State Farm Business Cash Rewards card review 2024: Rare business balance transfer offer plus rewards
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BLUEPRINT
Published 5:25 a.m. UTC May 14, 2024
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The State Farm® Business Cash Rewards Visa Signature® Card * The information for the State Farm® Business Cash Rewards Visa Signature® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is a bit of a rarity. It’s one of the only business credit cards that offers an introductory APR on balance transfers. On top of that, it offers cash-back rewards and a $0 annual fee. But is it a good neighbor for your wallet? Find out in our full State Farm Business Cash Rewards Card review.
State Farm Business Cash Rewards card basics
- Annual fee: $0.
- Welcome bonus: None.
- Rewards: 3% cash back on insurance premium payments (up to $4,000 spent annually), 3% cash back at gas stations and electric vehicle charging stations, cell phone service providers, office supply stores and on dining and 1% cash back on all other eligible purchases.
- APR: 0% intro APR for the first 12 billing cycles on purchases and on balance transfers made within 60 days from account opening. After that, a 19.24% to 28.24% variable APR applies. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies.
- Recommended credit score: Good to excellent.
- Does the card offer preapproval? No.
- Other benefits: A $100 annual software subscription credit, up to $200 auto policy deductible reimbursement, up to $600 cellphone protection, up to $5,000 reimbursement for personal identity theft recovery costs and no foreign transaction fees.
State Farm Business Cash Rewards review
If you’re looking to do a balance transfer with a business credit card, State Farm’s Business Cash Rewards Visa Signature Card may be one of your only options. Sure, you can easily find business cards that offer an intro APR on purchases, but the Business Cash Rewards card is one of only a few that offer an introductory APR on balance transfers.
The State Farm Business Cash Card also has a surprising combination of features and perks, from multiple elevated cash-back rewards categories to a $100 annual software subscription credit. The card also has no annual fee and offers reimbursement for certain expenses related to identity theft, your auto policy deductible and cellphone protection.
Despite that, the U.S. Bank-issued card fails to outshine other business credit cards in any particular category. The card doesn’t come with a welcome bonus and you can easily find bigger and more flexible cash-back rewards elsewhere. And while this card is unique in offering an elevated rewards rate on insurance premiums, that’s capped at $4,000 spent annually, then the rate earned drops down to the base rate.
Despite having few competitors in the field of balance transfer credit cards for businesses, the Business Cash Rewards card might not even be the best choice for a balance transfer. While it gives you a 0% intro APR for the first 12 billing cycles on purchases and on balance transfers made within 60 days from account opening. After that, a 19.24% to 28.24% variable APR applies. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies — there’s at least one business credit card, the U.S. Bank Triple Cash Rewards Visa® Business Card * The information for the U.S. Bank Triple Cash Rewards Visa® Business Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , that offers a welcome bonus and a 0% intro APR on qualifying purchases for the first 12 billing cycles, followed by a variable APR of 19.24% to 28.24% on purchases and balance transfers. A balance transfer fee of either 3% of each transfer or $5 minimum, whichever is greater, applies.
Pros
- Introductory APR: Get a 0% intro APR for the first 12 billing cycles on purchases and on balance transfers made within 60 days from account opening. After that, a 19.24% to 28.24% variable APR applies. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies.
- Solid rewards: Earn 3% cash back on insurance premium payments (up to $4,000 spent annually), 3% cash back at gas stations and electric vehicle charging stations, cell phone service providers, office supply stores and on dining and 1% cash back on all other eligible purchases.
- No annual fee: You won’t offset the value of your rewards by paying an annual fee to use the card.
- Purchase protection: The card offers purchase security against theft or damage of items you buy with the card for 90 days after purchase.
Cons
- Restrictive rewards: Certain cash-back rewards categories are capped, and businesses are likely to earn minimal rewards on most spending.
- Limited protection: The card doesn’t come with any travel insurance.
- No welcome bonus: Unlike many business credit cards, this one doesn’t offer a welcome bonus.
