Our Verdict
We’re not impressed with the State Farm Business Cash Rewards Visa Signature® Card*. The card might make sense for small businesses with hefty insurance premiums and not much spending outside of specific categories, but in most other cases, there are better business cards out there.
Pros
- No annual fee
- 3% cash back earned in a variety of categories
- Auto deductible reimbursement up to $200
Cons
- No welcome offer
- Limited redemption options
Highlights
- Earn 3% cash back on insurance premium payments, up to $4,000 annually
- Earn 3% cash back at gas stations, cell phone service providers, office supply stores and on dining, including takeout and food delivery service purchases
- Earn 1% cash back on all other eligible purchases
- $100 annual software subscription credit
Introduction
The State Farm Business Cash Rewards Visa Signature® Card* doesn’t check those boxes we hoped to see, and it isn’t likely to earn the greatest cash back. While the card does provide purchase protection and an auto deductible reimbursement, it falls short of offering auto rental collision coverage, trip insurance, lost baggage coverage or any other type of travel coverage many business credit cards promise.
The card does offer 3% cash back on insurance premium payments, up to $4,000 spent annually, 3% cash back at gas stations, cell phone service providers, office supply stores and on dining, including takeout and food delivery service purchases and 1% cash back on all other purchases. It’s not the best rewards card option out there, but it may work if your business spending is high in these categories.
The benefits aren’t awful. With cellphone protection, purchase protection and ID theft protection, the card’s benefits are appropriate for an insurance company co-branded card but fall short of what business owners can find elsewhere.
Featured Partner Offers
Quick Facts
- 3% cash back on insurance premium payments, up to $4,000 spent annually, 3% cash back at gas stations, cell phone service providers, office supply stores and on dining, including takeout and food delivery service purchases and 1% cash back on all other purchases
- $100 software subscription credit on eligible products after 11 months of consecutive service
- ID theft protection with Norton LifeLock
- Cellphone protection and purchase protection benefits
State Farm Business Cash Rewards Credit Card Rewards
Earning Rewards
The State Farm Business Cash Rewards Visa Signature® Card* earns cash back at a rate of 3% cash back on insurance premium payments, up to $4,000 spent annually, 3% cash back at gas stations, cell phone service providers, office supply stores and on dining, including takeout and food delivery service purchases and 1% cash back on all other purchases.
Rewards are earned automatically. Rewards expire after three years at the end of the calendar quarter in which they were earned.
Redeeming Rewards
Cashback with the State Farm Business Cash Rewards Visa Signature® Card* is redeemed as a statement credit, deposit to a savings or checking account or as a U.S. Bank Rewards card starting at a minimum redemption of $25.
Rewards Potential
Forbes Advisor uses data from various government agencies to determine both baseline income and spending averages across various categories. We base our sole proprietorship or small business numbers on the 70th percentile of wage earners who bring in $116,000 annually and spend about $36,177 on credit cards.
| State Farm Business Cash Rewards Visa Signature® Card* Rewards Potential | |||
|---|---|---|---|
|
Category
|
Earning Rate
|
Estimated Annual Spend
|
Estimated Annual Earnings
|
|
Insurance premium payments (up to $4,000 annually)
|
3%
|
$3,433
|
$102.99
|
|
Restaurants, gas stations, cellphone service, office supply stores
|
3%
|
$10,264
|
$307.92
|
|
All other purchases
|
1%
|
$22,480
|
$224.80
|
|
Total: $635.71
|
|||
Annual earnings could reach $635.71 for card members, but remember, redemption options are pretty limited.
0% Introductory Rates
The State Farm Business Cash Rewards Visa Signature® Card* offers 0% intro APR on purchases and balance transfer for the first 12 billing cycles, then a standard APR of 19.24% - 28.24% variable applies. Balance transfer fee of 3% of the amount of each transfer, $5 min. applies.
For balance transfers, cardholders can get a 0% introductory APR for the first 12 billing cycles for balances transferred within 60 days from account opening.
Other State Farm Business Cash Rewards Card Benefits
- Cellphone protection. Up to $600 in theft and damage protection if the phone bill is paid with the card
- Personal ID theft protection. Up to $5,000 in coverage for expenses in restoring identity after it’s been stolen
- Purchase security. 90 days of protection is automatically guaranteed when eligible purchases are made with the card
- $100 software subscription credit. A $100 allowance for software subscriptions after 11 consecutive months of eligible software subscription charges to the card
Fine Print
Interest Rates
- Regular APR: 19.24% - 28.24% variable
- Purchase intro APR: 0% introductory APR for the first 12 billing cycles
- Balance transfer intro APR: 0% introductory APR for the first 12 billing cycles for balances transferred within 60 days from account opening
Fees
- Annual fee: $0
- Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
- Foreign purchase transaction fee: 3% of each foreign transaction
How the State Farm Business Cash Rewards Credit Card Stacks Up
State Farm Business Cash Rewards Visa Signature® Card* vs. Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card offers 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 and 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases. Based on your spending habits, these rewards may or may not be better than the State Farm Business Cash Rewards Visa Signature® Card* for your particular business.
The additional benefits of the Ink Business Cash are fairly comparable to the State Farm Business card, with similar purchase protections. In addition, extended warranty protection, auto rental collision damage coverage and travel emergency services are among the perks available with the Ink Business Cash. The Ink Business Cash® Credit Card wins this comparison on its extra rewards alone. Although we suspect that for most businesses, it’ll win cash rewards, too.
It also gains a significant advantage with its welcome bonus: $350 bonus cash back 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.
State Farm Business Cash Rewards Visa Signature® Card* vs. Ink Business Unlimited® Credit Card
Chase’s Ink Business Unlimited® Credit Card is likely to be better for most businesses because of its unlimited 1.5% cash back rewards on every business purchase, you’re not limited to certain categories.
The Ink Business Unlimited has a solid welcome offer: $750 bonus cash back after spending $6,000 on purchases in the first 3 months from account opening. The generous welcome offer helps it beat the State Farm Business Cash, but for those with specific spending patterns that fit the State Farm Business Cash card’s 3% categories, the latter card may be the more rewarding choice.
State Farm Business Cash Rewards Visa Signature® Card* vs. The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card offers a 0% intro APR on purchases for 12 months from the date of account opening, then a 18.49% - 26.49% variable APR applies (Terms apply. See rates & fees), but the reason it easily beats the State Farm Business Cash Rewards Visa Signature® Card* in nearly all cases is that The American Express Blue Business Cash™ Card earns 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%.
The Blue Business Cash Card offers benefits similar to the State Farm Business Cash Rewards Visa Signature® Card*, including purchase protection¹. But you’ll also receive an array of business-friendly perks like auto rental collision damage waiver² and specialized Amex Offers like presale tickets and access to exclusive events. The Blue Business Cash card is the likely winner for most small businesses that spend under $50,000 per year.
Is the State Farm Business Cash Rewards Visa Signature Credit Card for You?
The State Farm Business Cash Rewards Visa Signature® Card* leaves us wanting more. The card could be a fit for businesses with high insurance premiums and not much extra spending outside of gas stations, office supply stores and cellphone service providers. If that’s not the case for you, it’s likely that another business card with higher earning potential will better suit you and most small business owners.
Find the Best Business Credit Cards of 2024
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
To view rates and fees for The American Express Blue Business Cash™ Card please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
²Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
*The information for the following card(s) has been collected independently by Forbes Advisor: State Farm Business Cash Rewards Visa Signature® Card. The card details on this page have not been reviewed or provided by the card issuer.
