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Community Leader
Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

State Farm Credit Card

Anyone have, or know anything useful, about this credit card?  My insurance keeps hounding me to apply for it.  Most of my inquiries are going to fall off in September, so I am considering it.
Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: State Farm Credit Card

I was issued this card in Dec. 08 with a 17500 CL. The interest charges for me were 3.99+ prime, or no less than a minimum of 9.9%

 

I like this card because all of my insurance products are through State Farm, low interest rate, good credit line and it gives 1% cash back in "State Farm Dollars" you must apply to any State Farm Insurance Product.

 

It was a good fit for me.

Regular Contributor
hemi961
Posts: 236
Registered: ‎11-05-2008

Re: State Farm Credit Card

I have the rewards version and while I am happy with the company and the service they provide, the rewards are not very remarkable.  Of course in the next few months we might be able to say that about any rewards card.  The interest rate is resonable, I haven't heard of much AA by them and I've always had a good experience when I've called in.  That is more than can be said of a lot of companies, so I would recommend them if you are just looking for another TL.  They pay rewards at a straight 1% and they can only be redeemed at $50 and then only for State Farm Products.  I think you could open a banking account with them and have the money deposited into it, but I've never looked into that. They also have a non-rewards card but I think the interest rate is about the same on either one. 

 

If you are looking for another card they are probably as good as any although I'm not sure that their credit limits are on par with some of the other banks.  

Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: State Farm Credit Card

[ Edited ]

hemi961 wrote:

I have the rewards version and while I am happy with the company and the service they provide, the rewards are not very remarkable.  Of course in the next few months we might be able to say that about any rewards card.  The interest rate is resonable, I haven't heard of much AA by them and I've always had a good experience when I've called in.  That is more than can be said of a lot of companies, so I would recommend them if you are just looking for another TL.  They pay rewards at a straight 1% and they can only be redeemed at $50 and then only for State Farm Products.  I think you could open a banking account with them and have the money deposited into it, but I've never looked into that. They also have a non-rewards card but I think the interest rate is about the same on either one. 

 

If you are looking for another card they are probably as good as any although I'm not sure that their credit limits are on par with some of the other banks.  


This may be an excellent reason in specific to have this card. I thought with all of the insurance products I have with them it might be more likely for a higher CL and maybe less likely to see any significant AA. Dunno yet...time will tell if this remains true. Heretofore not a word on any AA.

Message Edited by plasticman on 08-10-2009 02:57 PM
Regular Contributor
hemi961
Posts: 236
Registered: ‎11-05-2008

Re: State Farm Credit Card

I agree 100% plasticman, I've never had to wonder if a transaction was going to go through when I've used this card.  I applied because I hadn't heard anything bad about them and as I stated I have been happy with them.  They are a good, solid company and I will be keeping their card for a long time.  Congratulations on the excellent credit limit. 
Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: State Farm Credit Card


hemi961 wrote:
I agree 100% plasticman, I've never had to wonder if a transaction was going to go through when I've used this card.  I applied because I hadn't heard anything bad about them and as I stated I have been happy with them.  They are a good, solid company and I will be keeping their card for a long time.  Congratulations on the excellent credit limit. 

Thanks hemi961,

 

I have worked very hard on my credit profile for many years.

 

Incidentally, One of the other reasons I applied with them was because I knew as an insurance company it was highly unlikely they were mired in bad debt resulting from the home foreclosure debacle.

 

Be well.....

 

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: State Farm Credit Card

I have the State Farm Rewards Card.  I never had any problems with it.  I stop using it after the teaser rate ended a year ago at which time I received CLI by request.   I recently used it this past July to make sure it doesn't get close.

 

I won't use it again until October.  I'm juggling 5 different cards to keep usage on them.   

Community Leader
Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: State Farm Credit Card

Thank you everyone for your comments!  Hopefully my scores will improve a little more by the end of September.
Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: State Farm Credit Card

The issuer for this card is State Farm Bank®, F.S.B., Bloomington, Illinois. This could be a very nice card to have.

 

(FSB = Federal Savings Bank)

Established Contributor
Posts: 742
Registered: ‎12-19-2008

Re: State Farm Credit Card

FYI, It is in fact a relatively new product issued by State Farm Bank.

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