Capital One SavorOne Student Cash Rewards Credit Card Review
Capital One SavorOne Student Cash Rewards Credit Card
CardRatings Editor's Analysis: Pros & Cons
- Endless cups of coffee, late night streaming sessions, summer concerts... these are all things cardholders can earn bonus rewards on when making purchases with this card. What a great fit for college students!
- Not only is there no annual fee, but this card also doesn't charge foreign transaction fees so it's a great fit for students planning to study abroad - or spend a summer backpacking through Europe.
- What student wouldn't appreciate a little extra cash in their pocket? The fact that this card earns cash back and there are no complicated points systems to navigate or hoops to jump through is a plus.
- It's not common for student credit cards to have a welcome bonus for new cardholders, but these offers do exist. Unfortunately though, not with this card.
TABLE OF CONTENTS
- SavorOne Student Credit Card Rewards
- What Credit Score is Needed for the SavorOne Student Credit Card?
- SavorOne Student Credit Card Fees
- Who Does Capital One Consider to be a Student?
- What Happens to Your Card After Graduation?
- What are the Downsides of the Card?
- How Does the SavorOne Student Card Compare to Other Cards?
- Is the SavorOne Student Card a Good Card?
Student cards normally give college students with a limited credit history access to a line of credit… and that’s about it. Very few bells, almost no whistles, certainly no sizzle with that steak.
The Capital One SavorOne Student Cash Rewards Credit Card is a much appreciated exception to that expected idea of a student credit card. The benefits start with the card having no annual fee. If you are subsisting on ramen and uncrustables, the last thing that you want is to pay is a fee to own a credit card.
The SavorOne Student card, unlike many of its student card counterparts, is also a rewards credit card. The SavorOne Student earns 3% cash back on dining and entertainment purchases, grocery store purchases, and on popular streaming services. So whether you’re dining out and catching a movie with friends, replenishing your dorm room snack bin, or binging your favorite Netflix show, you’ll earn rewards on it all.
Additionally, if you love attending live shows, the SavorOne Student card also earns 8% cash back on Vivid Seats (an online ticket marketplace where users can buy and sell tickets to sports, concerts, and theater events nationwide) purchases. All other purchases made with the card earn 1% cash back.
Other card benefits include:
- Capital One Experiences: Enjoy VIP and early access to premiere culinary experiences, must-see concerts and big time sporting events with your card.
- The rewards earned never expire for the life of the card and have great redemption options including directly for cash, covering card purchases, gift cards, using rewards through PayPay, and paying for Amazon.com purchases using your Capital One rewards.
- Card protection features like security alerts if Capital One notices potential suspicious transactions on your account, $0 fraud liability if your card is lost or stolen, and card lock allowing you to lock your card in the Capital One mobile app.
- Travel benefits include no foreign transaction fees, travel accident insurance when you use your credit card to purchase your travel fare, complimentary concierge services to help plan dining or entertainment, and 24-hour travel assistance services.
- Earn a $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 plan fees on plans created during the first 12 months after account opening. Plans created after that will have a plan fee up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- Terms Apply.
The Capital One SavorOne Student Cash Rewards Credit Card requires fair credit so it’s great for people newer to establishing their credit history.
Capital One specifically mentions two different scenarios that fit within their definition of fair credit. The first scenario is someone who has defaulted on a loan in the last five years. The second being someone with a limited credit history, which Capital One defines as having a credit card or other form of credit for less than three years. Most often, traditional students will fall into this category.
The credit scoring agency Fico considers a fair credit score anything that’s in the 580-699 range, however, additional factors from your application and credit history could also be considered in the approval process.
The Capital One SavorOne Student Cash Rewards Credit Card has very few fees, which makes it perfect for students on a budget. There are a few lesser occurring fees, like late payment penalty fees and cash advance and transfer fees, so it's important to be aware of those, but as far as common fees go, there's not much to worry about with this card.
The card has no annual fee, which means that you don’t have to pay just to have it in your wallet.
