I’d like to consider myself a connoisseur when it comes to credit cards. Since I have learned how to use credit responsibly in my life, I have found that I have had differing needs at differing points in my life. I have also learned that more often than not, there is a credit card out there specifically tailored to those needs. It is important to do research each and every time you are looking for a new card. Many times you can find the card you need from one of the “heavy hitters” (Chase, Citi, Discover) without much research at all. Other times, you have to dig a little deeper. One thing I have learned, it’s not the size of the bank that matters or how “big” their name is. A lot of times, you can find great credit card deals from some of the smaller players.
Iberia Bank
Iberia Bank is one of those players. I recently came across four different cards, all from Iberia, that have features and benefits that could be desirable for you. I will begin by listing a few of the things that do apply to all four cards. As I always caution everybody when it comes to credit cards – read carefully, and if you decide to apply, read the fine print. I have done my best to go through these things as part of my research, but please do your due diligence regarding any of these cards.
The following requirements apply to all four cards:
- You need to have at least six months under your belt with your current employer.
- Excellent credit is required. They offer some pretty good deals; however, you need to have a great credit score in order to qualify for them. I would say that a score of 725 or better would be needed.
- A hard credit check will be performed. In a nutshell, this means that it will go on your credit report. Too many applications for new lines of credit can have a negative effect on your credit rating. Another reason you may want to be pretty sure you’ll be approved before moving forward.
- Proof of income required. No big deal here, it’s just worth mentioning.
And now, here are the four cards broken down individually:
- Carries an introductory rate of 0% on purchases for the first 12 months.
- A low APR of 1.99% on balance transfers for the first twelve months. Balance transfer fee applies (3%). The balance transfer must be done within the first three months of opening the account.
- After the first twelve months, the APR goes to a variable 7.25%. Generally speaking, this is based on Prime and your credit score.
- $35 annual fee.
My Take: This would be a great card if you have an upcoming “event” in your life that is going to require a lot of purchases, and you want to “stretch out” paying them back. I have used cards similar to this in the past (i.e. after I purchased my first home and after the birth of my son). Apply here.
Read our Iberia Bank Visa Select Card Review for more information.
- This card carries no annual fee with it.
- It has a low variable introductory rate of 7.25% which is based on Prime and also dependent on your credit score.
- 1.99% on balance transfers for the first six months. Balance transfer fee applies (2%). They need to be done within three months of the account’s opening. After the introductory period, it goes to the same rate that you have on your purchases.
My Take: A great card for long-term use. The lowest APR on purchases of the four. Apply here.
Read our Iberia Bank Visa Classic Card for more information.
Iberia Bank Visa Gold Cash Back Rewards
- You can earn 1% in cash back credit on all qualifying purchases, with no limit on how much you can earn and no expiration date for accounts in good standing.
- Travel accident coverage for up to $500,000.
- A low variable rate beginning at 9.25% (based on Prime and your credit score).
- 1.99% on balance transfers for six months. Balance transfer fee applies (2%). Transfers must be done within three months of opening the account. APR goes up to your rate for purchases after the introductory period finishes.
- No annual fee.
My Take: One of the better deals out there regarding cash back credits on purchases. Travel accident insurance isoften overlooked, but a great perk. Apply here.
Iberia Bank Visa Platinum Rewards
- Earn a point for every dollar spent on qualifying purchases. These points can be used for hotel, gift, or experience rewards.
- Travel accident coverage goes up to $1,000,000.
- A low variable rate beginning at 9.25% (based on Prime and your credit score).
- 1.99% on balance transfers for six months. Balance transfer fee applies (2%). Transfers must be done within three months of opening the account. APR goes up to your rate for purchases after the introductory period finishes.
- No annual fee.
My Take: Could be the best of the bunch, depending on your needs. Obviously, a great opportunity for those who like to travel. Apply here.
Take Your Pick
It would be real hard for me to come out and say which card is the best of these four offers. That is because it all depends on what your needs are. There are pros and a few cons to each card, so you need to first decide on what you are looking for out of your credit card before you decide on which offer you want to take advantage of. Sometimes, this can be more difficult than choosing the card itself. All in all, I think that Iberia Bank has a great card out there designed for you.
