State Farm Student Visa Review

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The State Farm Student Visa is geared to students and young adults, which makes it a good fit for consumers who need help building their credit for the first time. The fact you can earn rewards is a nice bonus, and so is the lack of an annual fee.

State Farm® Student Visa® Credit Card

overall rating
3.3
State Farm® Student Visa® Credit Card
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 16.74% - 24.74% variable
Annual Fee $0
Rewards Earning Rate Earn 1 point for every $2 spent on eligible purchases with your State Farm Student Visa, and 3 points for every $1 spent on insurance premium payments, up to $4,000 annually.
Foreign transaction fee (%) 3%
Ratings Breakdown
for Interest
1.9
for Fees
4.2
for Rewards
3.8
for Credit
4.4

Who is This Credit Card Best For?

  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly
    Credit Builder
  • Avatar for Student Persona
    Looks for deals that make a limited budget go further
    Student

Considering this card is available to consumers with limited credit histories, the State Farm Student Visa is a good option for college students who are building credit for the first time. If you’re a State Farm customer with a hefty insurance bill, and you’re looking to build credit while also earning rewards, this card is a good choice.

Pros

  • Easy qualification requirements

  • Rewards with no annual fee

Cons

  • Limited rewards program

  • You need to be a State Farm customer

Pros Explained

  • Easy qualification requirements: You can get approved for this card with a limited credit history, which makes it a good fit for people trying to build credit from scratch.
  • Rewards with no annual fee: The State Farm Student Visa lets you earn rewards as you spend, plus bonus rewards on State Farm insurance premiums. Some rewards cards charge an annual fee, but this one does not. 

Cons Explained

  • Limited rewards program: Earning rewards with no annual fee is a good thing, but the State Farm Student Visa’s rewards program leaves a lot to be desired. You only earn 1 point for every $2 you spend on regular purchases, which puts this card at a real disadvantage when compared to other student credit cards with rewards programs. 
  • You need to be a State Farm Customer: You can only apply for this credit card online if you’re a current State Farm insurance or banking customer. If you’re not, you’ll have to call or visit a State Farm agent to talk over your options. 

Earning Points & Rewards

The State Farm Student Visa gives you the opportunity to earn rewards on all your credit card spending. You’ll earn 1 point for every $2 you spend on regular purchases with this card. You’ll also earn 3 points per $1 on up to $4,000 spent on State Farm insurance premiums each year.

Your points will never expire provided your account is in good standing, which is a net positive. However, this card’s earning scheme is underwhelming when you compare to other student credit cards that offer rewards.

Note

Other student credit cards with rewards offer at least 1 point per $1 (or 1% cash back) on regular purchases. The State Farm Student Visa only gives you half as much. 

Redeeming Rewards

You can redeem rewards earned with this card using the State Farm mobile app or website, or over the phone. When it comes time to cash in your points, you can choose among the following options insurance premiums, State Farm Visa gift cards, merchant gift cards, merchandise, and travel.

You also have the option to gift your State Farm Loyalty points to other rewards account holders, or to transfer points between different State Farm rewards accounts you own. 

How to Get the Most Out of This Card

With the State Farm Student Visa giving out 3 points per $1 when you pay for insurance premiums with your card, it makes sense to maximize this benefit up to the $4,000 annual limit. From there, use this card for all your regular purchases to earn as much in rewards as you can. 

State Farm values its points at 1 cent each. If you were to spend $4,000 on State Farm insurance and another $4,000 on everything else, you’d earn 14,000 points or $140 to use toward the program’s redemption options. When you redeem points for State Farm insurance, your points can be worth more if you meet certain thresholds. For example, if you redeem at least 25,000 points for State Farm insurance, your points are worth 25% more.

Tip

Once you have an established credit history and higher score, you may want to consider pairing this card with another rewards credit card that offers higher rewards on regular purchases. 

State Farm Student Visa Credit Card’s Other Features

  • Rental car collision insurance (secondary to your personal policy)

Customer Experience

While State Farm is known as an insurance company, it also offers its own banking products, including credit cards. State Farm Bank offers a mobile app that lets you monitor your credit card purchases, pay bills, and keep track of rewards. 

State Farm provides multiple ways to contact them for credit card customer service, including online, over the phone, or through regular mail. Unfortunately, the bank has mixed reviews and only 1.5 out of 5 stars from real customers on Consumer Affairs. There are some positive reviews, but the low average rating should cause concern. 

Security Features

The State Farm Student Visa Credit Card comes with standard security features for the industry, including zero fraud liability and account monitoring for fraud. 

Fees

This card’s fees are aligned with industry norms. If you plan to use your credit card outside the United States, you’ll want to watch out for this card’s foreign transaction fee. It will tack on 3% to every credit card purchase you make abroad. 

For State Farm® Student Visa® Credit Card
Compare This Card
See how this card stacks up to the competition
CURRENT CARD
State Farm® Student Visa® Credit Card
overall rating
3.3
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Poor - Excellent
Regular APR (%) 16.74% - 24.74% variable
Annual Fee $0
Rewards Earning Rate Earn 1 point for every $2 spent on eligible purchases with your State Farm Student Visa, and 3 points for every $1 spent on insurance premium payments, up to $4,000 annually.

Our Methodology

  • At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.