State Farm Credit Card Review (Updated For 2013)
They currently have 4 different consumer credit card application options. Here's a look at the basics for each...
This is your basic no-thrills card for students that are looking to build and establish a credit history. In turn, there apparently are no rewards or rebates offered on purchases. As with all student credit cards, it’s safe to say that the limits on this are probably pretty low. There is no annual fee.
2. State Farm Good Neighbor Visa Card (APR:11.24-18.24%)
If there ever was a plain old credit card, this one is it. There are no bells and whistles, no rewards… it’s just a regular card. No annual fee.
3. Platinum Rewards Visa Credit Card (APR: 13.24-20.24%)
As the name implies, this is their rewards card. It has no annual fee and the rebate is paid in the form of “State Farm Dollars” which can be applied towards the cost of your insurance policy. When I heard this, I was intrigued. After all, I’m always looking for ways to lower the cost of my policy. Unfortunately, this State Farm credit card only gives “up to” 1% on spending. Being that most cards today give you that, this wasn’t anything to write home about.
4. State Farm Crystal Rewards Visa Card (APR: 13.24-20.24%)
This is the newest State Farm credit card which looked good to me at first glance because it is peddled for its 1.5% cash back... but then I read the fine print about the rewards! On the first $10,000 spent each year the card only earns 1% in rewards. Only annual spending that exceeds that amount will earn 1.5%. For State Farm insurance premium payments there is an additional 0.25%. This card also charges a $30.00 annual fee.
Should You Get One Or Not?
Like I’ve said, I am a loyal customer of State Farm, but the truth of the matter is that the State Farm credit cards don’t really offer much. Only the Platinum has rewards and it’s a pitiful 1%. Even if you qualify for the lowest interest rate, it’s still just average. And their balance transfers offers are below-average in length. The State Farm Crystal Rewards credit card is a bad deal when you consider the high spending tier and annual fee. I love the company, but there’s no rhyme or reason to get any of these cards.
What are the best credit card offers in 2013?
- Cash Rewards: Earn 2% to 5% cash back on your purchases
- Travel Rewards: Compare the top airline and general travel card offers
- College Students: There are some student credit cards with rewards