Reviews State Farm Student Visa review

State Farm Student Visa review

Published: May 26, 2017
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Students Rating:
2.8 rating
2.8 rating
2.8 / 5
Introductory Offer 0.0
Interest and Fees 5.0
Rewards Program 1.9
Features 2.0

In a nutshell:

A newly minted rewards program doesn’t add much value to the State Farm Student Visa, but the reasonable interest rates make it a good option for a first-time cardholder.

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APR
11.49%-18.49%

Annual Fee
None

Penalty APR
None

Introductory Offer
None

Estimated Yearly Rewards Value ($300 monthly spend)
$18

Rewards Program

  • 3:1 State Farm products
  • .5:1 general spending
  • Use points for gift cards, e-certificates, merchandise, travel and State Farm products

Other Notable Features: Zero-percent fraud liability, car rental insurance, shopping discounts

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Like a good neighbor, State Farm is there, with a trove of insurance policies, banking products and … credit cards. Indeed, State Farm offers a student credit card, and it’s a pretty basic one. State Farm is not renowned for its credit card offerings, so it’s not surprising that the company’s student card is devoid of dazzling perks.

State Farm recently added a rewards program to the card that leaves a bit to be desired. With a modest rewards rate of .5 points per dollar, the card is unlikely to be very rewarding unless you spend enough on insurance premiums to take advantage of the bonus points awarded for State Farm purchases.

However, if you’re a student searching for a card that will accept you on your first try, it’s not such a bad deal. It does offer some very reasonable fees and interest rates.

The regular APR is really low
There’s no zero-percent introductory offer for this card, but we think the card offers something better – the regular APR is one of the lowest among the student cards we reviewed. There’s also no penalty APR. Many cards will hit you with a penalty rate of 30 percent if you miss a payment. When it comes to products for first-time cardholders, we prefer a card that’s easy on the rates and fees.

Mediocre rewards program
State farm recently launched its “State Farm Loyalty Rewards” program – a revised version of its rewards program that now includes a variety of rewards, including travel, merchandise and gift cards. The updated program offers far more flexible redemption options: points don’t expire, there are no point limits outside of the cap on bonus points for insurance premiums and the point minimum required to obtain a reward (5,000 points for a gift card) is fairly low.

The downside is the meager rewards rate. State Farm offers cardholders a mere half a cent per dollar on general purchases, which means you are unlikely to accumulate enough points for that dream vacation or tablet computer. On the other hand, State Farm does reward cardholders with three points per dollar on State Farm insurance products (up to $4,000 of spending per year). You could potentially use your State Farm insurance payments to nab a gift card for yourself at the end of the year.

There are a few other perks
The card doesn’t offer much in additional features. However, there are a couple of appealing perks for students. One of these is car rental insurance. While this is common feature with regular cards, a lot of student cards don’t offer it. You also might enjoy Visa’s special offer portal, which advertises discounts of 10 percent, 20 percent and higher on an array of popular retailers and restaurants.

In short, this is probably not the most exciting credit card you will ever own, but it’s a start. If you get accepted and pay your bills on time, there will be bigger, better offers down the road.

Reasons to sign up for it:

  • You want a card that’s low on interest rates and fees.
  • You’re seeking an entry-level card with a rewards program.
  • You want to earn a bonus on your State Farm insurance premiums.

How to use it:

  • You can get discounts and free shipping from many merchants through Visa’s special offers portal.

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