The Capital One® SavorOne Student Cash Rewards Credit Card is an unsecured student and rewards credit card with a $0 annual fee, cash back program, and $50 introductory bonus for first time users.
But should college students use this as their first credit card?
Let’s take a look—
This article will show you:
- How the Capital One® SavorOne Student Card works.
- The pros and cons of the card.
- Some interesting alternatives.
Capital One® SavorOne Student Cash Rewards Credit Card at a Glance
Type: Student rewards card
Annual fee: $0
Maintenance fee: None
Credit score: Fair / Good (580+)
Cash back: 3{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on entertainment and dining, streaming services, and grocery stores (not Walmart® and Target®), with 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on all other purchases
Intro offer: Earn $50 once you’ve spent $100 in the first three months
Benefits: Price protection, extended warranties, car rental coverage, roadside dispatch, travel accident insurance, complimentary concierge services, free credit monitoring, complimentary Uber One membership through 2024
Capital One® SavorOne Student Card—How Does It Work?
One of the top student credit cards available is the Capital One SavorOne Student Cash Rewards Credit Card.
Broad benefit coverage and a low charge structure are the major benefits.
It even includes a welcome incentive that is valued and simple to earn—which is uncommon among beginner cards.
With a $0 annual fee, a $50 bonus for spending $100 in your first three months, and great approval odds even if you have fair credit, it’s a solid option for students looking to build their credit.
But if you have decent credit—or want a larger credit line—this may not be the best option for you.
Let’s explore—
Capital One® SavorOne Student Credit Limit
The Capital One® SavorOne Student credit limit will depend on your qualifications.
For Capital One student credit cards, credit limits ranging from $300 to $750 have been self-reported by cardholders. But Capital One® states that you can receive upward of $1,000.
Capital One® SavorOne Student Review: Overall Card Rating
Capital One® SavorOne Student Review
Some 57{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} percent of college students have a credit card, of which 57{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} use their credit cards for emergency expenses.
If you need a card that will help you feel financially comfortable in unexpected life situations, the Capital One® SavorOne Student credit card is a great choice to start with.
However, you should keep a few things in mind before you apply for this card—
Capital One® SavorOne Student Card—what we like
Pros
- Surprising cashback rewards for a student card.
- Good approval odds.
- Many benefits.
- $50 cash bonus offer.
Cons
- High APR.
- No student-specific benefits.
SavorOne Rewards for Students
Even though this is a student card, you’ll be eligible to earn cash back and rewards for spending.
If you use your card to pay for restaurants, entertainment, groceries (aside from superstores like Walmart® and Target®), and popular streaming service purchases, you’ll receive 3{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back.
You’ll also get 8{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on entertainment purchases, like buying movie tickets.
Every other purchase gets 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back.
Approval Odds
If you are just starting on your credit journey, or have bad credit, you may still qualify for this card.
Capital One only expects a score of 580 or better, as well as being a student, to be eligible when applying for the SavorOne card.
Benefits
The best benefit with the SavorOne card currently is the Uber membership.
Until November of 2024, you’ll receive an Uber One membership with unlimited $0 delivery fees on eligible food, groceries, and other Uber Eats orders, up to 10{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} off eligible orders with Uber Eats, and up to 5{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} off eligible rides with Uber.
But there are many other benefits with this card as well.
First, you can be compensated for the difference if you spot a lower price for an item you purchased with your SavorOne Student Credit Card within 120 days of the original transaction. And any item purchased using the card comes with a double warranty.
You’ll also have access to travel accident insurance, 24-hour toll-free towing dispatch, fuel delivery, and more for an all-inclusive charge.
If that wasn’t enough, you may also use Capital One Dining to book difficult-to-get reservations at upscale restaurants and Capital One Travel to receive 5{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back.
The free Capital One CreditWise program (which provides credit and identity theft monitoring) is the last but not least benefit.
Introductory Offer
A $50 cash bonus is available when you spend $100 on purchases with the Capital One SavorOne Student Cash Rewards Credit Card within three months of setting up your account.
This may not seem like a lot of money for some—but for many students, meeting that minimal spending criteria is simple. And it’s a good value for a student card.
Capital One® SavorOne Student Card—things to keep in mind
High APR
As with most credit cards, especially those marketed to lower credit scores, the potential APR rate for the Capital One SavorOne Student Cash Rewards credit card is fairly high.
While you may qualify for the lower rate of 19.74{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}, you may end up with a rate as high as 29.74{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}.
No student specific benefits
Unlike other student cards that offer benefits like discounts on textbooks or student services, the SavorOne Student Cash Rewards card doesn’t offer any student-specific benefits.
