Table of Contents
State Farm has been operating since 1922, offering insurance, banking and investments. While many people associate State Farm with its insurance products, this company has been expanding its banking products including credit card offerings. However, as of 2022, State Farm has handed over its banking operations and is focused on the other products in its line.
The State Farm Premier Cash Rewards Visa Signature card is offered in partnership with U.S Bank. It is a rewards card with a tiered reward structure that allows you to earn up to 3% cash back on your purchases. However, the card is weighted towards insurance customers, as insurance premium payments are in the top reward category.
This makes this card a good option for those who tend to have insurance costs as a major expense in their day to day spending. The card also has a very broad tier two category including groceries, gas and dining, which makes it ideal for everyday spending.
Rewards Plan
Welcome Bonus
0% Intro
PROS
- High rewards rate
- No foreign transaction fees
CONS
- Annual Fee
- No lounge membership
APR
19.24% to 29.99% variable
Annual Fee
$0
Balance Transfer Fee
3% or $5 (the greater)
Credit Requirements
Good – Excellent
Benefits & Features
Let’s take a look at the main pros of the State Farm card:
- No Annual Fee
While the card has the potential to provide up to 3% cash back, you don’t need to worry about offsetting an annual fee. The State Farm Premier Cash Rewards has no annual fee, which means that all of your cash back can be enjoyed as rewards.
- Auto Rental Collision Damage Waiver
This is an unusual feature for a non travel specific credit card, but when you rent a vehicle with your card, you’ll get this additional protection automatically.
- ID Theft Protection
Cardholders can enjoy ID Navigator Powered by NortonLifeLock as an added benefit.
- Cash Back Bonus
Cardmembers will receive double cash back on the first anniversary of card membership. In simple terms, U.S Bank will calculate what cash back you’ve earned throughout your first year and then match it, up to a $300 cap.
- Cell Phone Protection
If you pay your phone bills with this card, you’ll get up to $600 in damage and theft protection for your cell phone.
- Purchase Protection
When you make eligible purchases using your card, you’ll get 90 days of purchase protection automatically.
- Access to Visa Signature Benefits
Since this is a Visa Signature card, you can gain access to these benefits including 24/7 travel and emergency assistance, concierge services and access to the Visa Signature Luxury Hotel Collection.
Disadvantages
Let’s take a look at the disadvantages of this credit card and see if it’s the right one for your wallet or not.
- Capped Tier One Rewards
The highest cash back category has a reward earnings cap. This is currently set at $4,000 per year. Although this may be sufficient for most users, there are other rewards cards offering similar levels of cash back without an earnings cap.
- Foreign Transaction Fee
If you do want to use the State Farm Premier Cash Rewards abroad, you need to be aware that you’ll get hit with a 3% foreign transaction fee.
- Anniversary Bonus Capped
Likewise, there are other rewards cards that offer a cash back match on your first anniversary, with no limits or caps.
- Limited Additional Perks
Considering you need a good to excellent credit score to qualify for this card, the State Farm Premier Cash Rewards has limited additional perks compared to other cash back cards on the market.
How to Maximize the Card Benefits?
If you’re considering the State Farm Premier Cash Rewards card, you will need to know of the ways to maximize the card rewards to enable you to make an accurate comparison with other card options.
There are several ways that you can maximize the benefits of this card. These include:
- Prioritize insurance premium payments: Since this spending is in the top tier reward category, make sure that you prioritize these payments with your card. Just be aware that there is a $4,000 cap per year. So, if your combined insurance premiums cost more than this cap, you’ll need to consider which ones are a bigger priority to get the maximum cash back.
- Use the card for everyday spending: As the middle reward tier includes grocery shopping, dining, and gas, make sure that you have this card handy for your everyday purchases and use an alternate card for larger one off purchase or booking travel.
- Explore the Visa Signature Benefits: Since there are a decent number of Visa Signature credit cards on the market, many customers tend to overlook the benefits packaged offered with these cards. However, the concierge services can be a great resource if you want to book tickets to an event or concert. Additionally, if you’re planning a vacation, you may find a great accommodation option via the Visa Signature Luxury Hotels collection, which can provide some great perks such as breakfast, and late check out.
