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State farm rewards card

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Got an offer in the mail, pre-approved. Anyone have one? Nothing about it seemed special, but thought I'd ask here, in case I missed something 

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There was a very lengthy thread here many years ago...card left much to be desired unless you were a State Farm customer, and even then, it was not much to write home about.  As I recall, many reported them being stingy with limits and line increases.  Hard pulls for a line increase as memory serves...

 

I doubt much has changed.

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I have State Farm homeowners insurance. I've thought about State Farm Bank but never applied for any accounts. I can't think of anything this online bank has that is compelling. Since I'm thinking about another bank I may want an account with, plus I might go for the Apple/Goldman Sachs MasterCard this summer, I don't want to hit my credit reports and ChexSystems with any more new account activity.

Edited by Burgerwars

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I still have one of their cards. I think I got one CLI years ago. Other CLI attempts have been denied due to lack of use. I think my limit is $3k. 

 

On in the positive side, they do occasionally have special casback offers and decent BT offers.  I recently used a no fee, 3.9% interest BT offer. I paid it off before the statement cut and was charged no interest.

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I bit the bullet and applied for the State Farm Bank Good Neighbor Visa credit card.  I already have State Farm homeowner's insurance and a State Farm Bank checking account.  After applying I got a message that my application was being reviewed.  A bit later, on the same day, I logged onto State Farm (you have one user ID for insurance and banking) and I saw a message on top that my credit card application has been approved.  I don't know my limit, but will know when my card arrives in about 7 business days.  For the credit card, they did a hard TransUnion inquiry.  To open the checking account, there's no hard credit inquiry, but they probably did a Chexsystems.  To apply for the credit card, you already need to be a State Farm insurance or bank customer.  

 

 

Edited by Burgerwars

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3 hours ago, Burgerwars said:

I don't have the card yet but do see the account and limit when I log onto State Farm.  It's $14K.

They have gotten more generous...I don't recall many with five-figure starting limits during the last SF craze...

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2 hours ago, centex said:

They have gotten more generous...I don't recall many with five-figure starting limits during the last SF craze...

I'm thinking limits get more generous with income.  I don't usually post my income, but it's north of $100K.  My FICO is north of 800.  Also, my mortgage has been paid in full (I finished paying it off a couple years ago).  This stuff helps with higher limits.   There were three inquiries on my TransUnion in last year (now four with State Farm).  Two were from an auto lease,  The other is from the Apple Card.  

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1 hour ago, Burgerwars said:

I'm thinking limits get more generous with income.  I don't usually post my income, but it's north of $100K.  My FICO is north of 800.  Also, my mortgage has been paid in full (I finished paying it off a couple years ago).  This stuff helps with higher limits.   There were three inquiries on my TransUnion in last year (now four with State Farm).  Two were from an auto lease,  The other is from the Apple Card.  

There were several in the SF wave years ago who were well into six-figures and were not given the line respect one might have expected.  I believe your starting line is higher than I got and, at the time, I can tell you I had reported more than you show...I didn't have a mortgage on any of the properties, so cannot say how that may or may not have factored...

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My State Farm Good Neighbor card just arrived, and I just broke in that shiny new card at Starbucks.  It's not metal (I didn't expect that), but silver with the red State Farm logo and name.  There's a mostly red rewards points credit card, but I chose the silver Good Neighbor card (no points, but a lower interest rate).  The only reason I chose the Good Neighbor card is because my State Farm checking debit card is red.  I didn't want two red State Farm cards.  Maybe a dumb reason, but that's me.  ;) 

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I've had an SFB card for a long time, I had their renter's insurance and may have also had their auto insurance at the time.  There was a 24-month intro APR of 2.9% which is why I accepted the offer.  Have never received an auto CLI (never asked for one either); limit is still $3K.

 

So I'd recommend it only if they're offering an attractive BT deal that you have use for.

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