05-05-2012 08:50 AM
i got a preapproval letter in the mail. does anyone know if this card is worth it?
Depends on what's important to YOU in a credit card, more than anything. How do you define 'worth', in a CC? Rewards? Low APR? No annual fee? Etc.?
Once you've established that in your own head, you probably can just review the terms, etc., on this card, see how well they match your criteria for a CC, and determine fairly quickly whether or not it'll be worth your apping for it. That's what I do, anyway.
05-05-2012 10:12 AM
05-05-2012 11:28 AM
no negatives. just inquiries
I believe they are INQ sensitive.
05-05-2012 12:09 PM
I've had one for a few years now, they are nothing special in terms of rewards. I think it pays 1% and can only be redeemed once you get to $50 or $100, I can't remember which, and then only to pay your insurance or deposit into a State Farm Bank account. I'm a little hazy on the terms as I've only redeemed cash back once since I've had it and probably never will again as I have cards that pay more than 1% on just about everything I buy. Having said that, they are a very good company and I haven't heard of them taking AA on anyone. My interest rate is in the 8% range but again I don't remember exactly as I've never paid them any interest. If you are looking for a good company and just another card to give you more available credit it's a good card, otherwise it's not anything to get excited about.
05-06-2012 03:57 PM
This card is pretty hard to be approved for; are all of your reports clean with no negative remarks?
I was approved for the Platinum Rewards Visa with a BK on record (6 years old). TU score given was 719 (IIRC, it was TU03 Enhanced FICO).
Rewards are 1% for everything except 2% for State Farm Insurance payments in the first year.
05-06-2012 04:28 PM
I don't think it's worth it. And I'm not just saying that because I dislike State Farm. Haha.
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