Verdict: The IBERIABANK Visa Platinum is a good choice for those with good credit who like the simplicity and idea of hometown-like banking. The kind of banking where you receive great customer service with a personal touch. With the rewards program and low APR, those who use credit cards to make regular purchases will realize the most benefit from this program.

Overview

The IBERIABANK Visa Platinum plan offers cardholders earnings of one point per dollar spent on all purchases. These points can then in turn be redeemed for merchandise, travel and gift certificates at participating restaurants and merchants who are enrolled in this program. Also, there is no annual fee for the Scorecard bonus points program as well. IBERIABANK is the 121-year-old subsidiary of IBERIABANK Corporation. With $5.4 billion in assets (as of September 30, 2008), IBERIABANK Corporation is the second largest bank holding company headquartered in Louisiana.

How this card works: The IBERIABANK Visa Platinum Card has a low interest rate of 8.00%, 9.00%, or 10.00% as of 11/28/08, depending on your creditworthiness. Additionally, there is an introductory rate of 0% on balance transfers which are submitted during the first three months for a maximum of the first six months of membership. Cardholder benefits for Visa Platinum cardholders include participation in our ScoreCard Bonus Points Program. Eligible cardholders receive Bonus Points based on the dollar amount of qualifying credit card purchases (net of items returned for credit).

Benefits:

• Earn 1 bonus point for every $1 in qualifying net retail purchases
• Turn your points into hotel, travel, gift or experience rewards
• Travel accident coverage up to $1,000,000
• No annual membership fee
• Low, variable rate APR
• 0% Introductory APR on balance transfers for your first 6 billing cycles. Applies to balance transfers processed within three months of your account open date.
• No transaction fee for balance transfers
• 25 Day grace period
• Online access to credit card account information

Fees:

• Late Payment Fee: $15.00 for balances less than $100.00, $29.00 for balances of $100.00 to $1000.00, $35.00 for balances greater than $1000.00
• Over-the-Credit-Limit Fee: $35.00
• Insufficient Check Fee: $29.00
• Foreign Transaction Fee: 2%

Pros

Travel Accident Coverage Up to $1,000,000. No Annual Membership Fee. 0% Introductory APR on Balance Transfers for Your First 6 Billing Cycles – Applies to Balance Transfers Processed Within 3 Months of Your Account Open Date. No Transaction Fee for Balance Transfers, 25 Day Grace Period, Online Access to Credit Card Account Information. Being treated like a customer of a hometown bank, no matter where you are from.

Cons

Your APRs may vary. The rates are determined monthly by adding the Prime Rate and the following spreads: 4.00% 5.00% or 6.00% per annum for the APR for credit card purchases. 8.00% 9.00% or 10.00% for the APR for cash advances and convenience checks.

Apply for the IBERIABANK Visa Platinum.

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