Advertiser Disclosure
X

Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.

By

Dig Deeper

23,636FansLike
21,021FollowersFollow
37,794FollowersFollow

Become a Money Crasher!
Join our community.

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

Advertiser Disclosure: This post includes references to offers from our partners. We receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

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.

Open a Simple Account by 10/31/19 4:59 PM PT and get up to a $500 bonus and 2.15% APY (with qualified activities).

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.”

Advantages

  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.

Disadvantages

  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?

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.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  • Next Up on
    Money Crashers

    Best Credit Card Bonus Offers

    9 Best Rewards Credit Card Sign-Up Bonus Offers, Deals & Promotions

    Few credit card rewards and perks are more valuable than sign-up bonuses - also known as welcome offers, early spend bonuses, or new cardmember bonuses, depending...
    Transition Summer Wardrobe Fall Clothing Fashion

    7 Tips to Transition Your Summer Wardrobe to Fall Clothing Fashion

    Ah, autumn. It comes with pumpkin spice lattes, cooler temperatures, and the onset of the holiday season, so what's not to love? Well, if...

    Latest on
    Money Crashers

    Sign Up For Our Newsletter

    See why 218,388 people subscribe to our newsletter.

    What Do You Want To Do
    With Your Money?

    Make
    Money

    Explore

    Manage
    Money

    Explore

    Save
    Money

    Explore

    Borrow
    Money

    Explore

    Protect
    Money

    Explore

    Invest
    Money

    Explore