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Last updated on March 26th, 2021
State Street Visa Rewards Credit Card
Enjoy a Great Fixed Rate and Intro APR
- Regular Purchase APR 10.25% variable based on the Prime Rate
- Balance Transfer APR 10.25% variable based on the Prime Rate
- Cash Advance APR 10.25% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 3.99% for 12 months from account opening date
- Processing Network Visa
- No annual fee
- Earn SCORECard rewards with every purchase
- Redeem rewards from as low as 500 points
- Visa travel protections
- Intro Purchase APR: 3.99% for 12 months from account opening date
- Regular Purchase APR: 10.25% variable based on the Prime Rate
- Intro Balance Transfer APR: 3.99% for 12 months from account opening date
- Balance Transfer APR: 10.25% variable based on the Prime Rate
- Cash Advance APR: 10.25% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 1% of the amount of the cash advance, whichever is greater
- Foreign Transaction Fee: Up to 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
At a Glance
The State Street Visa Rewards is a no-nonsense, straightforward rewards card that handles everything in moderation. The card earns a single point for every dollar spent in the SCORECard Rewards Program, with over 86,000 different redemption options to choose from. The card also features a highly competitive APR, plus a special 3.99% intro APR on purchases, balance transfers, and cash advances for the first 12 months – all for no annual fee.
Ideal for Those Who:
- Live in Western Illinois or Eastern Missouri
- Already bank with State Street Bank
- Want a credit card that works well no matter what
- Don’t want to pay an annual fee
State Street Visa Rewards Card Review
State Street Bank might not be the most familiar name to many, but it is a trusted name in Western Illinois, with three branches in Quincy and one in nearby Payson. The bank currently only offers one personal credit card, the State Street Visa Rewards Card.
A Competitive APR and One Year Introductory Period
The Visa Rewards Card isn’t a flashy credit card by any means, but it is a reliable rewards card that earns basic points while offering a competitive, fixed APR on purchases, balance transfers, and cash advances.
The low APR is fixed at the Prime Rate +7%, which is a very competitive rate that is over 3% lower than the national average for credit card interest rates. This low rate is further boosted by a special introductory rate on all these transactions for the first year of 3.99%.
The SCORECard Rewards Program is a popular rewards program used by many smaller banks and credit unions, and State Street is no different. Every purchase with the card earns a single point per dollar spent, with points redeemable for a variety of rewards, including:
- Statement credits
- Cash back
- Gift cards from a variety of major retailers
- Travel rewards, like flights, hotels, and car rentals
- Merchandise from major retailers and designers
- Charitable donations
Redemptions in the program start as low as 500 points, which means that you don’t have to wait long to start enjoying potential rewards. That’s not to say that 500 points will get you much, but it is at least a sign that you don’t need to save up a million points to get a one-way flight from Chicago to Minneapolis.
Points expire after five years, which while not great, is more than other programs which expire after three years. While the best scenario would be no points expiration date, five years is still enough time to build up a healthy haul of rewards.
Savings at BP Gas Stations
One of the excellent features of the SCORECard program is cardholders can use their savings at BP stations. All you need to do is swipe your card at the pump and the pump will display your savings options, which include using your rewards points. Two thousand points equal $0.50 per gallon in savings, which can quickly add up when using your card to fill up on your morning commute.
Visa Security and Protection
As the State Street Rewards Card is a Visa credit card product, it comes with the typical perks and protections that entails. Cardholders can expect purchase protection and fraud liability coverage through Zero Fraud Liability.
One of the nice things about Visa cards is that they have near worldwide acceptance. Visa is the most widely -accepted credit card payment network in the world, meaning that no matter where you plan to use your card, it’ll probably be taken without any hesitation.
Of course, the State Street Visa Rewards Card charges a foreign transaction fee which means you’ll have to pay a fee of up to 1% of the transaction in U.S. dollars when suing the card afield. Not having no foreign transaction fees is undoubtedly a letdown but compared to many other cards that also feature a fee when using the card abroad and up to 1% isn’t too bad. Many cards that do charge a foreign transaction fee have a fee of about 3% to 4%.
Should You Appy for the Visa Rewards Card from State Street Bank?
isn’t a particularly inspiring rewards credit card, but for those who currently bank with State Street Bank or live in Western Illinois, it is a reliable all-around credit card for everyday life.
Like other credit cards from smaller issuers, the card is a sensible mix of a balance transfer card, a low APR card that can handle both everyday and unexpected larger purchases, and a simple rewards card. All of these tasks are handled effortless, and while none of the features of the card are spectacular in their own right, they combine to make a decent tool for your everyday life.