State Farm Business Cash Rewards card rewards
Cardholders might find the cash-back rewards on this card both complicated and underwhelming. Here’s how they break down:
- 3% cash back on insurance premium payments (up to $4,000 spent annually).
- 3% cash back at gas stations and electric vehicle charging stations, cell phone service providers, office supply stores and on dining.
- 1% cash back on all other eligible purchases.
Wondering how much you can expect to earn with the State Farm Business Cash Rewards Card? Using government data and other publicly available information, we estimate that a small business in the U.S. could spend around $36,000 a year on this card. Here’s how our sample rewards break down:
| SPENDING CATEGORY | SPENDING AMOUNT | CASH-BACK RATE | CASH BACK EARNED |
|---|---|---|---|
Insurance premiums
| $4,000
| 3%
| $120
|
Gas
| $3,009
| 3%
| $90
|
Cellphone services
| $1,411
| 3%
| $42
|
Office supplies
| $1,104
| 3%
| $33
|
Dining
| $3,526
| 3%
| $106
|
Other
| $22,950
| 1%
| $230
|
TOTAL
| $36,000
| $621
|
In addition to earning an estimated $621 in annual cash-back rewards, you can also get a $100 software credit each year, but only after you pay for an eligible software service subscription directly from a software provider for 11 consecutive months.
Your cash-back rewards for this card can be redeemed in one of three ways:
- Statement credit.
- Deposit to a savings or checking account.
- U.S. Bank Rewards Card ($25 minimum).
Unlike many credit cards, your rewards on this card can expire, but you have up to three years to use them.
State Farm Business Cash Rewards card APR
The State Farm Business Cash Rewards Card gives you a 0% intro APR for the first 12 billing cycles on purchases and on balance transfers made within 60 days from account opening. After that, a 19.24% to 28.24% variable APR applies. A balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, applies. A few other things you’ll want to know:
- Balance transfers from other accounts with U.S. Bank are not permitted.
- Like most credit cards, you can lose your introductory APR if you make a late payment or returned payment, but this also applies if you go over your credit limit.
If you plan to do a balance transfer, you might first want to look at how a balance transfer can affect your credit. After the introductory period, the APR on this card adjusts to 19.24% - 28.24% variable. If your credit qualifies you for the lowest rate, you’ll beat the average credit card APR, which was 22.63% as of March 2024.
State Farm Business Cash Rewards card perks
The State Farm Business Cash Rewards Visa Signature Card lacks some benefits that are common on business cards, but it does come with a few non-standard perks. For example, it offers you reimbursement for:
- Auto deductible: You can get up to $200 of your auto policy deductible reimbursed if you made at least eight purchases with your card in the previous month.
- Cellphone: If you pay your monthly cellphone bill with the card, you can qualify for a reimbursement of up to $600 if your cellphone is stolen or damaged.
- Personal identity theft: If you experience a covered stolen identity event, you can be reimbursed up to $5,000 for expenses incurred while restoring your identity.
State Farm Business Cash Rewards card lacks travel features
If your business involves regular travel, this isn’t the credit card for you.
While the card has no foreign transaction fees, it lacks other travel-friendly features. Of course it’s not a business travel rewards card, so it doesn’t come with luxury perks like lounge access, but it’s also missing protections you might expect from a card issued by an insurance company, like car rental insurance and lost baggage coverage.
How the State Farm Business Cash Rewards card compares to other business rewards cards
If you’re shopping for the best cash-back business credit card or the best business balance transfer card, you may first want to check our guide on how to choose a cash-back credit card. Here’s how some similar options compare.
State Farm Business Cash Rewards card vs. Ink Business Cash® Credit Card
It’s hard to beat the Ink Business Cash card from Chase. When you’re shopping for a business card, you often have to choose among valuable features like an intro APR, cash-back rewards or no annual fee. Like the State Farm Business Cash Card, Ink Business has all three features. Unlike that card, it comes with a generous welcome bonus of $350 after spending $3,000 on purchases in the first three months and an additional $400 after spending $6,000 on purchases in the first six months after account opening.
