Review of State Farm Bank Platinum Rewards Visa

The State Farm Bank Platinum Rewards Visa was last reviewed on : 8th September 2006

Summary - The State Farm Bank Platinum Rewards Visa is a cash rebate card whereby you can earn cash rebates which can only be used for State Farms' financial products. Hence, customers of State Farm may find this card useful.

Rewards - The State Farm Bank Platinum Rewards Visa is a reward credit card which allows you to earn a 1% rebate in the form of "State Farm Dollars" for every dollar you spend on purchases. You can earn unlimited State Farm dollars and they are valid for five years. However, you can only redeem them for payments towards State Farm Financial Products (eg insurance or mortgage payments or checking account).

Cardholders also get discounts at various partner merchants. (check list below).

For shopping rewards
For travel rewards

Fees and Rates - There is no annual fee. The prime rate is either prime rate plus 4.99%, 5.99%, 7.99% or 10.99%. You get a 2.90% introductory apr for nine billing cycles for balance transfers. The State Farm Bank Platinum Rewards Visa uses the average daily balance method (including new purchases) for calculating balances.

Verdict - The State Farm Platinum Rewards Visa will only appeal to those who have an account with State Farm Bank and who is also using another of their financial products. This is because reward dollars can only be used for payments towards other State Farm Bank financial products. If you do not have any relationship with State Farm, then this card is not for you.

Positives