Should you apply for the Iberia Bank Visa Platinum Rewards credit card? Read this comprehensive review of the Iberia Bank Visa Platinum Rewards card to decide if this is the right credit card for you.
Not the right card for you? Simply use the FREE credit card finder tool above to view your many options!
The different credit cards that are out there offer a variety of diverse benefits and restrictions that help to differentiate them from one another. Many credit cards target those looking to accumulate rewards while others target those who want low interest rates in order to keep finance costs down.
One credit card, the IberiaBank Visa Platinum Rewards credit card, manages to successfully combine both those things appealing to those whose credit card is costing them too much in interest and fees. However, getting approved for this great card is not easy.
Stringent Requirements Limit
IberiaBank has some very stringent guidelines for qualification that make it tougher for some people to meet than guidelines than for many other credit cards. The reason, of course, is to limit Visa Platinum Rewards cardholders to only low risk, high quality customers who are very unlikely to default on their obligations.
One of the requirements to be approved for an IberiaBank credit card is job stability. Applicants must have been with their current employer for at least 6 months. Excellent credit status is also required, meaning no collections, bankruptcy, past or present delinquency or other derogatory information on the applicant’s credit report.
IberiaBank also requires proof of information provided on your application, as they verify all information about credit, identity and employment as a measure of security. They may even demand additional supporting documentation. Proof of income is also demanded from the applicant.
If there is a co-applicant on the credit card, he or she will also have to provide such information. Guidelines such as these, limit those who are eligible for the IberiaBank Visa Platinum Rewards credit card to those who have been very responsible with their credit for the past 7 years, as many of the factors that eliminate applicants take 7 years to be go off a credit report.
Benefits of the IberiaBank Visa Platinum Rewards Credit Card
Because this particular credit card is so difficult to get, the issuer of the IberiaBank Visa Platinum Rewards card can offer lower rates than other card issuers. The risk that the bank takes when issuing cards that require excellent credit is much less that with other rewards credit cards having less stringent guidelines. Therefore the perks can be better, as the company knows that they will have fewer cardholders fail to pay what they owe.
In addition to the low variable APR interest rates and the ability to accumulate Iberia reward pointss with the Platinum Visa, there is also no annual fee associated with the credit card. This is a rare feature for a platinum card. The company also gives a low introductory APR on balance transfers done within the first 3 months of having your card. The rate lasts for 6 months.
Interest rates for subsequent purchases are much lower than many other credit cards also. The Visa Platinum Rewards card also offers automatic travel accident insurance to a benefit of $1,000,000.
The IberiaBank Visa Platinum Rewards credit card also offers many of the rather standard perks that credit card users have come to expect from their issuers such as 24 hour online access to their account information. There is also a grace period of 25 days from the date of purchase to pay off your credit card before interest charges are applied.
Rewards from IberiaBank Credit Cards
The rewards program offered through IberiaBank Visa Platinum Rewards credit card is a generous one that allows you collect points on all your net retail purchases that qualify to the tune of 1 point per dollar spent. However qualifying purchases may be more limited than other more liberal rewards programs.
With your rewards points, you can redeem them for travel rewards such as flights, hotels, rental cards, cruises and special one-in-a-lifetime experiences. You can also choose from exciting and often high end gifts such as electronics, items for the home, personal items and more.
Some of the limitations of the plan include the fact that that while there are some options for trading your points for gift cards, they are very limited. This is a very popular option in certain other credit cards rewards programs. This Visa also lacks a cash back option which is another popular reward.
When you are ready to find the right credit card to fit your needs, whether it is the IberiaBank Visa Platinum Rewards credit card or another one, the best place to start is with the credit card chaser tool. It allows you to simply input your information about your spending habits and the things you want in a credit card and it finds the best options for you.
Get started now comparing the IberiaBank Visa Platinum Rewards card and other credit cards that meet your needs by putting the credit card chaser to work for you. Click on the Iberia Bank Visa Platinum Rewards Card application button above or visit our home page to start comparing credit cards today!
- IberiaBank Visa Classic Card
- IberiaBank Visa Gold Cash Back Rewards Card
- IberiaBank Visa Select Card
- What is the best deal on credit card rates?
- Credit Card Deathmatch: Whose Customer Service Survived Our Tests?
- Apple Federal Credit Union Visa Platinum Rewards
- The Summit Federal Credit Union Visa Platinum with Rewards