Capital One® SavorOne Student Credit Card Fees
|
Fees |
Details |
|
Annual fee |
$0 |
|
Monthly maintenance fee |
N/A |
|
APR |
19.74{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}–29.74{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} variable |
|
APR for cash advances |
28.74{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} variable |
|
Balance transfer fee |
3{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} |
|
Cash advance fee |
$3 or 3{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} of the amount each cash advance (whichever is greater) |
|
Foreign transaction fee |
$0 |
|
Late fee |
Up to $40 |
|
Minimum interest charge |
1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} or $25 (whichever is greater) of your revolving balance, plus interest and fees |
|
Returned payment fee |
$25 |
Alternatives to the Capital One® SavorOne Student Credit Card
In our opinion, the two best alternatives for the Capital One® SavorOne Student Credit Card are—
Discover it® Student Cash Back Card
The Discover it® Student Cash Back card offers infinite cash back and is the only card on this list to do so.
Simply put, if you receive $100 in cash back, Discover will double that, making your total earnings $200. There’s no minimum or maximum amount.
Each quarter, you’ll also be able to earn an unlimited 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on all other transactions in addition to 5{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on regular purchases made at other locations.
Additionally, you may apply for the card without a credit check, there’s no annual fee, and the card offers a 0{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} introductory APR on purchases for a period of six months.
However, the APR rate can be high for those without a good credit score—upward of 27{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}.
Pros
- 0{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} introductory APR rate.
- Unlimited cash back.
- No credit score needed for approval.
- No annual fee.
Cons
- High APR rate.
- Quarterly reward rates that change.
Chase Freedom® Student Card
The Chase Freedom Student card will earn you an automatic 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on every purchase you make.
You don’t even need to keep track of spending categories—all you need to do is use your card to get your rewards right away.
Chase will give you credit consideration if you make five timely monthly payments within ten months of account opening.
But you won’t be eligible for a credit limit increase if you have late payments within the first ten months.
You’ll also get 2,000 points per year that your account is in good standing. These points can be exchanged for $20 or other benefits.
You can possibly earn $100 just for making your payments on time as you can receive this benefit for up to five years.
There’s no annual fee, but the card can have a high APR if you have a lower credit score (upward of 29.99{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}).
Pros
- No annual fee.
- One-time $50 bonus after making a purchase with the card.
- Earn 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} cash back on purchases
Cons
- High variable APR up to 29.99{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}.
- 3{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} foreign transaction fee.
Is Capital One® SavorOne Student Good for Me?
The Capital One® SavorOne Student credit card is a solid option for college students looking to build their non-existent or low credit scores.
And it doesn’t have any extra fees that will cost a small fortune over time.
Those without great credit won’t find a much better credit card for college students available that offers rewards and an introductory offer.
But if you’re looking for a higher credit limit, higher cash back options, or have a decent score and want to maintain—you may want to look into non-student cards.
FAQ
What is the minimum payment for Capital One SavorOne Student Cash Rewards credit card?
Your minimum payment for the Capital One SavorOne Student Card will be $25 or 1{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa} of the statement balance, plus charges, late penalties, and interest, whichever is larger.
The minimum payment for the Capital One SavorOne Student Card will be whatever the statement balance is (if it is less than $25).
As an example: If you owe $22, that’s how much your minimum balance will be.
Do I have to be a student to get the Capital One SavorOne student card?
Yes, you do have to be a student who is enrolled in college, or have been accepted into a college with plans to start in 90 days.
However, it can be a university, community college, or other higher education facility that is accredited (like a trade school).
What happens to Capital One student card when you graduate?
You can continue to use your SavorOne Student card even after you graduate, and you’ll continue to earn rewards.
You may also be able to upgrade to another Capital One card if you’re interested.
You’ll need to contact customer service and see if you qualify.
Does the student credit card build credit?
Yes, it can. Getting a student credit card can help you boost your credit score, but you must use it responsibly.
You’ll want to keep your credit utilization under 30{1652eb1ffa4184925f6a63a9c04ea6b421acb7a78117241e7d4325cdca8339fa}, pay on time, and keep the card open to increase your score.
How can I upgrade my student credit card?
Contact Capital One if you’re interested in a card change or upgrade.
If you’re qualified for an upgrade, customer support will tell you that.
They may also help you figure out which cards you might qualify for.
How old do you have to be to get a Capital One SavorOne student Cash Rewards credit card?
You need to be at least 18 years of age in order to apply for the credit card.
This is true for almost all credit cards, unless you were being added as an authorized user.
Can you withdraw cash from Savor credit card?
Yes, you can—but you’ll have to pay that amount back, plus interest and a cash advance fee.
So keep that in mind and try to use another option if you don’t want to pay all of those fees.