First Credit

Iberiabank Visa Select Card Review

The Iberiabank Visa Select Card is a good option for anyone wishing to transfer their balance and looking for a zero rated introductory rate on purchases at the same time. Although some of Iberiabank’s competitors are offering zero rates introductory rates on balance transfers as well as zero rates introductory rates on purchases, the Iberiabank Visa Select Card is still a good value for the money.

Not everyone has a credit history that is so “squeaky clean” and perfect that card issuers will give them the best deal. Iberiabank seem to have found a compromise in that they offer a 0% APR on purchases for 12 months, after which the assigned APR applies and offer an alternative 7.50% APR on purchases for 12 months for customers whose creditworthiness excludes them from the aforementioned zero rated offer.

The range of interest payable after the 12 billing cycles are over and the introductory offer has come to an end are 7.50%, 9.50% and 11.50%, depending on the individual customer’s financial status.

Balance Transfer

Again, Iberiabank Visa Select have opted for a compromise for customers with less than perfect credit histories. Here the introductory rate is 1.99% APR for anyone who meets the qualifying criteria, while another customer with a less than perfect credit history is offered a still generous 7.50% APR for 12 billing cycles, after which both customers would pay the APR assigned to them respectively.

The balance transfer fee is 3% of the transfer amount. After the introductory period is over, customers will be charged at 7.50%, 9.50% or 11.50%, depending on their creditworthiness at the time of signing up.

Various Fees

Late payment is always penalised by credit card issuers and the Iberiabank Visa Select card is no different in this regard – a fee of up to $35 applies for late payment of credit card bills. For cash advances Iberiabank Visa Select Card charges 5%, with the minimum fee being $5 and the maximum fee being $100.

Foreign transactions are charged at 3% of the transfer amount. Unlike Iberiabank’s other cards, the Iberiabank Visa Select Card attracts an annual fee of $35.

Rewards

There are no rewards for using the card, other than the comparatively low APR charged. Online access to one’s credit card account is free of charge and it seems this credit card is perhaps aimed at customers who want to sort out their outstanding credit card debts by switching to a low interest card.

Product Enhancements

Although the Iberiabank Visa Select Card doesn’t come with rewards, there are ways of enhancing the card with things like auto rental collision damage waiver, travel emergency services and roadside dispatch. Emergency cash in case the card is lost or stolen as well as stolen card reporting and emergency card replacement within 24 hours are all part of this service, as are reimbursement for damage due to collision or theft up to the actual value in cash for an average rental vehicle.

The card provides good services and value for the money given the fairly low interest rates charged. See also, visa classic, visa gold, and visa platinum cards.