Credit Cards » Credit Card Reviews » State Farm Premier Cash Rewards Visa Signature Card Review
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State Farm Premier Cash Rewards Visa Signature Card Review

Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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.

State Farm Premier Cash Rewards Visa Signature® Card
State Farm Premier Cash Rewards Visa Signature® Card

Rewards Plan

1-3% cashback 3% cash back on the first $4,000 in spending on insurance premiums from eligible providers, 2% cash back on dining, at gas stations, drugstores and grocery stores and 1% cash back on all else and thereafter

Welcome Bonus

None None

0% Intro

None

PROS

CONS

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:

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.

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.

Cardholders can enjoy ID Navigator Powered by NortonLifeLock as an added benefit.

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.

If you pay your phone bills with this card, you’ll get up to $600 in damage and theft protection for your cell phone.

When you make eligible purchases using your card, you’ll get 90 days of purchase protection automatically.

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.

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.

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.

Likewise, there are other rewards cards that offer a cash back match on your first anniversary, with no limits or caps.

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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Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

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Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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?

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.

applying to the state farm card - step 1

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 review 2021

Chase Freedom Flex

citi double cash

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% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
1% – 5% 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 bonus after you spend $500 on purchases in the first 3 months from account opening
$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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Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

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Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

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Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

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Welcome Bonus:
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.