IberiaBank Visa Classic Card: Best Low-Interest Rate Card

If you are looking for a low interest rate credit card that doesn’t charge an annual membership fee, you want to to check out the IberiaBank Visa Classic Card. Because of its low interest rate, the card is designed specifically for those who have average credit and may carry a balance on their cards occasionally. In a survey conducted by the Consumer Reports National Research Center in July 2010, the IberiaBank Visa Classis Card was named one of the best low-interest rate/fee cards for these features that it provides to cardholders:

  • Low APR for purchases: The IberiaBank Visa Classic Card features a low variable APR of 7.25%, 10.25% or 13.25%, depending on the consumer’s credit worthiness. While these don’t seem as “low” as the 0.0% introductory APR offers you might find with other cards, it’s still lower than what most cards charge in the post “CARD Act of 2009” world.
  • Low Introductory APR for Balance Transfers: The IberiaBank Visa Classic Card features a low 1.99% APR for 6 months for balance transfers. After that 6 months, the APR rises to the purchase APR, which is still not astronomically high.
  • Zero Annual Fee: The IberiaBank Visa Classic Card has no Annual Membership fee. Consumers like this because the card itself doesn’t cost them anything. “Simplify, simplify” as the saying goes.

Although this card does not offer a rewards program, it does offer access to common services and benefits, including free online account access and lost and stolen card reporting.

The card has no annual fee and offers a low introductory rate that can be applied towards balance transfers for the first six months. Therefore, those who are looking for an average credit card, plan to carry a small balance balance once in a while, and do not care for any other extraordinary benefits or discounts will benefit most from what the IberiaBank Visa Classic Card has to offer.  Benefits of the card include:

  • 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

Check it out if you want to have a credit card for your everyday purchases but want to stay away from cards that have predatory rates.

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