Review: IberiaBank Visa Platinum Rewards Card

I review dozens of credit card offers each week to find the best deals. My goal is to help you use credit cards to build and protect your money and credit. Check out more on our credit card page.

There are generally two types of credit cards: those that feature rewards, and those that offer a low interest rate. Rarely do these two qualities intersect in a single card. Yet that doesn’t stop innovative banks from trying.

IberiaBank is a Louisiana-based institution that’s already known for its IberiaBank Visa Classic Card with one of the lowest interest rates on the market. While Classic cardholders don’t earn rewards, IberiaBank also offers its IberiaBank Visa Platinum Rewards Card that has a slightly higher interest rate but earns reward points for spending.

Key features

  • Earn reward points. For each dollar spent, you receive 1 point in the ScoreCard rewards program. Points can be redeemed for travel or merchandise.
  • Standard interest rate. You receive a standard APR equal to the Prime Rate plus 6, 9, or 12 percent, depending on your credit score. Since the prime rate is now 3.25 percent, that translates into card rates of 9.25 to 15.5 percent.
  • Introductory balance transfer rate. New cardholders are offered a 1.99 percent promotional financing rate on balance transfers for six months. There’s a 2 percent balance transfer fee.
  • Travel accident insurance and emergency assistance. You get insurance against injury or death resulting from airline, bus, or train travel purchased with this card. It also offers assistance with travel emergencies, such as roadside dispatch and emergency card replacement.
  • Foreign transaction fee. There is a 2 percent fee on all charges processed outside of the United States.
  • Annual fee. None.

Advantages

  • Low APR. While not the lowest rate on the market, it’s lower than most other rewards cards.
  • Earns rewards. It’s rare to find a card that offers any rewards with interest rates as low as 9.25 percent.
  • No annual fee. Uncommon among rewards cards.
  • Simple rewards program. There are no bonus spending categories that revolve every quarter, or frequent flier miles to redeem. Cardholders simply visit a website and browse for the rewards they prefer.

Disadvantages

  • Multiple possible interest rates. While the lowest rate for this card is great, applicants won’t know which rate will apply until they actually receive the card.
  • Low-value rewards program. In looking through the ScoreCard rewards program’s website, it seems like each point is worth substantially less than 1 percent each toward many of the merchandise options. I’d guess each point is probably worth one-half to two-thirds of a cent each – making this a below-average rewards card.
  • Mediocre balance transfer offer. There are many zero-percent balance transfer offers that extend a year or longer. So 1.99 percent for six months is not the most competitive.
  • Foreign transaction fees. The trend in the credit card industry is to end these unnecessary fees, so it’s disappointing that IberiaBank has not done so yet. (See How to Avoid Credit Card Foreign Transaction Fees.)

The bottom line

Whenever companies try to meld two features into one credit card, they risk creating something that does neither well. While it’s not best-of-breed in either category, IberiaBank Visa Platinum Rewards Card does a decent job of delivering both low interest rates and rewards.

If you insist on finding the absolute lowest interest rate or the absolute best rewards, check out our credit card page for articles that will help with rewards and a credit card search to find your best card.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
15 Ways Retirees Can Make Their Savings Last Longer
15 Ways Retirees Can Make Their Savings Last Longer

Study these strategies to make your golden years gleam.

15 Great Amazon Finds You Can Buy for Less Than $5
15 Great Amazon Finds You Can Buy for Less Than $5

These products offer big value at a small price.

Brace to Pay More for These 26 Prescriptions in 2020
Brace to Pay More for These 26 Prescriptions in 2020

More than 600 drugs — including these commonly prescribed meds — have seen price hikes so far this year.

3 Costly Social Security Mistakes That Women Make
3 Costly Social Security Mistakes That Women Make

Women face unique challenges when planning for retirement and making these mistakes can result in a skimpier retirement.

Cut These 11 Expenses Now If You Hope to Retire Early
Cut These 11 Expenses Now If You Hope to Retire Early

Like the idea of financial independence? Part of the FIRE equation is cutting costs.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

8 Tips for Retiring Comfortably on Social Security Alone
8 Tips for Retiring Comfortably on Social Security Alone

It’s never too early to start learning how to live well while living on less.

Am I Eligible for My Mother’s Social Security Benefit?
Am I Eligible for My Mother’s Social Security Benefit?

Can an adult daughter tap into her late mother’s benefit?

The Next 5 Groups Who Will Get the COVID-19 Vaccine
The Next 5 Groups Who Will Get the COVID-19 Vaccine

The CDC has unveiled a schedule that likely will determine who gets the next doses.

11 Generic Products You Should Buy at Costco
11 Generic Products You Should Buy at Costco

Not all generics are worthwhile, but these are among the best from Costco’s Kirkland Signature brand.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

This Surprise Factor Can Raise Your Risk of Dementia
This Surprise Factor Can Raise Your Risk of Dementia

Nearly half of U.S. residents may face this threat.

Organize Your Home With These 10 Thrift Store Finds
Organize Your Home With These 10 Thrift Store Finds

Resolve to be clutter-free in 2021 with these secondhand purchases.

This Gas Station Scam Is Victimizing More Drivers
This Gas Station Scam Is Victimizing More Drivers

For the second straight year, a growing number of Americans believe they’ve fallen prey to this scam.

11 Laws You Could Be Breaking Without Knowing It
11 Laws You Could Be Breaking Without Knowing It

Seriously? Fibbing about the weather is a crime? This and other little-known legal traps await the unwary.

These Are the 3 Best Used Cars You Can Buy
These Are the 3 Best Used Cars You Can Buy

These vehicles boast reliability, safety and long-lasting value.

6 Legal Documents Retirees Need — but Don’t Have
6 Legal Documents Retirees Need — but Don’t Have

Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.

13 Things Seniors Can Get for Free — or Almost Free
13 Things Seniors Can Get for Free — or Almost Free

There are many ways to get cheap or free services and goods after reaching a certain age.

Internet Providers Can’t Charge You for This Anymore
Internet Providers Can’t Charge You for This Anymore

Starting this month, your ISP no longer can bill you for this fee.

Can a Divorced Widow Claim Her First Husband’s Social Security Benefits?
Can a Divorced Widow Claim Her First Husband’s Social Security Benefits?

The rules are complicated when it comes to eligibility for survivors benefits.

9 Small Expenses That Are Bleeding Your Budget Dry
9 Small Expenses That Are Bleeding Your Budget Dry

Keep more of future paychecks by eliminating these budget-busting unnecessary expenses.

15 Painless Ways You Can Cut Costs in 2021
15 Painless Ways You Can Cut Costs in 2021

Follow these tips to save, so you’ll have money for things that really matter.

11 Huge Retirement Costs That Are Often Overlooked
11 Huge Retirement Costs That Are Often Overlooked

Does your retirement budget account for all of these costs?

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.