As a student, it’s best to go for a cheap credit card that is easy to get, allows you to build your credit, and offers rewards on routine categories. This Capital One SavorOne Rewards for Students review will help you discover why this is one of the best credit card options for students out there.
Capital One SavorOne Rewards for Students Review
This Capital One SavorOne Rewards for Students review highlights the card’s rewards and benefits. It offers the categories students mostly use, i.e., grocery, dining, and entertainment. Also, this card is cheap and easily approvable, making it ideal for students.
Pros
- You don’t pay an annual fee, which maximizes your earned rewards.
- It includes a sign-up bonus that enhances the card’s value.
- You pay a 0% introductory APR on purchases and balance transfers for the first 15 months. You can pay off big purchases and carry a monthly balance.
- You can redeem your rewards through multiple channels, i.e., travel purchases, gift cards, pay with points, etc.
Cons
- The card’s benefits might be less competitive if you don’t spend much on dining, entertainment, or groceries.
- You don’t get emergency roadside assistance with this card.
Feature and Benefits
| Feature | Benefit |
|---|---|
| Credit building | You can upgrade to high-tiered cards once your credit score increases. |
| Fees and APR | You can stay within your means with this affordable card. |
| Rewards | More rewards mean you can widen your earnings pool. More earnings mean more redemption options. |
| Rewards redemption | You can redeem your rewards through multiple channels. |
| Card security and management | Capital One provides tools to monitor your spending and manage your card easily. |
| Card perks | You can maximize your card’s value with these extra benefits. |
Credit Building
The Capital One SavorOne Rewards for Students card offers a beneficial opportunity for students to begin building their credit histories. Building credit is important for future financial goals, i.e., loan approval and lower interest rates.
- This card reports to the three major credit bureaus – Experian, Equifax, and TransUnion – which means responsible use will positively impact a student’s credit score.
- It encourages responsible financial behavior through the need to make on-time payments, which is necessary for developing a good credit history.
- You can use CreditWise. It is a free service available to cardholders that allows them to monitor their credit score and learn about credit with helpful resources.
- You get an option to automate monthly payments. It is to make sure they are made on time, which is important in maintaining a good credit score.
- Students with limited credit history may find getting approved for the SavorOne Rewards for Students card easier, making it an excellent starting point in their financial journeys.
Fees and APR
This card offers fee structures and an APR that aligns with industry standards. You pay:
- Annual fee: $0
- Foreign transaction fee: $0
- Late payment fee: Up to $40
- Cash advance fee: 5% of the amount of each cash advance
You pay a variable APR between 19.99 and 29.99% on purchases and balance transfers. The interest rate depends on your credit history and score. We recommend clearing your monthly statement dues to avoid accumulating card debt.
Rewards
You get:
- 3% cashback on dining services.
- 3% return on grocery stores (does not include Walmart and Target).
- 3% back on select streaming services (includes Netflix, Disney+, Hulu, etc).
- 3% cash return on entertainment (includes purchasing event tickets, etc.).
- 5% back on booking hotels and rental cars through Capital One Travel.
- 8% cash back for booking event tickets through the Capital One Entertainment portal.
- 10% return on purchasing services from Uber and Uber Eats until November 14, 2024.
You also get a $200 bonus for spending $500 in the first three months. You can achieve this target quickly as the required spending amount is low.
Rewards Redemption
This card allows students to redeem rewards in straightforward and flexible options according to their preferences and needs:
- Cardholders can redeem their rewards as a statement credit or a check. This can be done anytime since rewards do not expire as long as the account is open.
- A wide range of gift card options from different retailers is also good.
- Rewards can be used directly on Amazon.com or PayPal, providing added convenience for online shoppers.
The minimum amount required to redeem rewards is 1 cent, meaning cardholders can start using their rewards almost immediately after earning. There is no maximum redemption threshold.
Card Security and Management
Capital One offers a suite of tools to manage your SavorOne card effectively:
- Online account access: You can view balances, transactions, and rewards through Capital One’s website or mobile app. This allows for real-time monitoring of account activity.
- Account alerts: You can opt-in for email or text alerts about payment due dates, spending limits, or suspected fraudulent activity.
- Mobile app: The Capital One mobile app allows you to lock your card if you suspect fraudulent activity. You can also set up automatic payments and manage your card anywhere.
- Automatic payments: To avoid late fees, you can set up automatic payment of your monthly bills.
- Personalized payments: We recommend you pick your own monthly payment due date. It makes cash flow management more effortless.
- Manage payments: You can find a list of merchants you pay regularly on the bank’s website, this can help you detect unnecessary charges easily.
- Capital One assistant: Eno, the Capital One assistant, provides 24/7 monitoring. It can answer questions or assist with account-related tasks, too.
- Virtual card numbers: Virtual card numbers can be generated for online purchases to keep actual card details secure.
- Fraud coverage: In case of a lost or stolen card, you are not held responsible for unauthorized charges thanks to $0 fraud liability.
- Security alerts: You can sign up for personalized emails or text messages to alert them of suspicious activity.
- Card lock: If a card is misplaced, it can be immediately locked through the mobile app. This prevents new purchases, cash advances, and balance transfers until the bank investigates the suspicious activity.
Card Perks
The SavorOne Students card offers a variety of perks tailored to maximize the cardholder’s experience. You can earn cash back for purchasing tickets through Capital One Entertainment for:
- Movie theaters
- Amusement parks
- Tourist attractions
- Zoos
- Aquariums
- Dance halls
- Record stores
- Bowling alleys
- Pool halls
Also, this card allows you to book tickets for VIP or invitation-only concerts or sporting events.
Additionally, you can get access to culinary events through Capital One Dining. You can also get reservations to award-winning restaurants.
Related Questions
Does Capital One SavorOne Student Have Late Fees?
Yes, the Capital One SavorOne Rewards for Students card includes late fees. If a cardholder fails to make the minimum payment by the due date, they may incur a fee of up to $40.
What Happens to Capital One Student Credit Card After Graduation?
Upon graduation, cardholders of the Capital One SavorOne Rewards for Students can retain their account. Their card does not automatically change or upgrade. However, you can call the bank to discuss product changes according to your new financial standing post-graduation.
What is the Minimum Payment on a Capital One SavorOne Student Card?
The minimum payment on the Capital One SavorOne Rewards for Students card is the greater of $25 or 1% of the balance plus new interest and late payment fees. The specific amount can vary based on the balance; thus, cardholders should review their monthly statement for the exact figure.
Conclusion
The Capital One SavorOne Rewards for Students is best for college/university life because of its affordability and reward categories. You earn generous cash back on food and entertainment categories for a $0 annual fee. Students can easily get this card as long as they have a fair credit score. The best part is this card allows students to start building their credit score early in life.