The SavorOne Student also has no foreign transaction fees, allowing you to use your card abroad without incurring extra costs. If you plan to study abroad or just want to scratch your wanderlust internationally, this is a great card to pack. Usually, cards that have foreign transaction fees charge on average a 3% fee for every purchase made outside of the continental U.S. and on purchases made in a foreign currency. For your backpacking adventure through Europe, if you spend $4,000 on purchases you could be adding on an additional $120 in fees alone if you were to make those purchases with a card charging a 3% foreign transaction fee.
The Capital One SavorOne Student Cash Rewards Credit Card is, as the name suggests, for college students. Capital One, for card eligibility, considers students to be anyone currently enrolled, or admitted and planning to enroll in the next three months, at an accredited university, community college or other higher education institution.
After you graduate from college you will likely have a lot of things on your plate. From finding a job and a new place to live, to fulfilling no one’s lifelong goal of repaying student loans, there will be a lot to occupy your attention. One thing that you won’t need to worry about though is having to make changes to your Capital One SavorOne Student Cash Rewards Credit Card. You can keep your same card, rewards, and benefits even after graduating from school.
Once the dust settles, do know though that you may have the option to upgrade your card, depending on your credit score. The non-student Capital One SavorOne Cash Rewards Credit Card offers the same great benefits, but it may offer you a better APR, which is important if you ever need to carry a balance on your account. You may also be able to get a higher credit limit, which could be necessary for your post-college lifestyle.
While there are a lot of great benefits to the Capital One SavorOne Student Cash Rewards Credit Card, there are some potential downsides. The most noticeable downside is the relatively high purchase and transfer APR of 26.99% (Variable). As this is on the high side relative to some cards on the market, it is important to stay on top of paying off your balance every month. Otherwise, any rewards you earn with the card could easily be canceled out by interest charges.
Another knock against the card is that it does not offer a welcome bonus to new cardholders. While it is common for student cards to lack new-cardholder welcome bonuses, non-student rewards credit cards on the market do usually have some sort of bonus for new cardholders, and occasionally student credit cards will too, so this is a slight downside.
Capital One SavorOne Student Card vs. Capital One QuickSilver Student Card
Like the Capital One SavorOne Student card, the Capital One Quicksilver Student Cash Rewards Credit Card has no annual fee, no foreign transaction fees, and excellent reward-earning opportunities. Where the two cards diverge is in their earning rates. The Capital One QuickSilver Student card earns a flat 1.5% cash back on all purchases made with the card. Compared to the tiered earning rates offered with the SavorOne Student card, the QuickSilver Student card has lower rewards earning in certain categories, but has the potential to earn more rewards overall as there is no limit to where the card can earn bonus cash back.
Deciding which one of these cards is a better fit for you depends on your purchase habits. If your spending is all over the place, or you don’t want to keep up with the categories where you’re earning bonus rewards, the QuickSilver Student card might be a better choice. However, if you spend heavily on entertainment and dining, you might benefit more from the SavorOne Student card.
Capital One SavorOne Student Card vs. Discover it® Student Cash Back
The Discover it® Student Cash Back card, like the SavorOne Student card, earns tiered rewards on purchases in specific categories, however, these rewards categories rotate quarterly. With the Discover card you can earn 5% cash back on everyday purchases during the school year (and all year long) at different places each quarter, up to the quarterly maximum each quarter that you activate. Some category examples include: Amazon.com, grocery stores, restaurants, gas stations, and PayPal purchases.
This card also has a bonus offer for new applicants. New cardholders can earn an unlimited dollar-for-dollar match of all the cash back earned the first year as a cardholder. That means you could turn $50 cash back into $100 automatically at the end of the first year of card ownership.
Capital One SavorOne Student Card vs. Discover it® Student chrome
The Discover it® Student chrome shares many similarities with the SavorOne Student card. Both cards have no annual fee, no foreign transaction fees, and cash back earned on every purchase. The Discover it® Student chrome earns 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter), and 1% cash back on all other purchases.
Unlike the SavorOne Student card, the Discover card does have a new cardholder bonus. For new cardholders, all cash back earned during the first year will be matched, dollar-for-dollar, by Discover.
The Capital One SavorOne Student Cash Rewards Credit Card is a good card. With great everyday rewards earning, low fees, and a lot of security and travel benefits it is a great card for students who are looking to build their credit while earning some rewards in the process.