For balance transfers, you’ll want to go with State Farm’s Business Cash Rewards Card, since the Ink Business Cash’s intro offer only applies to purchases: 0% intro APR on purchases for 12 months, then a variable APR of 18.49% to 24.49% applies to purchases and balance transfers. There's a balance transfer fee of either $5 or 5% of each transfer, whichever is greater. But for other perks, the Ink Business Cash is the clear winner. Cardholders earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, and 1% cash back on all other purchases. Plus, the card comes with an array of travel protections.
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Ink Business Unlimited® Credit Card
State Farm Business Cash Rewards card vs. U.S. Bank Triple Cash Rewards Visa Business Card
The U.S. Bank Triple Cash Rewards Visa Business Card has comparable features to the State Farm Business Cash Rewards Card, but there are key differences. Although the Triple Cash Rewards Business card comes with a welcome bonus of $500 in cash back after spending $4,500 on purchases in the first 150 days of account opening — it might not earn you as much cash back as the State Farm Business Cash Card in the long run, since it doesn’t give you an elevated cash-back rewards rate on insurance premiums. On the other hand, you might prefer the longer introductory APR offer on the Triple Cash Rewards Business card: 0% intro APR on qualifying purchases for the first 12 billing cycles, followed by a variable APR of 19.24% to 28.24% on purchases and balance transfers. A balance transfer fee of either 3% of each transfer or $5 minimum, whichever is greater, applies.
The right card for you will come down to your businesses’ spending habits.
State Farm Business Cash Rewards card vs. The American Express Blue Business Cash™ Card * The information for the The American Express Blue Business Cash™ Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
It’s easy to assume that the card with the highest cash-back rate will earn you the biggest rewards, but that’s not necessarily true. For example, the Amex Blue Business Cash Card (terms apply) earns 2% cash back on all eligible purchases (automatically rewarded via statement credits), up to $50,000 per calendar year, then 1%.
If you spend just $36,000 a year on the card, you’ll earn $720 in cash-back rewards, which beats the $621 we estimate you’d earn if you maxed out the elevated rate on the State Farm Business Cash Rewards Card (see calculation above).
In other words, The American Express Blue Business Cash™ Card * The information for the The American Express Blue Business Cash™ Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. can be a better choice for a business owner who wants simple but lucrative rewards with no bonus categories to track. Plus, you can earn $250 statement credit after spending $3,000 in purchases in the first three months of card membership and get a 0% intro APR on purchases for the first 12 months, then a 18.49% to 26.49% variable APR.
All information about The American Express Blue Business Cash™ Card has been collected independently by Blueprint.
The State Farm Business Cash Rewards card is right for you if:
- You want a business balance transfer card that also earns cash-back rewards.
- Insurance premiums are a significant expense for your business.
- You have good to excellent (personal and business) credit.
Frequently asked questions (FAQs)
State Farm doesn’t disclose a minimum credit score to qualify for the Business Cash Rewards Card. However, they state that you’ll need good to excellent credit, and that your personal and business credit will be reviewed to determine if you qualify.
State Farm has several cash rewards credit cards that give you cash back for spending on the card. These include the State Farm® Cash Rewards Secured Visa® Credit Card * The information for the State Farm® Cash Rewards Secured Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , the State Farm Premier Cash Rewards Visa Signature® Card * The information for the State Farm Premier Cash Rewards Visa Signature® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. and the State Farm Business Cash Rewards Visa Signature Card.
Yes, you can pay your State Farm insurance bill with a credit card. In fact, if you have the State Farm Business Cash Rewards Card, you can also earn an elevated cash-back rewards rate when you use the card to pay your insurance premiums.
You can use your State Farm cash rewards by applying them as credits toward your account balance, deposited to a savings or checking account or taken in the form of a U.S. Bank Rewards Card (requires a $25 minimum redemption).
*The information for the State Farm Premier Cash Rewards Visa Signature® Card, State Farm® Business Cash Rewards Visa Signature® Card, State Farm® Cash Rewards Secured Visa® Credit Card, The American Express Blue Business Cash™ Card and U.S. Bank Triple Cash Rewards Visa® Business Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
