Mr Credit CardReview of State Farm Bank Student Visa
Summary - The State Farm Bank student visa is a basic student credit card that comes with some Visa Rewards. One of the interesting feature is that it has a slightly lower apr than most student credit cards. Find out more...
Fees and Rates - There is no annual fee and the apr is either prime rate plus 8.99% which cannot go below 13.99%, or prime rate plus 16.99%. The apr is (at P+8.99%) is 1% lower than the average student credit card apr (pirme rate plus 9.99%). However, it has a floor at 13.99%. The State Farm Bank student visa uses the average balance method (including new purchases) to calculate monthly balances.
You can be given a credit limit of up to $2,500 and will also be eligible for discounts and deals from partner merchants of Visa Student Rewards.
Recommendations - The State Farm Bank Student Visa is a typical student credit card with a slightly lower than average apr. Those looking for a student credit card with a lower apr may want to consider this card. Another card to look at is the Discover Student Credit Card, which also has similar apr, but comes with cash back rewards.
Positives
- No annual fee.
- Lower than average apr
| State Farm Bank Student Visa | |
| Credit Limits | Up to $2,500 |
| Travel and Insurance Benefits | |
| $250,000 Automatic Travel Accident Insurance, Free auto rental insurance | |
| Other Benefits | |
|
Online Account Access Zero liability on unauthorized purchases Warranty Manager |
|
| Cost/Fees/Interest rates | |
| Introductory rate | No introductory apr |
| Annual Fee | No annual fee |
| Purchase APR | Prime Rate plus 8.99% (min 13.99%) |
| Balance Transfer APR | Prime Rate plus 8.99% (min 13.99%) |
| Cash Advance APR | Prime Rate plus 14.99%, (min is 19.99%) |
| Penalty/Default Rate APR | Prime Rate plus 14.99% (min is 19.99%) |
| Minimum Monthly Payments | 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 |