Last updated on July 5th, 2023
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IBERIABANK Visa® Classic Credit Card
IBERIABANK Visa® Classic Credit Card
IBERIABANK Visa® Classic Credit Card
- 12.99%, 17.99%, or 22.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 12.99%, 17.99%, or 22.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.99% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 0% Introductory APR for 12 months on purchases
- 1.99% introductory APR for 6 months on balance transfers
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 12.99%, 17.99%, or 22.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 1.99% for 6 months for transfers made within 90 days from account opening date
- Balance Transfer APR: 12.99%, 17.99%, or 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 2% of the amount of each transfer
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $37
- N/A
IBERIABANK Visa® Classic Credit Card Review
The Visa® Classic Credit Card from IBERIABANK is this bank’s most basic personal credit card. Cardholders don’t earn any rewards with this card, but they also don’t have to pay an annual fee.
The real draws of this card are its introductory interest rates for purchases and balance transfers. For the first 12 months that you have this credit card, you don’t have to pay any interest on purchases.
The introductory APR for balance purchases isn’t quite so attractive but is still pretty good. You have six months to pay off a balance at 1.99% interest, which is a significant savings.
There are some big changes on the way for IBERIABANK, however, as it finalizes a merger with First Horizon Bank later in 2020. Keep reading to learn more about these changes and determine whether the Visa® Classic Card is right for you.
Save Money with No Annual Fee
The IBERIABANK Visa® Classic Credit Card doesn’t charge cardholders an annual fee. This isn’t too extraordinary of a feature, even among IBERIABANK’s own credit cards.
In fact, the Visa® Platinum card from this bank doesn’t charge an annual fee, either. It also offers rewards points to its cardholders. However, the Platinum card does feature slightly higher interest rates.
If you don’t have the best credit rating and believe you’ll get approved for the highest APR, you may want to opt for the Platinum card, especially if you want to earn points. Both the Classic Credit Card and Platinum cards feature the same APR maximum.
If you envision receiving a lower interest rate, however, and don’t want to earn rewards, the Classic Visa’s lower APR might make more sense. Having a $5,000 balance on the Visa® Platinum card will cost you $50 more than it would on the Classic Card.
You’ll earn 5,000 points from that balance, but those points don’t have any cash value. Additionally, IBERIABANK doesn’t make its rewards catalog public to non-cardholders. This means you have no way of knowing what your points can get you until you actually sign up for the Platinum Card.
0% APR on Purchases
One of the perks of the IBERIABANK Visa® Classic Credit Card is its introductory APR on purchases. For the first 12 months that you have this card, your purchases will not accrue any interest.
This feature isn’t unique to the Visa® Classic card, as you can take advantage of the same offer with the Platinum Card. As previously mentioned, however, you may have a higher APR with that card versus the Classic Card.
The 0% APR feature is especially beneficial if you need to make a large purchase (or purchases) all at once. However, you should identify what you need to purchase before you apply for this credit card.
Remember that the 12-month 0% interest period begins on the date that you get approved for this card and not the date that you make the purchase. With that in mind, the sooner you make your big purchase, the more time you’ll have to pay it off interest-free.
Also keep in mind that any balance that remains on your account after the 12-month promotional period has expired will automatically accrue the regular purchase APR. With IBERIABANK’S lowest interest rates, though, this might not be the end of the world if you have this credit card.
Nevertheless, it’s better to not have to pay interest on your purchases if your credit card gives you that option.
1.99% APR on Balance Transfers
The IBERIABANK Visa® Classic Credit Card also offers new cardholders a low introductory interest rate on balance transfers. In order to take advantage of this promotion, you need to transfer a balance within 90 days from the date that you sign up for this card.
What’s great about this balance transfer feature is that your six-month low-interest period begins on the date that your balance transfer posts to your account. Many other credit cards that offer a balance transfer deal feature promotional periods that begin on your account opening date.
This means that you don’t have to decide how much to transfer over to your new Visa® Classic card (if anything, at all) before you apply for the card. You can take full advantage of the six-month promotional period any time you transfer a balance within your first three months.
Now, this low APR is a good deal, and it is much lower than any issuer’s regular APR. However, there are many other credit cards that offer 0% APR on balance transfers for 12 months or longer. If you are specifically looking for a balance transfer credit card, you might find a much more favorable deal with another credit card issuer.
Should You Apply for the IBERIABANK Visa® Classic Credit Card?
As with many bank credit cards, the IBERIABANK Visa® Classic is best suited for people who already do their banking with this financial institution. If you already have a checking and/or savings account with IBERIABANK and want your financial tools all in one, place, this Visa® Classic Card may be an ideal option for you.
No annual fees and a potentially competitive APR can make this credit card a mainstay in your wallet – perfect for making everyday purchases. The 0% introductory APR feature can make this particularly attractive to people who are looking to make a large purchase they intend to pay off in 12 months.
As far as balance transfer cards go, however, there are much better options out there. If you really need pay off a balance from another credit card, you may want to compare bestcard.com’s balance transfer credit card options.
