IBERIABANK Visa® Platinum Rewards Credit Card
Earn 5,000 Bonus Points
- Regular Purchase APR 15.49%, 20.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 15.49%, 20.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.49% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Good , Fair
- Intro Purchase APR 0% for 12 months from account opening date
- Processing Network Visa
- No annual fee
- Earn 1 point for every $1 you spend
- Earn 5,000 bonus points with your first purchase
- 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: 15.49%, 20.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 1.99% for 6 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 15.49%, 20.49%, or 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 2% of the amount of each transfer
- Cash Advance APR: 25.49% 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
At a Glance
The IBERIABANK Visa® Platinum Rewards Credit Card earns cardholders one point for ever dollar they spend with this card. New cardholders can also earn 5,000 bonus points on their first purchase. Additionally, this credit card features 0% APR on purchases for 12 months and 1.99% APR for six months on balance transfers. What’s more, there’s no annual fee for this card.
Ideal for Those Who:
- Don’t want to pay an annual fee
- Want to earn points on their purchases
- Would like to take advantage of 0% APR for 12 months on purchases
- Need to transfer a balance and plan to pay it off in 6 months
IBERIABANK Visa® Platinum Rewards Credit Card Review
The Visa® Platinum Rewards Credit Card from IBERIABANK is a basic rewards card that earns cardholders one point for every dollar they spend. While not the most generous points system, new cardholders can earn 5,000 with their first purchase, regardless of the purchase amount.
This card features no annual fee, just like the Classic Visa® from IBERIABANK. However, the interest rates are slightly higher on this card than they are on the Visa® Classic. The most attractive features of this card, though, are its introductory APRs on purchases and balance transfers.
IBERIABANK recently announced a merger with First Horizon Bank, and there are some big changes happening later in 2020. Keep reading to learn more about how these changes may affect cardholder and whether this credit card is a good fit for you.
Earn 1X Point for Every $1 Spent
The IBERIABANK Visa® Platinum Rewards Credit Card awards cardholders with one point every time they spend a dollar with their card. In other words, if you spend $197 with this card, you earn 197 points.
This is a very basic points system, as the one-to-one ratio (one point for every $1 spent) is the bare minimum a credit card can offer consumers. Depending on what the redemption value is for these points, you may have to spend thousands of dollars in order to obtain the smallest item from a rewards catalog.
This credit card does offer new cardholders 5,000 bonus points, though, when you make your first purchase. What’s great about this signup promotion is that there’s no purchase minimum.
Many cards that offer new cardholders bonus points when they sign up require them to spend a certain amount in order to receive those points. With this card, you can spend $1 after you sign up and still earn 5,000 points.
Now, one of the downsides of IBERIABANK’s points system is that you don’t earn points on a revolving basis. That means that your points don’t appear on your account as soon as your purchase goes through.
Instead, IBERIABANK calculates your purchases every month and then awards you points based on your monthly spending. If you see something in the rewards catalog you want to get and decide to spend the appropriate amount of money to earn the necessary points, you’ll have to wait until your monthly billing cycle ends before you can use those points.
What’s more, your points expire after five years. This is a longer period than what some credit cards offer, but it still limits the time you have to rack up lots of points.
The IBERIABANK Visa® Platinum Rewards Credit Card lets you redeem your points about 10 days after your monthly billing cycle ends. This places yet another restriction on how you can use your points and prevents you from redeeming points at your discretion.
You will probably have to wait a few months until you have accumulated enough points to be able to comfortably redeem them for items on the rewards catalog. Speaking of rewards catalogs, IBERIABANK is one of those issuers who frustratingly doesn’t let non-cardholders browse its catalog.
As such, there’s no way of knowing what you can get for your points or how many points you need to get certain items. You can redeem your points for merchandise, gift cards, and experiences (including travel vouchers). But without any clue as to how many points you need to redeem these things, you need to ask yourself if it’s really worth applying to this card for mystery rewards.
Rewards points are the only additional perk the Platinum Rewards Card offers over the IBERIABANK Visa® Classic Card. Both cards feature no annual fee and the same introductory APR offers. You just have to pay a slightly higher APR on this card.
To put it in dollars and cents, imagine that you had $5,000 balances on both cards, and you got approved for the lowest APR on each of them. You’d have to pay $50 more in interest to keep that balance on the Visa® Platinum Rewards Credit Card.
That’s almost like paying $50 for a raffle ticket without knowing the prizes. There’s the possibility that you might win something big. But you may also come away with a coupon for a free soft drink with the purchase of a meal at a local restaurant.
0% Introductory APR on Purchases
The most rewarding benefit of the IBERIABANK Visa® Platinum Rewards Credit Card is its introductory APR on purchases. For 12 months from the date that sign up for this credit card, you can take advantage of 0% interest rate.
That means that none of the purchases you make during those 12 months will accrue any interest. At the same time, you’ll be earning points on everything you spend with this card.
This deal can be very appealing if you’re looking to make a big purchase and want time to pay it off without having to pay anything extra. Furnishing a new home or paying for a wedding, for example, is a great reason to get this card.
You just need to remember that the 12-month promotional period begins on the day you open your account and not on the day you make the purchase. If you purchase something eight months after signing up for the Platinum Rewards Card, you’ll only have four months to pay it off without interest.
Also keep in mind that as soon as the 12 months end, any remaining interest will automatically accrue interest.
1.99% Introductory APR on Balance Transfers
The IBERIABANK Visa® Platinum Rewards Credit Card offers a similar deal on balance transfers, although this deal isn’t as sweet. Instead of 0% APR, IBERIABANK offers you 1.99% APR on balance transfers. Additionally, you’ll only have six months to pay it off.
You also need to transfer a balance within 90 days from the date that you open your account to take advantage of this offer. What’s more, this credit card charges a balance transfer fee that’s a percentage of the amount you transfer over.
On the plus side, however, the six-month promotional APR period begins on the day that you transfer a balance. In other words, if you transfer a balance 60 days after signing up for this card, you still have six months to pay it off with 1.99% interest.
This promotional balance transfer interest rate is a lot lower than any bank’s regular APR, but it’s not really the best balance transfer deal. Many banks that offer an introductory balance transfer APR offer 0% interest for 12 months. This gives you much more time to pay off a balance.
Late in 2019, the President and Chief Executive officer of IBERIABANK, Daryl G. Byrd, announced that IBERIABANK and First Horizon Bank (based in Tennessee) will be merging. According to information available at the time of publishing, both banks should be finalizing the procedure around June of 2020.
Both banks decided that they will operate under the First Horizon name, and headquarters will move to Tennessee. For the time being, nothing will change for IBERIABANK customers. However, expect big changes later in in 2020.
Credit card offerings may change, and First Horizon Bank may need to issue you a new credit card. You can find more information on the merger here.
Should You Apply for the IBERIABANK Visa® Platinum Rewards Credit Card?
The Platinum Rewards Visa® from IBERIABANK can be an ideal credit card for people who already do their banking with this financial institution. No annual fee and an introductory 0% APR for 12 months on purchases are the real draws of this card.
However, the Visa® Classic Card offers these exact same benefits with lower interest rates. Earning points on the Platinum Card could potentially justify the slightly higher APR on this card. But with no way of knowing the value of rewards points, there’s no way of knowing for certain.