Who is State Farm Rewards Visa Credit Card Designed For?

The State Farm Rewards Visa is designed for State Farm policyholders with good credit who want a balance transfer card with low rates, a rewards program and no annual fee. It's particularly attractive for people who spend a lot on State Farm insurance policies.

What are the Rates?

The main feature of the State Farm Rewards Visa is not its rewards program but its introductory APR offer. New cardholders receive a 0% APR for the first 12 months on purchases and balance transfers. Once the intro APR expires, regular purchases and balance transfers come with an rate ranging from 13.49% APR to 20.49% APR, depending on creditworthiness, which still isn't bad. Cash advances have a fixed rate of 20.24% APR for all cardholders and there is no penalty rate for late payments.

What Are the Fees?

State Farm's Rewards Visa doesn't have an annual fee, which is just as well considering the rate at which cardholders earn rewards. However, it does have a $10 or 3% fee (whichever is greater) on balance transfers and cash advances, plus a 3% foreign transaction fee.

Although there's no penalty rate to worry about, it does have a $35 fee on late payments and returned payments. The card also includes sneaky additional fees, such as a $5 statement reprint fee and a $15 account research fee.

What Is the Rewards Program Like?

State Farm's Rewards Visa rewards program is rather disappointing. It does offers a 3% cash back on the first $4,000 on insurance payments during the first year, but it drops to 1% after that. All other purchases have a 1% cash back rate. Points have a 1:1 point-to-cent redemption rate, which means 10,000 points are worth $100. However, points can only be redeemed by depositing them in a State Farm account or by using them to pay State Farm products. There is no limit to the amount of points members can earn but they do expire after 36 months.

What about the Signup Bonus?

Apart from the 3% cash back on insurance policy payments for the first 12 months, there isn't a signup bonus.

Any Other Benefits?

State Farm's Rewards Visa card comes with a $250,000 travel accident insurance, auto rental collision damage waiver, travel and emergency assistance services, account fraud monitoring and zero fraud liability.

How Is It Better Than Other Credit Cards?

State Farm's Rewards Visa offers reasonable rates and a long 0% APR introductory offer on balance transfers and purchases. If you're looking for a balance transfer card to help you repay a small credit card balance but still want to earn some rewards on your purchases, this card is worth considering.

  • Credit Score Range
    640 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Customer Type
  • Grace Period / Deferred Interest
  • Late Payment Penalty
  • Minimum Interest Charge
  • Returned Payment Fee
  • Foreign Currency Transaction Fee
  • No Annual Fee
  • Card Type
    • Balance Transfer
    • Rewards
  • 0% Introductory APR
  • Card Network
  • Car Rental Insurance
  • Emergency Support
  • Extended Warranty
  • Fraud Liability
  • Travel Insurance
  • Points
  • Rewards Categories
    Trains, Cruises, Other Travel
  • Purchases APR (variable)
    13.49% - 20.49%
  • Transfer Fee
    3% w/$10 min.
  • Balance Transfer APR (variable)
    13.49% - 20.49%
  • Intro APR period (months)
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