Read this IberiaBank Visa Classic Card Review to learn about the special offers for account holders, which is only available by the IberiaBank Company. The card is intended for people with average credit which basically means fair to moderately acceptable credit. This card is ideal for a person who good or slightly less than average credit (but not bad credit) and who only occasionally carries a balance on the card.
How Does One Qualify for the IberiaBank Card?
The official website of IberiaBank states that consumers who are already using a high interest rate card could save money by switching to a card with slightly lower than average rates. What are the requirements for qualifying for this plan? Consumers must have decent credit. The IberiaBank states that cardholders are expected to have at least six months of employment at their present job.
While perfect credit is not required, the bank does look for fairly promising credit report. While a perfect score is not required, the bank will check for derogatory items on the report such as delinquent accounts, bankruptcy and accounts in collections. Cardholders must verify certain information and the bank reserves the right to request additional information such as details on employment and identity. Proof of income is also required.
Now that we know that the card is difficult to attain, let’s discuss the benefits. First of all, the card has no annual fee whatsoever. The card also has a low introductory rate (a little less than 2% of the transfer amount) and this provision applies to new balance transfers, at least for a limited time. (You must make the transfer within six months) The introductory rate does not fluctuate and there is no setup fee for doing a balance transfer. The rate will stay fixed for the first year of the contract. This feature of the card will certainly help borrowers who are stuck in high interest debt.
Other Advantages to the IberiaBank Credit Card
There are more advantages to an IberiaBank Visa. Consumers get low rates for cash advances, which is certainly not the usual case for new accounts. Future card holders are not even required to have a bank account with IberiaBank to qualify for this low APR credit card plan. After the term, regular APR is added; this can be between 7.25% and 13.25% for direct purchase and 12.75% to 19.25% for cash advance. This is standard and reflects the market price of purchase and cash advance APR, based on the Prime Rate.
The cash advance fee is 5% of the total amount or $5.00. The fee cannot be higher more than $100. Additional features include online options, such as fraud prevention, Internet payment and other web perks. As with most card accounts there are standards, like no charge penalty pricing and no over the limit fees. However, card holders will still have to pay insufficient funds fees and a small fee for foreign transactions.
Speaking of perks, there is a surprising lack of perks when it comes to member benefits. There is no reward program in place for the IberiaBank Visa Classic. While this might be seen as a negative, these missing features are relative to the type of card you are dealing with. This is one of the few cards with an APR rate this low.
You also get the early benefits of transferring money for less interest even if you do not qualify for a superior APR rate. It is worth noting that the IberiaBank Visa is actually marketed in three primary categories. There is the classic IberiaBank Visa, the Visa Gold and the Visa Platinum. The Gold and Platinum editions do have more benefits than the Visa Classic.
This Iberia Bank “Classic” Card is for a Certain Type of Spender
In summary, this card is in the category of a regular consumer account and is classified as a low interest credit card. Because this is the “Classic” version, and the least popular card of the IberiaBank Visa opportunity, the initial savings may be considered reward enough for consumers trying to get out of debt. This card would work for a person that has good credit overall, but has also amassed some debt that he/she doesn’t plan on keeping for long. This is certainly not a poor credit borrower’s credit account, since most poor credit customers would not even qualify for the card.
However, IberiaBank does stand behind a powerful name and it’s no annual fee and low initial APR payments may be enough to persuade some borrowers that they are paying too much of their good credit money in interest charges.
Click on the Iberia Bank Visa Classic Credit Card application button above to apply or use our free credit card finder to compare other cards today!