Capital One SavorOne Student Cash Rewards Credit Card Review

If you’re a student looking to build your credit while reaping substantial rewards, the Capital One SavorOne Student Cash Rewards Credit Card might just be the perfect fit for you. In this comprehensive review, we’ll take an in-depth look at all the features, benefits, and potential drawbacks of this card, providing you with a well-rounded perspective to help you make an informed decision.

Capital One SavorOne Student Cash Rewards Credit Card Review

Navigating the financial world as a student can be overwhelming, but having a credit card that offers robust rewards and essential perks can make the journey smoother. The Capital One SavorOne Student Cash Rewards Credit Card is designed specifically with students in mind, offering a variety of cash back opportunities across various spending categories.
This card comes with a competitive rewards structure, no annual fee, and several travel and purchase protections, making it an appealing option for students who are just starting to build their credit history. But is it the right choice for you? Let’s delve deeper.

Capital One SavorOne Student Cash Rewards Credit Card Key Takeaways

1. High Cash Back Rates: Earn 8% cash back on Capital One entertainment purchases, 5% on hotels and rental cars booked through Capital One Travel, 3% on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target), and 1% on all other purchases.
2. No Annual Fee: Enjoy all the card’s benefits without worrying about an annual fee.
3. Sign-Up Bonus: Get a $50 cash bonus once you spend $100 on purchases within the first three months from account opening.
4. Travel and Purchase Protections: Includes travel accident insurance, complimentary concierge service, and 24-hour travel assistance services.
5. Variable APR: The card comes with a variable APR ranging from 19.99% to 29.99%.
6. No Foreign Transaction Fees: Ideal for students studying abroad or traveling internationally.
7. Credit Building: A great option for students with no credit history looking to build their credit.

Capital One SavorOne Student Cash Rewards Credit Card Pros and Cons

Pros:

– No Annual Fee: A major advantage for students who are budget-conscious.
– Generous Cash Back Rates: The high cash back rates in various categories can lead to significant savings.
– $50 Cash Bonus: A relatively easy-to-achieve sign-up bonus.
– No Foreign Transaction Fees: Perfect for international travel.
– Comprehensive Travel Protections: Includes travel accident insurance and 24-hour travel assistance.
– Complimentary Concierge Service: Personalized assistance for dining, entertainment, and travel.

Cons:

– High APR: The variable APR ranging from 19.99% to 29.99% can be a drawback if you carry a balance.
– No 0% Intro APR Offer: Unlike some other student cards, there’s no introductory APR period for purchases or balance transfers.
– Exclusions on Cash Back Categories: Grocery store cash back excludes superstores like Walmart and Target.
– Balance Transfer Fee: A 4% fee for each balance transferred at a promotional APR.

Capital One SavorOne Student Cash Rewards Credit Card Benefits

High Cash Back Rates

One of the standout features of the Capital One SavorOne Student Cash Rewards Credit Card is its lucrative cash back structure. Let’s break down what this means for you as a student:
– 8% Cash Back on Capital One Entertainment Purchases: If you enjoy concerts, movies, and other entertainment activities, this high cash back rate can lead to substantial savings.
– 5% Cash Back on Hotels and Rental Cars Booked Through Capital One Travel: Ideal for students who travel frequently, whether for leisure or academic purposes.
– 3% Cash Back on Dining, Entertainment, Popular Streaming Services, and at Grocery Stores: This category covers a broad range of everyday expenses, allowing you to earn significant cash back on common purchases.
– 1% Cash Back on All Other Purchases: While not as high as the other categories, it ensures you earn rewards on every dollar spent.

No Annual Fee

For students, avoiding additional expenses is crucial. The Capital One SavorOne Student Cash Rewards Credit Card comes with no annual fee, meaning you can enjoy all the card’s benefits without worrying about an extra cost each year. This makes it a financially prudent choice for those managing a tight budget.

Sign-Up Bonus

A $50 cash bonus might not seem like much at first glance, but consider the fact that you only need to spend $100 within the first three months to earn it. This is a low threshold, especially for students, making it an easily accessible bonus that provides immediate value.

Travel and Purchase Protections

This card offers several protections that can provide peace of mind:
– Travel Accident Insurance: Get automatic insurance for a covered loss at no extra charge when you use your credit card to purchase your fare. This can be particularly beneficial for students studying abroad or traveling during breaks.
– Complimentary Concierge Service: Enjoy personalized assistance in dining, entertainment, and travel — 24 hours a day, 365 days a year. This service can help you plan activities, make reservations, and more.
– 24-hour Travel Assistance Services: If your credit card is lost or stolen, you can get an emergency replacement card and a cash advance, ensuring you’re not stranded without funds.

No Foreign Transaction Fees

For students studying abroad or those who travel internationally, the absence of foreign transaction fees is a significant benefit. This means you won’t incur additional charges when making purchases outside the United States, potentially saving you a considerable amount of money over time.

Credit Building

As a student with limited or no credit history, building credit is essential for future financial opportunities. The Capital One SavorOne Student Cash Rewards Credit Card reports to all three major credit bureaus, helping you build your credit history as long as you use the card responsibly. Timely payments and responsible credit use can lead to a higher credit score, opening doors to better financial products in the future.

Conclusion

In summary, the Capital One SavorOne Student Cash Rewards Credit Card offers a compelling package for students looking to build their credit while earning substantial rewards. With no annual fee, high cash back rates across various categories, and a low spending threshold for the sign-up bonus, it stands out as a strong contender in the student credit card market.
However, the high variable APR and the lack of a 0% introductory APR offer are factors to consider, especially if you plan on carrying a balance. Additionally, the exclusions on grocery store cash back can be a slight drawback for those who frequently shop at superstores like Walmart and Target.
Overall, if you’re a student who spends on dining, entertainment, travel, and everyday purchases, and you plan to pay your balance in full each month, the Capital One SavorOne Student Cash Rewards Credit Card can be a valuable tool for both earning rewards and building your credit history.