Last updated on September 21st, 2023
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State Farm® Student Visa®
State Farm® Student Visa®
- 16.74% to 24.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.74% to 24.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 25.99% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- Regular Purchase APR: 16.74% to 24.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 16.74% to 24.74% 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: 25.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- 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
State Farm® Student Visa® 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.
Ideal for Those Who:
- 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
State Farm® Student Visa® Review
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.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
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.
Should You Apply for the State Farm® Student Visa®?
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.
Related Article: What Are the Best Secured Cards for Building Credit?
For more information on establishing credit and credit cards, visit our Comprehensive Credit Cards for Bad Credit Reference Page, featuring the best current credit card offers, detailed advice, and tips to help you build your credit history.