BancorpSouth Credit Card Rewards Are Bad For Visa & MC

For your everyday banking needs, dealing with a regional outfit like BancorpSouth can be convenient. But when it comes to credit cards, think twice before using them.

You have three options to choose from…

1. BancorpSouth Platinum Visa Card

It has no annual fee and advertises a below-average interest rate of 7.65% + Prime (currently that means 10.90%). If everyone got that rate, I would be impressed. But there’s a little asterisk and if you read below, it says your rate can be up to 21%.

Conclusion? 10.90% to 21.00% isn’t anything special. It’s comparable to what many credit cards offer right now.

What’s interesting about the BancorpSouth credit card rewards is that they are managed in-house (most smaller banks outsource them to a bigger bank).

In order to see what the reward options are, you need to already have a card with them. Since I don’t, I called customer service to find out.

After waiting on hold and listening to “Please continue to hold, a representative will be with you shortly” for over 5 minutes, I was finally connected to a person. She gave me an example: 5,000 points will get you a $50 gift card (that means each point is worth a penny).

I asked her if the points were ever worth more than a penny. The answer was no.

Since the card only earns 1 point per dollar spent, this means you are only getting 1% rewards.

2. BancorpSouth Platinum MasterCard

BancorpSouth MasterCardIn almost every way this is exactly identical to the Platinum Visa. You get the same APR, same rewards program, and comparable benefits.

The only difference is that since it’s affiliated with MasterCard, that’s who administers the benefits. For example, you have collision coverage on eligible car rentals paid for with the card. If you have a claim, you will be dealing with MasterRental Insurance Coverage instead of the Visa Auto Rental Collision Damage Waiver Program.

Aside from that, the BancorpSouth Visa and MasterCard are identical.

So unless you prefer the benefit T&Cs from Visa over MasterCard (or vice-versa) there’s really no valid reason to choose one brand over the other.

On your credit report, it will only say “BancorpSouth credit card” and won’t even list the brand. So if you think brand diversity is better for your credit score, it’s not – because it has no effect.

3. BancorpSouth Student Credit Card

BancorpSouth Student cardThis Visa card has no annual fee and a higher minimum APR of 13.65% + Prime (currently that’s 16.90%). That’s actually 3-4% higher than the minimum I’m seeing on many other student credit cards right now. And 16.90% is only the best case scenario, because the rate can be as high as 21%.

There aren’t really any noteworthy benefits on it. They list things like “online access” and “customer selected PIN” as benefits but those things are to be expected… it’s 2013, not 1993 for crying out loud!

Unlike the other two, with this one you can’t enroll in the rewards program.

In order to apply, you need to be enrolled in an accredited 2 or 4 year university or college. If approved, they’ll give you at least a $500 credit limit.

Conclusion for 2013? Look elsewhere!

My review has laid out the facts. Whether it’s rewards, low interest rates, or benefits you’re after… the credit cards from BancorpSouth fail all 3 of these categories. They’re inferior to what many other cards on the market currently offer.

This review was written or last updated July 8, 2013

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

No comments yet.