State Farm Bank Student Visa Credit Card Review

Review of State Farm Bank Student Visa

state farm 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


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