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Does It Have a Good Customer Service?
U.S Bank is the issuer for the State Farm Premier Cash Rewards, so if you have any customer service issues or queries, you’ll be dealing with them rather than State Farm. Fortunately, U.S Bank has a fairly solid reputation for its customer services.
As a cardholder, you can access a customer support phone line. However, there is also a comprehensive customer support page on the bank’s website, with answers to frequently asked questions and general information topics.
The bank is also active on social media, which provides additional avenues to speak to a representative if you have a query or concern.
How To Apply For The State Farm Credit Card?
- 1.
You can explore the State Farm credit card option on the main website, but when you click for more details on the Premier Cash Rewards, you will be redirected to the U.S Bank website. This provides you with a more in depth breakdown of the card and its benefits.
- 2.
If you click the “Apply Now” button, you can start the application process. This is a fairly standard process and you will need to provide your personal details, information about your income and your State Farm insurance details.
However, the entire application process is quite straightforward and should take less than five minutes. Once you click submit, U.S Bank will evaluate your application and you should receive an approval decision promptly.
Compare The Alternatives
The State Farm Premier Cash Rewards is a decent chocie if you are looking for a cash back card. However, there are similar cards with great benefits you may want to take a look before applying:
|  |
| |
|---|---|---|---|
American Express EveryDay® Card | Chase Freedom Flex℠ Card | Citi® Double Cash Card | |
Annual Fee | $0
. See Fees & Rates
| $0
| $0
|
Rewards |
1X – 2X
2X points at U.S. supermarkets (up to $6,000 per year, then 1X), 2X points on prepaid rental cars booked through American Express Travel and 1X points on all other purchases
|
1-5%
|
1% – 2%
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
|
Welcome bonus |
10,000 points
10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
|
$200
|
$200
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
|
Foreign Transaction Fee | 2.7%
| 3%
| 3%
|
Purchase APR | 18.24% – 28.24% Variable
| 20.49%–29.24% variable
| 19.24% – 29.24% (Variable)
|
FAQ
State Farm or U.S Bank does not publish a minimum income to qualify for this card. However, you will need a good to excellent credit score.
So, even if your income is a little on the low side, providing you have a good credit history, low debt to income ratio and low credit utilization, you should be able to qualify.
There is no official information on what minimum initial credit limit you can expect with this card. U.S Bank will evaluate your application including your current debt levels and your income to determine your credit limit. There is also no official guidance on when you can qualify for a credit limit increase.
However, a good rule of thumb is to use the card and make your payments on time for at least six months and then speak to a representative to see if you can get a limit increase.
The top reason not to get this card is if you are not a State Farm insurance customer or don’t tend to pay a lot in insurance premiums each month.
Since insurance premium payments are in the highest reward category, if you don’t typically spend a lot, you won’t be able to maximize your rewards and would be better suited with another type of rewards card.
There is no option on the website to apply for pre approval for this card. However, it is possible that State Farm insurance customers may receive a pre approval mailer for this or other State Farm/U.S Bank cards.
Since this card is a U.S Bank credit card, you should not have any problems adding an authorized user to your account. You can do this online, using the app or by speaking to a representative
The card is geared towards those who tend to have hefty insurance payments and want to earn a rebate on these costs. Another unique feature is that the tier two reward category is quite broad, so you don’t need to choose between gas, groceries and dining.
Those who have State Farm insurance and tend to pay a lot in a typical month for their premiums. These customers can get the highest cash back and also have the flexibility to earn rewards on everyday spending.
As the card is operated by U.S Bank, you can use the U.S Bank website and app, which both provide a decent digital experience.
In most cases, you’ll get an approval decision almost immediately, but in some cases, you may need to wait a day or two for formal approval or denial of your application. Upon approval, you can expect to receive your new card in 7 to 10 days.
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