- Centurion Member
- Posts: 151
- Joined: Thu Apr 17, 2008 6:52 pm
- Location: Austin, TX
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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