaction fees that you should look out for, when making transactions with your Iberiabank Visa Classic Card. A balance transfer attracts a charge of 2% of the transfer amount. Cash advances will cost either $5 or 5% or the amount for each transfer made, but the maximum fee for a cash advance would be $100.

Foreign transactions also attract additional fees and are charged at 2% of the transaction amount, when the merchant country is not based in the USA, irrespective whether or not a currency conversion takes place.

Paying Late

Like most other card issuers, Iberiabank Visa Classic Card will penalise late payers with a hefty fine, in this case a late payment fee of $35 every time you do not settle your bill on time. If you pay by check and that check is returned by your bank as unpaid due to insufficient funds, then your Iberiabank Visa Classic Card will charge you a return fee of $35.