Review of State Farm Bank Student Visa



The State Farm Bank Student Visa was last reviewed on : 28th March 2005

Summary - The State Farm Bank student visa is a basic student credit card. There is no annual fee and the apr is prime rate plus 8.99% which cannot go below 13.99%. The State Farm Bank student visa uses the average balance method (including new purchases) to calculate monthly balances. The apr is 1% lower than the average student credit card apr (pirme rate plus 9.99%). However, you have to note that this credit card use the daily periodic rate rather than the monthly periodic rate to calculate your finance charges.

You can be given a credit limit of up to $2,500 and will also be eligible for discounts and deals from partner merchants of Visa Student Rewards.

The State Farm Bank Student Visa is a basic no annual fee student credit card with a slightly lower than average apr. However, the use of a daily periodic rate means your effective interest rate is higher than if a monthly periodic rate is used.

Positives

  • No annual fee.
  • Allowed to miss two payments before default rate kicks in


Negatives
  • Use of daily periodic rate rather than monthly periodic rate


State Farm Bank Student Visa
Credit Limits Up to $2,500
Other Benefits
Online Account Access
Zero liability on unauthorized purchases
Warranty Manager
Cost/Fees/Interest rates
Introductory rate No introductory apr
Annual Fee No annual fee
Purchase APR Prime Rate plus 8.99% (min 13.99%)
Balance Transfer APR Prime Rate plus 8.99% (min 13.99%)
Cash Advance APR Prime Rate plus 14.99%, (min is 19.99%)
Penalty/Default Rate APR Prime Rate plus 14.99% (min is 19.99%)
Minimum Monthly Payments Greater of 3% of balance plus new account fees or $10.00 in default mode
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee No balance transfer fee
Cash Advance fee 3% min $5.00
Over-the-credit-limit fee $29.00
Late Payment fee $29.00



Go to the student credit card directory to browse through more low apr credit cards.

If you already have this credit card, and want to comment on it, you can post your review

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