Mr Credit CardState Farm Bank Platinum Rewards Visa Review
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
- No annual fee.
- Earn rebates which can be used towards State Farm financial products
- Rewards can only be redeemed for State Farm's own financial products
Negatives
| State Farm Bank Platinum Rewards Visa | |
| Reward Benefits | |
| State Farm $ Accumulation |
Earn 1% "rebate" for every dollar you spend on your credit card Rebates can be redeemed only for payments on State Farm Bank financial products |
| Credit Limits | Up to $25,000 |
| Caps on Rewards | Earn unlimited rewards |
| Expiration | 5 years |
| Travel and Insurance Benefits | |
| $250,000 Automatic Travel Accident Insurance | |
| Other Benefits | |
|
Online Account Access Zero liability on unauthorized purchases Warranty Manager |
|
| Cost/Fees/Interest rates | |
| Introductory rate | 2.90% for 9 billing cycles (balance transfer) |
| Annual Fee | No annual fee |
| Purchase APR | Prime Rate plus 4.99%, 5.99%, 7.99% or 10.99% |
| Balance Transfer APR | Prime Rate plus 4.99%, 5.99%, 7.99% or 10.99% |
| Cash Advance APR | Prime Rate plus 10.99%, min is 15.99% |
| Penalty/Default Rate APR | Prime Rate plus 14.99% (min is 19.99%) |
| Minimum Monthly Payments |
Greater of 2% of balance plus new account fees or $10.00 Greater of 3% of balance plus new account fees or $10.00 in default mode |
| Min Finance Charge | $0.50 |
| Grace Period | 20 days |
| Balance Calculation Method | Average Daily Balance (including new purchases) |
| Balance Transfer Fee | No balance transfer fee |
| Cash Advance fee | 3% min $5.00 |
| Over-the-credit-limit fee | $29.00 |
| Late Payment fee | $29.00 |