Iberia Bank describes themselves as a community bank with the resources of a national bank. They’re based in the Southeast, and as a client-focused business that prides themselves on their personal touch, they work on building relationships with both their clients and their communities. This commitment to customer service alone is enough of a reason to consider one of the Iberia Bank Business credit cards.
However, it’s not the only reason, especially if you’re already an Iberia Bank customer. The bank’s Business Rewards and Business Classic credit cards both offer perks like a 0% introductory APR for 12 months, an auto rental collision damage waiver, as well as travel and emergency assistance services. The biggest difference is that with the Business Rewards card, you’ll earn 1 point for every dollar spent, whereas the Business Classic card doesn’t offer a rewards system.
Here, you’ll find additional information about the features of each card, as well as other business credit cards you may want to consider if the Iberia Bank business credit cards end up not being the right choice for your needs.
The Nitty-Gritty Details of the Iberia Bank Business Rewards Credit Card
Fees
First up is Iberia Bank’s Business Rewards card. Unfortunately, this card doesn’t come for free—it has an annual fee of $25 per card. However, this fee is low for a business credit card, and you may not consider it a deterrent to opening an account. (But any extra charge on a financial product is worth taking into account.)
Rewards and Benefits
As the name suggests, the Business Rewards card is a rewards card, which you’ll earn in the form of points. More specifically, you’ll earn 1 point for every $1 spent on qualifying card purchases. In order to qualify, purchases must be signature-based (aka, not made by using a pin).
You can redeem your points by calling the Rewards Service Center or by going to Point Quest Rewards, the bank’s online rewards portal. Redeem your points for travel (including hotel reservations and airline tickets), gift cards, merchandise, and more. If you have additional employee credit cards, you’ll earn points on the purchases they make, too. If you plan on saving up your points for a major reward down the line, just keep in mind that points expire five years to the date after the qualifying purchase was made.
As we mentioned, the Business Rewards credit card also features a 0% introductory APR for 12 months, which is quite generous, and can go a long way to helping you finance your small business. For new businesses, this grace period will help you mitigate the upfront costs of opening shop. If you’re an existing business but need to make an unusually large purchase, this would give you a way to space out your payments without incurring additional fees. But after these 12 months, your APR will set in at a rate that will vary with the market prime rate and your creditworthiness, so be sure to see the issuer’s terms and conditions for the latest APR information.
Everything You Need to Know About the Iberia Bank Business Classic Credit Card
Fees
The Iberia Bank Business Classic credit card has an even lower annual fee than the Business Rewards card—it’s just $10 per year per card. In the grand scheme of things, this is a negligible amount to pay. However, since the Business Classic card doesn’t offer a rewards system, you may find that it isn’t worth even that $10 per year.
Rewards and Benefits
Although the Business Classic card doesn’t offer a rewards system, it does have a consistent, competitively low APR. Again, the Business Classic card provides 24/7 travel and emergency assistance services and auto rental collision waivers. It also has a 0% introductory APR for 12 months, which is helpful for both new and established companies that anticipate carrying a balance right when they open their accounts. But again, after these 12 months, your APR will set in at a rate that will vary with the market prime rate, so check the issuer’s terms and conditions for the latest APR information.
The Best Alternatives to the Iberia Business Credit Cards
If you’re not an existing Iberia Bank customer, and potentially even if you are, the Iberia Bank business credit cards may not be the right choice for you. Although they both offer a long 0% introductory APR term, there are quite a few other credit cards out on the market with better rewards programs and even longer APR periods.
Here are a few of our picks.
The Best Alternative for Cash Back: Chase Ink Business Cash Credit Card
The Iberia Bank Business Rewards credit card has a points rewards program, which is ideal for business owners who want to reap perks like car rentals, airline tickets, and hotel rooms. But every business can do with a bit of cash now and again. The Chase Ink Business Cash Credit Card is definitely worth considering for its stellar cash back rewards program.
With this card, you’ll get:
- $500 signup bonus if you spend $3,000 in first three months
- 5% cash back on the first $25,000 you spend annually at office supply stores and on cell phones, landlines, internet, and cable TV services
- 2% on the first $25,000 you spend annually at gas stations and restaurants
- 1% cash back on all other purchases
Like the Iberia Bank business credit cards, the Chase Ink Business Cash card has a 0% intro APR for 12 months on purchases and balance transfers, but you won’t need to pay an annual fee. Just be aware that after your 12 interest-free months are up, a variable APR sets in at a rate depending on your creditworthiness. This rate will also vary with the market, so, once again, check the issuer’s terms and conditions for the latest APR information.
The Best Alternative for a Long 0% Intro APR: The Blue Business Plus Credit Card from American Express
The Blue Business Plus Credit Card from American Express has one of the longest introductory APRs on the market and no annual fee. This makes it an attractive alternative to either of the Iberia Bank business credit cards. But it’s an especially worthwhile alternative to the Iberia Bank Business Rewards card, as it offers double the rewards—you’ll earn 2x points per dollar spent on your first $50,000 annually. After that limit, you’ll earn 1x point per dollar.
But this card’s major selling point is its 15-month 0% intro APR period on purchases and transfers—that’s whole three months longer than both the Iberia Bank business credit cards’ grace periods. As always, though, after those 15 interest-free months, a standard APR sets in at a rate depending on your creditworthiness and the market. You’ll need to check the issuer’s terms and conditions for updated APR information.
The Best Alternative for Rewards Program: Bank of America® Business Advantage Travel Rewards World Mastercard®
If you’re planning on redeeming your rewards points for travel, consider the Bank of America® Business Advantage Travel Rewards World Mastercard®. This card has one of the easiest-to-reach rewards programs on the market, with plenty of opportunities to maximize your rewards on travel. On top of that, there’s no annual fee or foreign transaction fees.
You’ll receive a 25,000-point signup bonus if you spend $1,000 in the first 60 days—just $500 per month—which won’t be difficult to reach, even for a business owner who’s in the initial stages of their business.
Even after the signup offer, you’ll earn 3 points for every $1 spent on travel purchases (like car, hotel, and airline) booked through the Bank of America® Travel Center and 1.5 points for every $1 spent on all other purchases.
This card’s 0% intro APR on purchases for first nine billing cycles may not be as long as the Iberia Bank business credit cards’ intro APR, but it’s not too shabby, either. Nine months still give you time to space out your payments for big ticket items, while earning rewards that can be put toward future business travel.
Why Choose an Iberia Bank Business Credit Card?
Existing Iberia Bank customers with firsthand knowledge of the benefits of that personal touch may do well with their business credit cards. Their 12-month introductory APR is nothing to sneeze at, and although they both carry annual fees, those fees are low enough to be negligible.
But if you’re hoping for cash back, a longer interest-free introductory period, even more rewards, or no annual fee, you’ll need to look farther afield. The Chase Ink Business Cash Credit Card and the Bank of America® Business Advantage Travel Rewards World Mastercard have more to offer in terms of cash back and rewards points, respectively, and the Blue Business Plus Credit Card from American Express has Iberia Bank business credit cards beat for its year-plus introductory APR period.
So, if you’re an Iberia Bank loyalist—and you’re hoping that loyalty may increase your chances of securing a business loan from the bank down the line—go ahead and sign up for an Iberia Bank business credit card. Just know that you can also use a business card from another issuer that can offer your business even better rewards.
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from Fundera Ledger https://www.fundera.com/blog/iberia-bank-business-credit-card/
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