State Farm Rewards Visa Credit Card Review

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From Seek Capital - Best for Rewards Points

Welcome Offer

State Farm Rewards

Earn points and benefits towards your State Farm Insurance premiums and products

Earn

3xPoints
Earn 3 State Farm Loyalty Points for every dollar spent on State Farm Insurance
1xPoints
Earn 1 State Farm Loyalty Point for every dollar spent on eligible purchases
0%Introductory APR
0% Introductory APR on purchases for 12 months
0%Introductory APR on Balance Transfers
For the first 12 months, there is no Introductory APR on balance transfers

State Farm offers a great deal with its State Farm Rewards Visa card, which is offered through the insurance giant's banking arm. State Farm insurance customers who know how to put the card to work can easily rack up more than 30,000 rewards points a year and save big on gift cards, travel or State Farm products. Plus, the introductory offer makes it easy to save hundreds or even thousands in interest, making this a sure bet for those who want some easy ROI.

Rewards Highlights

  • No Annual Fee
  • 0% Introductory APR on Purchases for 12 Months
  • 0% Introductory APR on Balance Transfers for 12 Months
  • 3x State Farm Loyalty Points on State Farm Insurance
  • 1x State Farm Loyalty Points on Everything Else

Expert Review

The Pros

  • No Annual Fee
  • 0% APR on Balance Transfers and Purchases
  • 3x Points on State Farm Insurance
  • 1x Points on Everything Else

The Cons

  • Limited to State Farm Customers

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 12 months
  • Intro Balance Transfer APR0% for 12 months
  • Regular APR16.24% to 26.24%
  • Great ForState Farm InsuranceTravelShopping
  • Regular Purchase APR16.24% to 26.24%
  • Regular Balance Transfer APR16.24% to 26.24%
  • Cash Advance APR26.49%
  • Balance Transfer Fee$10 or 3%
  • Cash Advance Fee$10 or 5%
  • Foreign Transaction Fee3%

Earning Rewards With the State Farm Rewards Visa Card

State Farm makes it easy to rack up rewards with this card, especially if you purchase insurance through the company as well as bank with it. You can earn three points for every dollar you spend on insurance premium payments. That's money you're going to spend anyway, so why not get a little benefit from a standard monthly or annual expense?

State Farm knows this perk is pretty nice, so it does limit you to points earned on the first $4,000 spent on insurance premiums each year. That's a max of 12,000 points, which is easy to reach if you have multiple forms of insurance with State Farm.

And you also get one point for every dollar spent on other eligible purchases, which means you earn rewards when you pay for daily living expenses like groceries, fuel or school supplies. If you spend $200 in groceries a week, $100 in gas a week and another $100 incidentals, that's $400 — or 400 points — earned every week. That's another 20,800 points a year.

Just by using this card on things you'd have to buy or pay for anyway, you can easily rack up more than 30,000 points in a year.

What Can You Redeem Rewards For?

State Farm Loyalty Rewards program points can be redeems for a variety of perks. You can exchange points for gift cards and e-certificates from popular retailers and online stores, or you can splurge directly on catalog merchandise. The State Farm Loyalty Rewards program lets you choose from a variety of travel opportunities, using your rewards to cover or reduce the cost of airfare or hotel stays.

One thing we really like about the State Farm Rewards Visa card is that it rewards loyalty. If you use your rewards for eligible State Farm products, the insurance company gives you a premium for your points. In short: your points are going to be most valuable if you redeem them for statement products or to help cover costs associated with your insurance or banking services.

Double Up on Savings With the 0 Percent APR Introductory Offer

Here's where things really get exciting. The best kind of rewards credit cards are those that come with a stellar introductory offer because you can start stacking those benefits and save a ton.

For creditworthy applicants, the State Farm Rewards Visa credit card can come with a 0 percent introductory APR on purchases and balance transfers. That introductory offer lasts for 12 months.

Here's what you can do to put this perk to work for you.

  1. You can transfer an existing balance from a high-interest credit card and make payments on that balance for 12 months without incurring any additional interest. So, if you transfer $2,000, you could pay $167 per month to zero out that balance without incurring hundreds of dollars in interest charges. You will have to pay a 3 percent balance transfer fee (up to $250 maximum) to make the transfer. That would be $60 for a $2,000 transfer, but that's much less than you might rack up in interest if you tried to pay the balance off over a year on the high-interest card.
  2. You could make a large purchase on the card in the first month and pay off that purchase over the course of 12 months, essentially financing the purchase for free. For example, you might buy a new set of bedroom furniture for $3,000. That's a payment of $250 a month and NO interest expense. Plus, you earned 3,000 points you can redeem toward rewards, which only enhances your overall savings.

Put Other Benefits of the State Farm Rewards Visa Card to Work

State Farm adds some great perks to its banking and credit card products, and the State Farm Rewards Visa card is not exception. In addition to an easy-to-use rewards process and a great introductory offer, you get access to around a dozen other great benefits as a card holder.

  • Account fraud monitoring lets you shop and swipe with peace of mind knowing that red flags and odd activity on your account will spark State Farm to act on your behalf.
  • Visa is accepted worldwide and at ATMs around the globe.
  • The card works with Apple Pay for increased flexibility in spending.
  • State Farm's banking and credit service lines are available 24/7, and you can access account information via desktop and mobile devices.
  • Being a State Farm Rewards Visa card member gives you access to the company's financial management tools.
  • A number of insurance and warranty services kick in when you pay with the State Farm Rewards Visa card, including:
  • $250,000 in travel accident insurance
  • Assistance services for those who experience emergencies during travel
  • Auto rental collision insurance waiver, which lets you save on added expenses when renting cars
  • Visa's warranty management service
  • Special shopping and travel discounts from Visa that can make rewards travel (or any type of travel) even more cost effective

A Great Card, Especially for State Farm Insurance Customers

The State Farm Rewards Visa card has a lot going for it, with a simple but effective rewards structure and a nice introductory APR offer. Plus, the card comes with no annual fee.

It would be a good card for anyone to hold, but it's an especially nice tool for existing State Farm insurance customers because it lets them put their premium payments to work creating rewards.

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