Introduction
In today’s financial landscape, students often find themselves navigating the world of credit cards and rewards. The Capital One SavorOne Student Cash Rewards Credit Card emerges as a standout option, offering a plethora of benefits for students. This article will delve into the various aspects of this card, from its rewards structure to its pros and cons, helping students make an informed decision.
Capital One SavorOne Student Cash Rewards Credit Card Overview
Key Features:
- Finance Devil Rating: 4.6 stars out of 5
- Rewards Rate: This card offers a rewards rate ranging from 1% to 10%.
- Annual Fee: $0
- Introductory Offer: $50 cash bonus.
- Regular APR: Variable APR between 19.99% and 29.99%.
- Recommended Credit: Fair to Good (580 – 740).
Understanding the Capital One SavorOne Student Cash Rewards Credit Card
The Capital One SavorOne Student Cash Rewards Credit Card is designed with students in mind, offering a range of features that set it apart from competitors like the Discover it® Student Cash Back and the Bank of America® Customized Cash Rewards Credit Card for Students. It boasts unlimited bonus categories, comprehensive benefits, and a minimal fee structure, making it a top choice for students. What’s more, it even provides a valuable welcome offer, a rarity among starter cards.
Advantages and Disadvantages
Pros:
- Generous Cash Back: The card offers a generous cash back rate in everyday categories popular among students, including dining and entertainment.
- No Annual Fee: Students can enjoy the benefits without worrying about an annual fee.
- Simplified Rewards: There are no category spending limits or rotating categories to track, making it user-friendly.
- Credit Line Increase: Capital One reviews your account for a higher credit line after just six months of positive credit activity.
- Welcome Offer: The card provides an easy-to-earn $50 cash bonus after spending $100 on purchases within the first three months.
Cons:
- Variable APR: The card’s APR can fluctuate, which may be a concern for some students.
- Lacks Student-Specific Features: Unlike some other student cards, it doesn’t offer specific features tailored to students.
Current Welcome Offer
Welcome offers are not common for student cards, but the Capital One SavorOne Student card stands out by providing a $50 cash bonus after spending $100 on purchases within the first three months. This offer is not only unique for student credit cards but also competitive when compared to other cards’ offers.
Rewards Structure
The card offers an uncomplicated cash back structure, with 3 percent cash back on dining, entertainment, grocery store purchases (excluding superstores), and popular streaming services. Additionally, you’ll earn 8 percent cash back on entertainment purchases. While the 1 percent cash back on non-bonus categories may seem modest, it allows you to earn rewards on various expenses, including textbooks and academic supplies.
How to Redeem Rewards
Capital One makes it easy to redeem rewards through your online account or their mobile app. You can choose to receive rewards as a statement credit, a mailed check, a gift card, or even checkout payments through Amazon.com and PayPal. There’s flexibility in how you redeem, with no minimum cash back balance required unless you opt for automatic rewards redemption.
The Value of Rewards
The rewards program functions like other cash back programs, with earnings based on a percentage of each dollar spent. For example, a $100 grocery store purchase would yield $3 cash back at the 3 percent rate. Even for purchases outside bonus categories, you’ll still earn 1 percent cash back, making it a versatile card for students.
Additional Cardholder Perks
The Capital One SavorOne Student card surprises with an array of features usually not found in student cards. These include extended warranty coverage, price protection, and unique account security features like CreditWise and virtual credit card numbers. The automatic account review for a higher credit line after six months is a valuable feature for students looking to build credit quickly.
Travel Benefits
While the card isn’t primarily a travel card, it offers protection for eligible rental vehicles against damage and theft. Additionally, you’re covered by 24-hour Master RoadAssist® Service. The Complimentary Concierge Services can assist with various tasks, from booking reservations to finding entertainment options during your travels.
Rates and Fees
The card impressively keeps fees to a minimum, but it’s important to note its variable APR, which can range from relatively low to high. This may affect those who carry a balance, as interest charges can accumulate quickly. However, the card has no annual fee, foreign transaction fees, or penalty APR. A late payment fee of up to $40 is the only potential fee to watch out for.
Comparison with Other Student Cards
When compared to other student cards, the Capital One SavorOne Student card excels in ongoing rewards. It outperforms even other Capital One student cards, thanks to its bonus categories and cash back rates. For students seeking simplicity and consistent rewards, it’s a strong choice.
Capital One SavorOne Student Cash Rewards Credit Card vs. Capital One Quicksilver Student Cash Rewards Credit Card
- Both cards offer a welcome bonus of $50.
- The SavorOne Student card provides a higher cash back rate in specific categories, while the Quicksilver Student card offers a flat 1.5% cash back on all purchases.
