State Farm Bank mailed three convenience checks with no transaction fee. It said that these Convenience checks have no transaction fees. The variable interest rate for these checks is your cash advance rate and interest will begin to accure the day the checks is posted. The rate on these checks is higher than the rate charged for credit card purchases with your State Farm Bank credit card but it is lower than convenience check rates charged by many other issuers. I think it is still higher than Citibank, Discover,BofA that they offer 5.9% or 6.9% with no fee. Platinum or Classic Visa® Annual Percentage Rate (APR) for Purchases 11.65% Other APRs Cash advance APR: 12.74% Penalty APR: 16.75%. See explanation below.* Variable-rate information Your APR for Purchase and Balance Transfers may vary. The Purchase rate (which includes Balance Transfers) is determined monthly by adding 6.90% to the Prime Rate** for Preferred Pricing (with a minimum APR of 9.99%) and by adding 12.00% to the Prime Rate**for Standard Pricing.* The Cash Advance rate is determined monthly by adding 7.99% to the Prime Rate ** for Preferred Pricing and by adding 12.00% to the Prime Rate ** for Standard Pricing.* Grace Period for repayment of balances for purchases 25 days Method of computing the balance for purchases Average daily balance (including new purchases). Annual Fees None Minimum finance charge $.50 Transaction fee for purchases None Transaction fee for cash advances: 2% of amount of advance ($2 minimum, $50 maximum) Balance transfer fee: None Late-payment fee: $25.00 Over-the-credit-limit fee: $25.00*** Ron.
Ron: Didn´t they send you some bal transfer checks or form to transfer a balance from your others cards? I have heard that the rate is 3.9% for six months.
Geo, They sent me no BT checks and it is convenience checks. It said the rate reffered to your card agreement. I looked at the websites the APR is 12.74%. It is no good deal even there is no transaction fee. AT&T Universal offer me 5.9% BT unitl the balance paid off. Did they approved you a State Farm Bank Platinum Card? I didn't know 3.9% intro for 6 months. Is 3.9% intro APR for purchases or cash advance or balance transfer? Ron.
Ron, I got those same checks in my mail today. I wouldn't use them fot BTs though. For those you have to call them or use the form on their website. The BT rate they qouted me was 3.9%.
DaveLV, I'm not sure what's the rate and I'm going to use it anyway. The paper said that it referred to the card agreement and I assumed it is 12.74%. May be they quote you that if they were wrong and it's going to hit you high rate. Nowhere they told me 3.9% intro on their card agreement that sent with the card. BTW, I don't have anything to transfer or purchases. Thanks for your reply. Ron.
To be clear: Cash advances (and the checks we got in the mail today) are 12.74% no grace period. Purchase APR is 11.65%, 25 day grace period. Their BT offer is 3.9% for six billing cycles. Nowhere in the materials they send with the card do they mention this. You have to call them or use the form on their website. If you pay another credit card with the checks you will pay 12.74%.
DaveLV, That's what I thought. You got to be careful on those terms and fine print on the card agreement otherwise you catch by surprise.Thanks. Ron.
I NEVER GOT THE CHECKS...I THINK...since I cancelled the account 3 minutes after I got the card in the mail... I will look for the envelope... I suppose I could call on the phone...
George, I got the checks today from the mail and the envelope should said "Announcing a new benefit for State Farm Bank VISA Cardholders." on the front. I thought you haven't cancelled the card and they called you back thy made an error on your application. Are they going to sent you new card? Ron.
They sent me the same EXACT CARD (3 CODE # SAME)...DOESN'T SAY ANYTHING ABOUT PLATINUM... THOSE CHECKS WE GOT TODAY ARE "CASH ADVANCE" CHECKS...NOT BALANCE TRANSFER CHECKS!!! The account was re-opend when they admitted they had a MISTAKE IN JUDGEMENT!!!
**************************************************************** The rate on these checks is higher than the rate charged for credit card purchases with your State Farm Bank credit card but it is lower than convenience check rates charged by many other issuers. ****************************************************************
George, I'm going to use it and I'm going to put inot paper shredder. I got better offers from Citibank,Discover, BofA and AT&T Universal. By the way "NOT NEXTCARD". What happen??? Are they still alive???? Ron.
George, They're pretty much dead. No sign of live over there. They denied me credit limit increase last year. My NextCard is in my sock drawer. Ron.
If you would like to do a Balance Transfer from another credit card - call us toll-free at 1-877-734-2265.
George, I thought they denied BT for everyone and why do they need BT 800 number??? Should I call? Hmmm... Completely waste of money. It doesn't make any sense. Ron.
George, That's all right. No problem.We all don't like Nextcard. They didn't tell me that I got 3.9% BT and nothing mention in Cardmember Agreement that came with the card. Ron.
