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
9 Indestructible Products That Are Worth the Price
9 Indestructible Products That Are Worth the Price

If you’re willing to pay a little more for these products, you may never have to shop for another again.

How to Save Up to 70% on 7 Everyday Purchases
How to Save Up to 70% on 7 Everyday Purchases

Stop getting sucked into paying a premium when good alternatives are available at huge savings.

The 9 Best Home Insurers for Customer Satisfaction
The 9 Best Home Insurers for Customer Satisfaction

These are the only homeowners insurance companies to earn above-average scores for customer satisfaction.

8 Things You Should Rent Instead of Buying
8 Things You Should Rent Instead of Buying

You may think you’re looking at a must-have purchase. But do the numbers and think twice.

13 Affordable Products for a Better Night’s Rest
13 Affordable Products for a Better Night’s Rest

These Amazon products can help you finally catch 40 winks — or more.

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.

How to Buy Gas At Costco Without a Membership
How to Buy Gas At Costco Without a Membership

The warehouse club often has some of the cheapest gas in town. Here’s how you can get it as a nonmember.

10 Things to Stop Buying If You Want a Clutter-Free Home
10 Things to Stop Buying If You Want a Clutter-Free Home

If you like to keep things simple, avoid these purchases.

Prices Are Soaring on These 7 Items
Prices Are Soaring on These 7 Items

Some surprise price jumps are making life more difficult for consumers.

A Simple Way to Silence Robocalls Today
A Simple Way to Silence Robocalls Today

A few steps can keep your phone from ringing when a spammer calls.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

This iconic dinnerware is prized for everyday use as well as reselling for profit.

This Company Makes the Best Tires in America
This Company Makes the Best Tires in America

Driver satisfaction with tires is at an all-time high, but one brand stands out.

This Health Issue Can Hint at Dementia Years in Advance
This Health Issue Can Hint at Dementia Years in Advance

One type of pain is especially associated with cognitive decline.

Can I Switch to Spousal Social Security Benefits When My Ex Dies?
Can I Switch to Spousal Social Security Benefits When My Ex Dies?

Knowing when to claim can help you maximize benefits.

7 Home Improvements That Cost a Lot More in 2021
7 Home Improvements That Cost a Lot More in 2021

These projects will take a bigger bite out of your budget than in the recent past.

Medicare Will Not Cover These 6 Medical Costs
Medicare Will Not Cover These 6 Medical Costs

Don’t let these health care expenses catch you off guard in retirement.

8 Things You Should Always Buy on Amazon
8 Things You Should Always Buy on Amazon

The giant retailer shines when it comes to these things, from basics to hard-to-find specialty goods.

Beware This Hidden Ingredient in Rotisserie Chicken
Beware This Hidden Ingredient in Rotisserie Chicken

Something foul may lurk in those delicious, ready-to-eat birds.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

5 Ways to Fill Your Pantry With Free Food
5 Ways to Fill Your Pantry With Free Food

Anyone can take advantage of these resources.

5 States With the Worst Health Care for Retirees
5 States With the Worst Health Care for Retirees

All of these states are located in the same region of the nation.

7 Big Purchases You Should Never Make
7 Big Purchases You Should Never Make

Sometimes a big-ticket purchase is nothing more than a big waste of money.

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.

6 Reasons You Should Stop Hiding Cash at Home
6 Reasons You Should Stop Hiding Cash at Home

Stashing money around the house is anything but harmless.

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.