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» No Fee Balance Transfers From IberiaBank

Well, according to Matthew…

The non-5% rewards will be dropping to 1.25% instead of 1.5% after $6500 in annual spending. In addition, purchases over $400 at gas stations (how would you get that high? I guess if you’re a trucker…) will no longer be classified as “Everyday” purchases. The last major rewards change was that it now specifically states the purchases must be made for personal consumption.

This information was apparently sent out with April card statements. I’ve since checked the application page for this card, and it seems that Matthew’s information is correct. The lower reward level after you reach $6500 in spending will indeed be 1.25%, and mega-purchases at gas stations (the $400 limit appears to be per transaction) will no longer qualify for 5% cash back.

While this might not strike you as a huge change, the drop from 1.5% to 1.25% represents a 17% decrease. Thus, while it’s still a good card, it’s not quite as good as it used to be.

*Note: Prior to hitting the $6500 spending level, this card pays 1% rewards on “Everyday” purchases and 0.5% rewards on everything else.

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You can signup on the AmEx website or by calling 1-800-794-1308 and providing the promo code 139150001. As many of you know, we use the AmEx Blue Cash rewards card, so we won’t benefit from this promo. But if you’re currently earning points from AmEx, then you sign up right away.

Via: CreditMattersBlog

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Personally, I’m still partial to the Amex Blue Cash rewards card since it offers 5% on both gas and groceries, and 1.5% on everything else. However, the PenFed card doesn’t have a reduced reward tier on the first $6500 in spending, meaning that it might work out better for people who spend less than we do.

The hoops that I was talking about? You have to be a member of PenFed to apply for the card. The good news is that it’s pretty easy to join. If you don’t fit any of their standard eligbility criteria, you can always join the National Military Family Association (NMFA) for $20, join PenFed, and then let your NMFA membership lapse.

If the PenFed Visa Platinum Rewards card isn’t what you want, be sure to check out my this list of the best cash back credit cards for alternatives.

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» No Fee Balance Transfers From IberiaBank

As it turns out, IberiaBank is a Louisiana-based bank that has been in business for over 120 years. They’re FDIC insured and, as of the end of 2008, they held $5.6 billion in assets. Not too shabby.

Here are the links to their three balance transfer offers:

• IberiaBank Visa Classic Card
• IberiaBank Visa Gold Cash Back Rewards Card
• IberiaBank Visa Platinum Rewards Card

As with the Pulaski Bank balance transfer offers that I wrote up earlier this month, these are six month offers. While this isn’t as good as you can get with certain other 0% balance transfer credit cards, there’s no transfer fee. Thus, while you might not want to use these cards for balance transfer arbitrage (especially since high yield savings account rates have tumbled), you can still get a six month break from interest payments without spending a dime.

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Check this out… The Advanta Net-90 Platinum BusinessCard offers no interest on all purchases for 90 days on an ongoing basis. This isn’t a promotional offer. Rather, you get 90 days interest free on every purchase every time you use your card.

While this is a business card, anyone can apply. There is also a rewards program that pays 1 point per dollar spent, and there is no annual fee. If this card isn’t your cup of tea, check out these other 0% APR credit card offers.

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If you’re in the market for a high end credit card, check out the Visa Black card. It’s an exclusive Visa-branded credit card that’s backed by Barclay’s Bank and only available to ~1% of US residents (presumably selected based on credit history and income).

The key features of this card include:

• Limited Membership
• 24-Hour Concierge Service
• Exclusive Rewards Program
• Luxury Gifts
• Travel Lounge Priority Pass

The card also comes with a six month 0% balance transfer offer. The cost for all of this? $495 per year. While the concierge service, luxury gifts, and travel lounge pass (which provides access to airline lounges around the world) may be well worth it, the rewards program is a simple 1% cash back or points for airline travel.

If you’re mainly after a reward credit card (and you don’t mind carrying a less exclusive card) you’re better off applying for something like Blue Cash from American Express. Then again, the Visa Black card is made from carbon graphite (seriously), so…

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» No Fee Balance Transfers From IberiaBank

Here are the links to the two balance transfer offers:

Note: Pulaski Bank has re-branded under the name of its parent bank, IberiaBank.

As for the length of these offers, they’re both good for six months. While this isn’t as long as what you can get with some of the other 0% balance transfer credit cards that are out there floating around, it’s totally fee-free. Thus, while these offers aren’t ideal for playing balance transfer arbitrage (especially given that rates on high yield savings accounts have taken a tumble), you can still get a six month break from your interest payments without paying a penny in fees.

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Simply apply for the card and spend a total of $500 within the first three months to qualify for the bonus. Apply now and get a decision in 60 seconds!

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Here’s how it works: Receive 2 points for every dollar spent. When you reach 5000 points, you can convert it into a $50 current-year IRA contribution. Rewards can be redeemed automatically or manually, so I’m assuming that you can work around IRA contribution limits if you generate more than $5k in rewards (though that would $250k in charges).

Interestingly, this card is actually backed by FIA Card Services (Bank of America) but it uses the Amex network.

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