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NerdWallet > Low Interest Credit Cards > IBERIABANK Visa® Classic Card
Review / Compare / Reward Calculations / Interest Calculations / Rankings / Comments
IBERIABANK Visa® Classic Card
Iberia+Bank Visa+Classic Credit Card

(3.5/5 - 104 Votes)
Net Annual Rewards
$0
Reward Rate
0.00%
Annual Fee
$0
Signing Promo
None
APR, variable*
Min APR:
7.25%
Max APR:
13.25%
Cash Adv:
12.75%
Intro APR Promotions
Purchase:
None
Transfer:
1.99% for 6 mos
Summary
  • No annual membership fee
  • Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00).
  • Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
  • Online access to credit card account information

Compare To Our Most Popular Cards For The Category

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Compare To Citi® Platinum Select® Visa®

Why do we think you should consider this card?

Pay 0% interest for 21 months
No annual fee

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Reward Details & Calculator

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Rewards Type: None

Signing Promotion
$0
Estimated Annual Rewards
$21,600 * 0.00%
$0
Annual Fee, 2 yr avg
$0
Annual Rewards (Rewards less Fees)
$0

Details

  • Low fixed APR, for people with excellent credit

Calculate Interest & Finance Charges

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Use the sliders to the left to calculate balance transfer interest and APR interest for this particular card.

Finance Charge, Balance Transfer of $10,000*

Balance Transfer Fee, 2.0%
$200
Promo APR, First 6 months
$102
APR, 18 months
$1,180
Total
$1,482

*Average APR for Balance Transfers of 6.9% includes transfer fees and APR promotions.

Effective Annual Rate, Purchases

Promo EAR, 0 months
0.00%
Ongoing EAR, 24 months
7.50%
Total EAR, 24 months
7.50%

APR Rankings

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APR
7.25%
ranks #65 out of 1751 cards.
Average is 11.78%.
Balance Transfer Fee
2%
ranks #826 out of 1639 cards.
Average is 1.67%.
Cash Advance APR
12.75%
ranks #241 out of 1002 cards.
Average is 18.74%.

Rewards Rankings

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Annual Fee
$0
ranks #1 out of 1773 cards.
Average is $9.
Base Reward Rate
N/A
Effective Reward Rate
N/A
Sign-up Bonus
$0
ranks #1762 out of 1762 cards.
Average is $33.
Credit Card Review: IBERIABANK Visa® Classic Card


Author:
NERDBOT

Get the scoop on the IBERIABANK Visa® Classic Card from the finance nerds! We'll give you our take on the perks and drawbacks of this credit card and compare it to a category leader. For a dynamic comparison of all our cards, check out our credit card tool.

NerdWallet Review: The IBERIABANK Visa® Classic Card

No annual fee: The IBERIABANK Visa® Classic Card has no annual fee. This means it's ideal for those who don't put much on their cards, and want to keep the card open for a long time. If you keep your credit cards open, you'll boost your average account age and thus your credit score.

Credit Card Showdown: IBERIABANK Visa® Classic Card vs. Citi® Platinum Select® Visa®

Lower cash advance APR: It has a smaller interest rate for cash advances, which is the rate at which you're charged when you withdraw cash from a teller or ATM from your line of credit. Remember that interest on cash advances starts accruing the day you take one out, so you won't have the grace period that normal purchases have. It's great that the IBERIABANK Visa® Classic Card has a low cash advance rate, but it's a good idea to avoid them.

Lower ongoing APR: The card has a lower minimum ongoing APR than the Citi® Platinum Select® Visa®. Keep this in mind if you're planning on carrying a balance pretty much all the time.

Same late payment fee: The IBERIABANK Visa® Classic Card and the Citi® Platinum Select® Visa® have the same late fee. In theory, you should avoid incurring late payment fees altogether. Not only do you have to pay this one-time charge, you might get stuck with a big penalty APR that lasts six months or more.

Lower balance transfer fee: The card's balance transfer fee is lower than the Citi® Platinum Select® Visa®'s. Though a small 3-5% balance transfer fee doesn't seem like much, the seemingly insignificant charge can take a chunk out of your wallet. Even with a lower-than-standard 3% balance transfer fee, $10,000 transferred incurs a $300 fee. So before you transfer your debt, make sure to do the calculations and see if you'll actually save more on interest than you'll pay in fees.

Read the full review of the Citi® Platinum Select® Visa® on our blog

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