Iberia Visa Signature® Card Review (2024.9 Update: 100k Offer)

physixfan 2024-09-13 2024-09-13

Non-affiliate disclosure: all information about the this card have been collected independently by US Credit Card Guide and has not been reviewed by the issuer.

2024.9 Update: Current offer is 100k points after $7500 spend within 6 months of account opening.

Application Link

Benefits

100k offer: earn 100,000 bonus Avios after spending $7,500 on purchases within the first 6 months .This is the best offer in recent years.
We value IB Avios at 1.2 cents (Airline Miles Value), so the 100k highest sign-up bonus is worth about $1,200. BA Avios, IB Avios and EI Avios can be transferred to each other at a 1:1 ratio (both accounts need to be at least 90 days old).
Earn 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and Level.Earn 2 Avios per $1 spent on hotel accommodations.And earn 1 Avios per $1 spent on all other purchases.
Earn a discount voucher of $1,000 to use toward two tickets on the same flight for each year you make purchases of $30,000 on your card.
Use your Iberia Visa Signature Card to book your flight on www.iberia.com/Chase10 , and you will receive a 10% discount.
No foreign transaction fee.

Disadvantage

Annual fee $95, NOT waived first year.

Recommended Application Time

[5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application on this card, no matter how high your credit score is.
The number of new accounts includes all credit card accounts, not only Chase accounts.See this post for details about how to possibly bypass this rule.
This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months.Note that what matters here is the time you got the sign-up bonus, not the time you open the account or close the account.
Don’t apply for more than 2 Chase credit cards within 30 days, or it’s highly likely that you will get rejected.
We recommend you to apply for this card after you have a credit history for more than a year.

Summary

The sign-up bonus on this card is quite decent.BA Avios, IB Avios and EI Avios can be transferred to each other at a 1:1 ratio, so it is a good card to earn Avios quickly together with Chase BA.

These mileage programs each has its own advantage.The earning structure is not attractive at all, so if you are not flying IB frequently then it is not a good card to keep for long.

Related Credit Cards

Recommended Downgrade Options

You can not downgrade this card to any card with no annual fee, so I suggest you close it when you don’t want to keep it any longer.

After Applying

Call 800-436-7927 to check Chase application status.This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.

Chase reconsideration backdoor number: 888-270-2127 or 888-609-7805.Call it if you didn’t get approve immediately.

Your personal information will be acquired and they will then review it.You seldom answer questions, instead, just enjoy the music and then you get approved or rejected, or further information is needed to be hand in to the branch or faxed.

Historical Offers Chart

Note: Sometimes there are offers such as 100k or 75k on this card, but the spending requirements after the first 50k are huge.Therefore, we don’t treat them as sign-up bonus; instead, we treat them as spending bonus instead.Similarly, the 4x up to 100k offer is also not counted.

Application Link

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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.