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"State Farm Dollars" can be used to pay insurance premiums, loan payments or to fund investments and savings accounts.
Who the State Farm Crystal Rewards Visa Card Is For
Credit Rating Required
About the State Farm Crystal Rewards Visa Card
Pros
Cons
Rewards
APRs
Fees
State Farm Crystal Rewards Visa Card Review
State Farm Bank has two credit cards that pay rewards that you can use to pay for insurance premiums or loan payments, deposit in a bank account, or add to your investments. The rewards are payable only in "State Farm Dollars" and can't be used for anything else.
Although the State Farm Crystal Rewards Visa card pays higher rewards than the State Farm Platinum Rewards Visa, it charges a stiff $30 annual fee, which doesn't justify the extra rewards you get.
The Crystal Rewards Visa pays you 1% back on your first $10,000 of purchases, 1.5% back on all purchases after that. You earn an additional 0.25% if you use the card to pay for a State Farm insurance premium. You have to earn $50 in rewards before you can redeem them.
One of things I do like about the card, which hardly any other credit cards offer, is the option to pay off large purchases at a low rate for a fixed period. The FixPay option lowers your APR to 5.99% for six months to 7.99% for 36 months. There are minimum purchase requirements: $500 for the six-month term to $2,000 for the 36-month loan. You can also charge insurance premiums for six months at 2.99 percent.
Another good thing: This card offers a 3.9% APR on balance transfers for the first nine months. In addition, there's no balance transfer fee during the first three months you have the card. However, the intro balance transfer rate on the State Farm Platinum Rewards Visa is only 2.9%.
Recommendation
I don't like either of State Farm's rewards credit cards, particularly this one because of the $30 annual fee. Both pay stingy rewards compared to the competition. You have to be a really dedicated State Farm customer or employee to want either of these cards.
There are plenty of cash back credit cards that offer much better cash rewards that carry no annual fee, such as the or the Chase Freedom Card, the Bank of America Accelerated Cash Rewards American Express Card or the Bank of America Cash Rewards Visa Card.
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"State Farm Dollars" can be used to pay insurance premiums, loan payments or to fund investments and savings accounts.
Who the State Farm Crystal Rewards Visa Card Is For
- State Farm customers who want to earn rewards to increase their portfolios or pay insurance premiums.
Credit Rating Required
- Fair to excellent (660+).
About the State Farm Crystal Rewards Visa Card
Pros
- Low rate and no fee on balance transfers for limited time.
- Opportunity to fix some balances at a low APR.
- No limit on rewards earned.
- Rewards can be used to finance insurance premiums, loans or investments.
Cons
- Rewards don't justify the annual fee.
- Card will appeal to State Farm customers only.
- High redemption thresholds.
Rewards
- 1% back on first $10,000 of purchases annually, then 1.5% per dollar.
- 2% back on State Farm insurance premiums charged to the card.
APRs
- 13.24 to 20.24%, depending on your credit history.
- 3.9% on balance transfers for first nine months, then the purchase rate.
Fees
- Annual fee: $30.
- Balance transfer fee: No fee on balance transfers during first three months, then 3% of amount.
- Late payment fee: Up to $35.
- Returned payment fee: Up to $35.
State Farm Crystal Rewards Visa Card Review
State Farm Bank has two credit cards that pay rewards that you can use to pay for insurance premiums or loan payments, deposit in a bank account, or add to your investments. The rewards are payable only in "State Farm Dollars" and can't be used for anything else.
Although the State Farm Crystal Rewards Visa card pays higher rewards than the State Farm Platinum Rewards Visa, it charges a stiff $30 annual fee, which doesn't justify the extra rewards you get.
The Crystal Rewards Visa pays you 1% back on your first $10,000 of purchases, 1.5% back on all purchases after that. You earn an additional 0.25% if you use the card to pay for a State Farm insurance premium. You have to earn $50 in rewards before you can redeem them.
One of things I do like about the card, which hardly any other credit cards offer, is the option to pay off large purchases at a low rate for a fixed period. The FixPay option lowers your APR to 5.99% for six months to 7.99% for 36 months. There are minimum purchase requirements: $500 for the six-month term to $2,000 for the 36-month loan. You can also charge insurance premiums for six months at 2.99 percent.
Another good thing: This card offers a 3.9% APR on balance transfers for the first nine months. In addition, there's no balance transfer fee during the first three months you have the card. However, the intro balance transfer rate on the State Farm Platinum Rewards Visa is only 2.9%.
Recommendation
I don't like either of State Farm's rewards credit cards, particularly this one because of the $30 annual fee. Both pay stingy rewards compared to the competition. You have to be a really dedicated State Farm customer or employee to want either of these cards.
There are plenty of cash back credit cards that offer much better cash rewards that carry no annual fee, such as the or the Chase Freedom Card, the Bank of America Accelerated Cash Rewards American Express Card or the Bank of America Cash Rewards Visa Card.
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