Review: IberiaBank Visa Classic

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If for some reason you intend to carry a balance and you have excellent credit, this could be a good credit card for you.

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

IberiaBank is known for its low-interest credit cards. The IberiaBank Visa Classic is no exception. For people with excellent credit looking to benefit specifically from low rates, the IberiaBank Visa Classic may be a good choice.

Advantages

  • Low ongoing APR. Cardholders can receive an ongoing regular APR as low as 7.25 percent based on their creditworthiness and history of paying on time.
  • Low introductory interest rate on balance transfers. Cardholders receive a 1.99 percent introductory APR on balance transfers for six months.
  • Low cash advance fee. The card offers cardholders a much lower than average cash advance fee of either $5 or 5 percent of the cash advance amount, whichever is greater. The maximum fee you will pay, however, is $100. In addition to the low cash advance fee, the card also offers an ongoing cash advance APR of as low as 12.75 percent. This rate is lower than most credit cards on the market.
  • No annual fee. There is no annual fee to use the IberiaBank Visa Classic.

Disadvantages

  • No 0 percent balance-transfer introductory period. Although the IberiaBank Visa Classic offers a 1.99 percent introductory APR period for six months on balance transfers, many other cards on the market offer longer periods with a 0 percent introductory APR.
  • Balance transfer fee. Although the card offers a decent, low APR introductory period on balance transfers, it still charges a 2 percent balance transfer fee on the amount of the transferred balance. On the bright side, however, this fee is a bit smaller than the typical 3 percent balance transfer fee that most credit cards charge.
  • No rewards program. Although the card offers a low ongoing APR and low cash advance rates, there is no rewards program whatsoever.

Bottom line

Get it if: You have excellent credit and need a card with a low interest rate because you’re planning on carrying a balance for whatever reason, or you want a low cash advance rate.

Forget it if: Your credit isn’t great, you don’t carry a balance, or you want a credit card that offers a rewards program of some kind.

Follow Logan Abbott on Google+

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

Stacy Johnson

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