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Iberia Bank Visa Select Credit Card Review – 0% APR for One Year

By Jason Steele

iberia bank visa select cardIberia Bank has been in existence for 125 years, but only has locations in six Southeastern U.S. states. Nevertheless, it has earned a following among credit card users by offering cards with low interest rates.

Iberia offers the Visa Select Card for those who want extremely competitive interest rates and a 0% introductory financing offer.

Key Features

  • Introductory Financing Offer on Purchases. New cardholders with excellent credit will receive a 0% APR on purchases for one year, although less qualified applicants will only receive a purchase APR of 7.5%.
  • Introductory Financing Offer on Balance Transfers. Cardholders will receive an introductory finance rate of 1.99% for one year on balance transfers, with a 2% balance transfer fee. Subsequently, cardholders will incur interest at the standard rate for purchases.
  • Low Standard APR. Customers will be assigned a standard APR based on their credit worthiness. Those with excellent credit will receive a variable rate equal to the Prime Rate plus 4.25%. Less qualified applicants will receive an APR equal to the Prime plus 6.25% or 8.25%.
  • No Annual Fee. There is no annual fee for this card.
  • Foreign Transaction Fees. There is a 2% foreign transaction fee on all charges processed outside of the United States.
  • Extra Card Fee. Iberia charges a $5 fee for additional cards for authorized users.
  • Application Processing. Iberia notifies its new applicants that because of “an overwhelming response to our low rate card, it could take up to 30 days to process your application.”


  1. Low APR. This card offers those with excellent credit some of the lowest interest rates available anywhere. A slightly lower rate is available on the Iberia Bank Visa Classic Card, but it has less favorable introductory financing terms.
  2. Introductory Financing on Purchases. 0% for 12 months on purchases is a great offer, although it is not quite the best on the market.
  3. Promotional Balance Transfer Offer. Instead of offering 0% interest with a fee of 3%-5%, Iberia offers 1.99% interest for one year, with a 2% balance transfer fee. This would be the same as a 0% offer with a 4% fee, if the cardholder paid off the balance at the end of the year. For those who pay their balance down throughout the year, Iberia’s terms are actually better.
  4. Other Benefits. This card is not as feature packed as some of the other travel rewards credit cards, but customers will receive car rental insurance, travel accident insurance, and roadside assistance policies.


  1. Uncertain Terms. Those with excellent credit should qualify for the best introductory financing and the lowest interest rates, but there is no way to know for sure ahead of time which offer you will receive. In the absence of the best rates, there is really little else to make this card a compelling choice.
  2. Foreign Transaction Fees. There is a 2% charge on all transactions processed outside of the United States. This charge is unwelcome at a time when other card issuers are dropping foreign transaction fees. Nevertheless, other banks frequently charge fees as high as 3%.
  3. Application Delays. Iberia warns new customers that they may take as long as 30 days to process new applications, supposedly due to the popularity of their offers. In contrast, larger banks tend to instantly approve online applications.
  4. Limited Branch Locations. Many customers like to have all their accounts with the same institution, and some even prefer to visit their bank in person from time to time. Iberia has locations in only a few states, so most Americans will not have that opportunity.
  5. Extra Card Fee. Although most banks will provide authorized users additional cards at no cost, Iberia charges $5 per extra card.

Final Word

Outside of the Southeast, Iberia Bank is not very well-known. That is unfortunate, as they offer some of the best terms of any credit card issuer. For those who are concerned about receiving a strong promotional financing offer, and the lowest possible standard APR, the Iberia Bank Visa Select Card is a fantastic option.

What is your take on the Iberia Bank Visa Select Card? Do you have any experience with it or other Iberia Bank credit cards?

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Jason Steele
Jason has been writing about personal finance, travel, and other topics on blogs across the Internet. When he is not writing, he has a career in information technology and is also a commercially rated pilot. Jason lives in Colorado with his wife and young daughter where he enjoys parenting, cycling, and other extreme sports.

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