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Let’s face it. Sometimes, reading about personal finance can make for some pretty dry reading. Annual fee this, interest rate that, blah, blah, blah, blah, blah. Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz. Are you still awake?
So, in an attempt to spice things up a little bit, I decided to start a series on MPFJ called, Credit Card Boxing. In each match, two credit cards (of the same general category of credit card) will be compared side by side in an attempt to determine which reigns supreme over the other. When applicable, the winner from the previous match will advance to compete in the next round.
In this, the 3rd match of the series, we’re again comparing two general purpose credit cards.
In the left corner, we have weighing in at a hefty 5.23 g (weighed in the scale in my lab), my favorite credit card that I use for almost all of my purchases, the Chase Freedom Visa Card. If you missed the first and second MPFJ credit card boxing matches the past two weeks, this card beat out both the new Discover it Card (although it was a close match) and the Barclaycard Rewards MasterCard.
In the right corner, we have weighing in at a respectable 5.6 g, the IberiaBank Visa Gold Cash Back Rewards Card. I haven’t personally tried out this card yet, so I was curious to learn a little more about it.
Shown below is a screenshot from CreditCards.com (the first place I go for looking up information on credit cards) listing all of the pertinent details for the Chase Freedom Visa Card.
- Chase Freedom Visa Pluses
- There is no annual fee.
- A very nice $100 bonus for signing up.
- 5% cash back in rotating categories every quarter. From personal experience, I can tell you that these categories are actually quite useful. They are not highly specific like with some cards. For example, right now, they are doing 5% cash back for gas stations. I think pretty much anyone can relate to the benefits of getting cash back for gas purchases. They have also done grocery stores in the past, although discount stores like WalMart, Sam’s, and Costco do not qualify for this.
- 1% cash back on all other purchases.
- Chase Freedom Visa Minuses
- Requires excellent credit history, which can be a deal breaker for some folks.
- 3% transaction fee for all transactions completed in a foreign currency. This can add up quickly if you plan on using this credit card whilst traveling!
And, shown below is a table listing out all of the pertinent details for the IberiaBank Visa Gold Cash Back Rewards Card. You can also click here to view the card’s Terms and Conditions as well.
- IberiaBank Visa Gold Cash Back Rewards Card Pluses
- No annual fee – always a nice thing!
- 1% cash back on all purchases.
- IberiaBank Visa Gold Cash Back Rewards Card Minuses
- 2% transaction fee for all transactions completed in a foreign currency (so slightly less than the Chase Freedom Card above).
WHO’S THE WINNER?
Although I honestly wouldn’t be ashamed of having either of these cards, I would have to say that for my money, the clear winner here is the Chase Freedom Visa Card.
What made me lean towards this one was because Chase Freedom offers higher cash back benefits than the IberiaBank Visa Card (5% vs only 1%). Of course, this does assume that you can qualify for both cards, which might be a little difficult given that Chase Freedom requires pretty good credit history. Thus, the IberiaBank Card might be good to look in to if you find yourself being denied from your first choice cards.
How about you all? Do you think the Chase Freedom Visa or IberiaBank Visa Gold Cash Back Rewards Card sounds like a better deal?
Do you personally carry either of these cards?
Share your experiences by commenting below!