2013 reviews of IberiaBank credit card (Visa Platinum & Classic)

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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ozzie
 
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2013 reviews of IberiaBank credit card (Visa Platinum & Classic)

Postby ozzie » Tue Jun 11, 2013 1:57 pm

Tell me gurus, what are your thoughts on the credit cards from IberiaBank. The rates on them are far below the big banks. Look at some of them and you will see they have 7.25% to 15.25%. The former has no rewards and the latter has 1% cash back on all purchases.

All of them also give 1.99% for 6 or 12 months on incoming balance transfers. Why is the IberiaBank credit card not more popular?


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djrez4
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Postby djrez4 » Tue Jun 11, 2013 3:18 pm

15.25% isn't special on a 1% rewards card.

7.25% is pretty good if you intend on carrying balances frequently. Most people here choose not to carry a balance, so interest rates are less important that rewards. Also, the 1.99% intro rate isn't bad, but Citi and Discover both offer 15+ month 0% introductory periods.
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CCG
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Postby CCG » Thu Jun 13, 2013 3:25 pm

There's a good reason why IberiaBank is not more popular; they have an unusually tedious application process.

With most credit card companies, you fill out an online application with your info, press submit, and usually you then receive back a decision saying whether you've been approved or denied. The whole process takes just a few minutes.

But with the IberiaBank cards, submitting the application is only step 1. After that they ask you to fax in a recent paystub. Next, they tell you the process of reviewing your application will take up to 30 days. Sometimes, they've even been known to ask for W-2s and income tax returns.

Is 7.25% below average for an APR? Absolutely, but keep in mind they only give that to the most credit worthy customers on their non-rewards Visa Classic card. The other drawback is there's no zero percent offer.

If you always pay your statement in full then there is absolutely no reason to apply for a IberiaBank credit card. As mentioned above 1% rewards is nothing special. They really need to catch up with the times and give more generous rewards if they want to compete with today's credit cards.
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