No Fee Balance Transfer 0% Credit Card from Iberiabank

Since the height of the global credit crunch during the third quarter of 2008, the federal government has been doing all it can to get banks to lend money to both consumers and businesses. Despite the fact that large, American bank holding companies (BHC's) have been sitting on massive piles of cash for some months, and despite being prodded by politicians to get credit flowing through the economy, many Americans are finding it difficult to find business and student loans, credit cards and other loan products at reasonable rates. Banks are able to borrow at rates below 0.25%, but they aren't passing these favorable rates onto credit-starved individuals and organizations. Thankfully, there are some credit products on offer from a limited number of top-quality, U.S.-based banks, like Iberiabank. Of all the 0% credit cards available in the current, credit-crunch lending environment, the Iberiabank Classic VisaŽ credit card is the best, featuring a new purchases rate of Prime plus 3%, no annual fee and zero percent introductory APR on transferred balances with no balance transfer fee.

The Federal Reserve has been buying long-term Treasury securities in an effort to keep mortgage rates low. This tactic has worked, as many well qualified consumers are now able to get new mortgages -- or refinance their current home loans -- at rates below 5%. But the spread between the Fed's short-term rates and the rates on short term credit products like credit cards is still relatively high. That's because the secondary market for credit card receivables completely dried up last year, and many banks are still trying to make up for loses related to the unnumbered subprime loans made during the recent housing boom.

At the end of 2008, the Fed created the Term Asset-Backed Securities Loan Facility (TALF), a program that will lend up to $1 trillion to jumpstart the secondary market for all types of receivables back to life. But TALF will take time to work. Until then, big banks will have to keep credit card receivables on their own balance sheets, and credit card interest rates from these banks will remain unfavorable.

Why Is Iberiabank Able to Offer Such A Great No Fee Balance Transfer Credit Card?

A good question, and the answer is quite simple: because this particular bank has always had high lending standards, even when other, much larger banks were making loans to just about anybody who wanted one. Consumer who don't mind giving up the convenience of an instant approval and who are willing to provide at least some proof of their income can enjoy great features like:

• No fees on introductory balance transfers
  
  
• Zero percent introductory APR on transferred balances
  
  
• No annual fee
  
  
• Interest rates as low as Prime plus 3%
  
  

The Iberiabank Visa Classic credit card offers the best rates, but the card doesn't have a rewards program. The Iberiabank Visa Gold card has slightly higher rates associated with it (qualified applicants can enjoy Prime plus 4%), but the tradeoff is that it comes with a decent cash-back rewards program. Prime plus four percent is still an excellent rate is today's credit environment.

Over time, TALF will help restore the secondary receivables market, which in turn will help to drive down rates associated with both consumer and business loan products. Business credit cards, which have all but disappeared from the U.S. market, will likely make a comeback within the next few quarters. Until then, American consumers who got used to cheap, easy and convenient loans products from the largest American BHC's should look to often ignored smaller banks and their local credit unions for consumer-friendly loans and credit cards.