- SavorOne Student’s bonus categories are likely to be more lucrative for typical students, including dining and entertainment.
- The Quicksilver Student card may be more suitable for those who want a simple, flat-rate rewards structure.
Capital One SavorOne Student Cash Rewards Credit Card vs. Discover it® Student Cash Back
- The Discover it® Student Cash Back card offers a unique Cashback Match™ program, matching all cash back earned at the end of the first year.
- SavorOne Student offers a higher cash back rate in specific categories, such as dining and entertainment, while Discover it® Student Cash Back has rotating categories.
- Discover it® Student Cash Back may be more rewarding for students who can maximize spending in its bonus categories.
- SavorOne Student provides an easier-to-use, unlimited rewards structure.
Capital One SavorOne Student Cash Rewards Credit Card vs. Discover it® Student Chrome
- The Discover it® Student Chrome card offers cash back on gas and dining, making it suitable for students who frequently use their cards for these expenses.
- SavorOne Student offers broader bonus categories, including entertainment and streaming services.
- Both cards have no annual fee.
- Students who spend primarily in specific categories may find one of these cards more appealing.
Capital One SavorOne Student Cash Rewards Credit Card vs. Bank of America® Customized Cash Rewards Credit Card for Students
- Bank of America® Customized Cash Rewards Credit Card for Students allows you to choose your 3% cash back category, which can be appealing for students with specific preferences.
- SavorOne Student offers fixed bonus categories without the need for selection.
- The choice between these cards may depend on individual spending habits and preferences.
The Capital One SavorOne Student Cash Rewards Credit Card stands out for its generous cash back rates in popular student spending categories like dining and entertainment. It’s a strong choice for students who want straightforward rewards without the complexity of rotating categories. However, the optimal card choice depends on individual spending habits and whether you prefer flat-rate rewards or category-based bonuses.
READ ALSO: Navigating Credit Cards with Bad Credit
Is the Capital One SavorOne Student Cash Rewards worth it?
The Capital One SavorOne Student Cash Rewards Credit Card is not just the best Capital One student card; it’s also one of the top credit cards for college students overall. Unless you have substantial spending to maximize other cards’ rotating categories, this card is likely the most rewarding option. Its low costs, automated redemption process, and potential for a higher credit line after just six months make it an attractive choice. While it may not be the best for carrying a balance, it’s an excellent option for students seeking a low-cost, hassle-free cash back card that can serve them well beyond graduation.
To Recap
In the world of student credit cards, the Capital One SavorOne Student Cash Rewards Credit Card stands out as an excellent option. Its generous cash back rates, low fees, and unique features make it a top pick for students. While the variable APR may be a concern for some, the overall value it offers, including an automatic credit line review, makes it a valuable long-term investment for those on their credit-building journey.
FAQs
What credit score is required for the Capital One SavorOne Student Cash Rewards Credit Card?
The card is suitable for those with fair to good credit, typically ranging from 580 to 740.
Does the Capital One SavorOne Student card offer student-specific features?
No, this card does not have specific features tailored to students.
How does the rewards structure of the Capital One SavorOne Student card compare to other student cards?
The card’s unlimited bonus categories and high cash back rates provide excellent value compared to other student cards.
Can I use the Capital One SavorOne Student card for travel expenses?
While it’s not primarily a travel card, it offers some travel benefits, including rental car coverage and 24-hour road assistance.
What makes the Capital One SavorOne Student Cash Rewards card worth considering?
Its generous cash back rates, low fees, and the potential for a higher credit line make it a compelling choice for students looking to build credit and earn rewards.
What credit score do you need to apply for the Capital One SavorOne Student?
To apply for the Capital One SavorOne Student card, it’s recommended to have a fair-to-good credit score, typically ranging from 540 to 740 on the FICO scale. However, even if you have a limited credit history, you may still be approved. Capital One offers the opportunity to check if you’re prequalified on its website.
How old do you need to be to apply for the Capital One SavorOne Student?
You must be at least 18 years old to apply for a credit card. If you are under the age of 21, you might be required to provide proof of income or demonstrate your ability to manage bill payments.
Is there a limit to the amount of rewards I can earn with the Capital One SavorOne Student card?
No, there is no limit to the amount of rewards you can earn with the Capital One SavorOne Student card. You can continue to accumulate rewards as you use the card.
Is the Capital One SavorOne Student a Visa or a Mastercard?
The Capital One SavorOne Student card is a Mastercard, which means you can use it at virtually any location that accepts credit cards.
What happens to my student card once I graduate?
After you graduate, you can keep all the benefits and rewards associated with your Capital One SavorOne Student card. Additionally, you have the option to contact the issuer to explore upgrade possibilities.
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