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State Farm® Student Visa®

  • Regular Purchase APR   17.24% to 25.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR  17.24% to 25.24% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR  26.49% variable based on the Prime Rate
  • Annual Fee  None
  • Credit Needed  Good , Fair , Poor
  • Processing Network Visa

Best Benefits
  • No annual fee
  • Earn 3 points for every $1 spent on insurance premium payments
  • Earn 1 point for every $2 spent on eligible purchases
  • Earn rewards while building credit
Rates & Fees
     Intro Purchase APR: N/A
     Regular Purchase APR: 17.24% to 25.24% variable based on creditworthiness and the Prime Rate
     Intro Balance Transfer APR: N/A
     Balance Transfer APR: 17.24% to 25.24% variable based on creditworthiness and the Prime Rate
     Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
     Cash Advance APR: 26.49% variable based on the Prime Rate
     Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
     Penalty APR: None
     Annual Fee: None
     Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
     Late Payment Penalty Fee: Up $38
     Return Payment Penalty Fee: Up to $38
     Over Limit Penalty Fee: None
     Minimum Deposit Required: N/A
     Credit Needed: Good , Fair , Poor

 

At a Glance

The State Farm® Student Visa® credit card is an unsecured student credit card from State Farm Bank. The card rewards students for building their credit by offering 3 points for every dollar they spend on insurance premium payments, and 1 point for every $2 spent on all other purchases using the card. Rewards from State Farm® vary from gift cards with retailers, airlines, magazines, and more to discounts on State Farm® products and services. The card also features a competitive APR – especially for students with good credit – and no annual fee.

The Gist

The State Farm® Student Visa® is a reward credit card designed with the credit savvy student in mind. The card helps students build their credit while offering rewards for their everyday spends – as well as their monthly bills. Like the State Farm® Rewards Visa®, the card earns triple points (3 points for every dollar spent) when paying monthly insurance premiums, but as it is a student card, it offers only a ½ point for all other dollars spent on the card, rather than the 1 point per dollar of the full-fat Rewards card.

Unlike many cards geared towards students, such as secured credit cards, the State Farm® Student Visa® has no annual fee. It also offers a reasonably competitive APR for those with excellent credit, while those with less than stellar credit can expect an APR in the mid-20 percentage range. The actual APR, however, will vary based on the creditworthiness of the applicant, as well as the Prime Rate.

Points in the State Farm® Rewards Program are redeemable with money off from State Farm® purchases, gift cards from a variety of popular retailers, airlines, hotels, magazines, and more, or as a transferrable gift to friends and family with a State Farm® Rewards Program account.

One of the nice features of the State Farm® Student Visa® is the ability to earn rewards while building credit. The ability to earn triple rewards for using the card to pay monthly insurance expenses is another great feature – helping to promote financial responsibility and prompt payments through rewards.

Overall, the State Farm® Student Visa® is a very good card for students that want to earn rewards while learning the ropes of financial responsibility. With no annual fee and plenty of great redemption options for points, it may not be the flashiest card on campus, but what it does, it does well.

Apply for This Card If You:

  • Are a student looking to build a positive credit history
  • Don’t want to waste your money on an annual fee
  • Want to earn rewards for your spends

 

Editorial Disclosure — The opinions expressed on BestCards’ reviews, blogs, and all other content on or relating to the website are solely those of the content’s author. They are not reflective of any card issuer or financial institution and have not been reviewed or approved by these entities unless otherwise noted. Further, BestCards lists credit card offers that are updated daily with information believed to be accurate to the best of our knowledge.

Published: September 5, 2019 8:22 am

Advertiser Disclosure – BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.