Last updated on February 24th, 2023
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State Farm Business Cash Rewards Visa Signature® Card
State Farm Business Cash Rewards Visa Signature® Card
State Farm Business Cash Rewards Visa Signature® Card
- 19.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months Intro Purchase APR
At a Glance
The State Farm Business Cash Rewards Visa Signature® Card is an excellent rewards and low APR credit card for businesses that prioritize savings over frequent flyer miles. The card earns 3% back on a wide selection of categories and offers two 0% intro APR periods – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3% cash back on insurance premium payments, up to $4,000 spent annually
- 3% cash back at gas stations, cell phone service providers, office supply stores and on dining
- $100 annual software subscription credit
- No annual fee
- Intro Purchase APR: 0% for 12 months
- Regular Purchase APR: 19.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months for balances transferred within 60 days from account opening
- Balance Transfer APR: 19.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
- Penalty APR: 32.49% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of each foreign transactio
- Late Payment Penalty Fee: $40
- Return Payment Penalty Fee: $40
- Over Limit Penalty Fee: $40
- You spend heavily on software
- You plan to issue multiple employee cards to maximize rewards
- You want to save on gas, office supplies, dining, and insurance premium payments
- You do't want to pay an annual fee
State Farm Business Cash Rewards Visa Signature® Card Review
The State Farm Business Cash Rewards Visa Signature® Card is a versatile business rewards credit card from State Farm and U.S. Bank. The card offers a variety of great features, including 0% intro APR and cash back on every purchase – all for no annual fee.
0% Introductory APR
A business card that provides 0% introductory APR is always a welcome sight, so one with two interest-free periods is even more enticing. The Business Cash Rewards Visa comes with 0% introductory interest on both purchases and balance transfers for the first 12 months.
Once that no interest period ends, companies can anticipate a very competitive rate. Since the average APR of a business credit card is around 18%, the Business Cash Rewards Visa Signature rate is approximately four percentage points below what companies can typically expect from their credit cards (provided they have excellent credit scores). While the higher end of the APR range reaches the 22% level, it is still competitive.
Earn Enhanced Cash Back on Select Purchases
The State Farm Business Cash Rewards Visa Signature® Card is, at its heart, a cash back card for businesses that work with State Farm. As such, the card earns its best reward rate through insurance companies.
The card earns 3% cash back on insurance premium payments, up to $4,000 annually. Interestingly, this cash back category applies to any merchant code classified as “insurance” and not just State Farm insurance premiums. Still, the card is undoubtedly aimed at the State Farm crowd.
Beyond the 3% back on insurance premiums, the Business Cash Rewards from U.S. Bank and State Farm also earns 3% back a wide array of other bonus categories, including:
- Gas stations (note: purchases over $200 do not count towards this bonus category)
- Cell phone service providers
- Office supply stores
- Dining, including takeout and food delivery services (an essential feature in a coronavirus landscape)
All other purchases with the State Farm Business Cash Rewards Visa Signature® Card earn 1% back.
How to Redeem Rewards
Cash back with the State Farm suite of credit cards from U.S. Bank is redeemable in two ways: in the form of a statement credit or a deposit made to a savings or checking account or as a U.S. Bank Rewards prepaid card. The prepaid cards require a $25 minimum redemption.
$100 Software Statement Credit
The State Farm Business Cash Rewards Visa Signature® Card also comes with a $100 statement credit towards software purchases – albeit with a major caveat.
Companies receive the $100 credit after making 11 consecutive months of eligible software purchases with their Business Cash Rewards Card. Additionally, those purchases must be made directly with the software provider.
While this $100 statement credit isn’t the biggest discount, it is still a discount that can save smaller companies money at the end of a fiscal year.
Other Card Features
Other notable features of the State Farm Business Cash Rewards Visa Signature® Card include:
- Cell phone protection of up to$600 for the primary account holder and any employee issued an employee card
- Extended warranty protection on eligible U.S-manufacturer warranties
- Visa Zero Fraud Liability and purchase security
- Auto rental collision damage waiver
- 3% foreign transaction fee
Should You Apply for the State Farm Business Cash Rewards Visa Signature® Card from U.S. Bank?
Overall, the State Farm Business Cash Rewards Visa Signature® Card is a solid offer for businesses that want to save when they pay their insurance premiums. The card offers exceptional value there, as well as its other bonus categories: dining, gas, office supplies, and cell phone service providers.
While the $200 limit on gas station purchases is frustrating, the rewards cap isn’t noticeable for most business travelers. Additionally, the $100 statement credit frustrates because of the 11-month purchase requirement, but $100 is still $100.
It’s the 0% introductory APR periods that are the real gems with the card. Both periods offer exceptional value – and make the card’s no annual fee even more tempting. If your company wants to save on monthly premiums – and pay off a balance, check out the Business cash Rewards.
