Student credit cards are often created with less stringent standards and fewer perks than other types of credit cards, owing to their intended use as starter cards for students building their credit history. Cards like the Capital One SavorOne Student Cash Rewards Credit Card, on the other hand, flip the script by providing a product with earning potential and advantages without severe qualification conditions. If you are looking for a way to rack up some serious points, this is an excellent way to do it with Capital One’s best prices. Also, there is a sign up bonus that new card members can take advantage of with this card.
This credit card review will teach you about the card’s advantages and disadvantages and how to earn and redeem cashback rewards. This will assist you in determining whether Capital One SavorOne Cash Rewards for Students is the best fit for you. Considering the fact that this card does not charge any foreign transaction fees, it is also a good choice if you plan to make purchases outside the U.S.
What is the SavorOne Cash Rewards Card for Students?
This card is exclusively available to students aged 18 and over. For this card, Capital One SavorOne Cash Rewards defines a student as anyone who is already enrolled or will be enrolled within three months of applying at a recognized university, college, or another form of higher education institution. Remember that you must complete the student requirements to qualify for this card, but you will not lose access to it once you graduate or are no longer a student.
Capital One SavorOne Cash Rewards is most likely suitable for students wishing to develop credit, and cash rewards and take advantage of its earning potential. To qualify, you normally need decent or fair credit, which fits many students just beginning their credit-building journey.
Furthermore, the $0 yearly fee and no foreign transaction fees assist to keep costs low, especially if you plan to travel while in college. However, a first-time credit card issuer should be aware of the card’s high APR. Given the hefty interest rate, you don’t want to owe money on this card.
- Cardholders of SavorOne Cash Rewards earn 10% cash back on Uber, and Uber Eats purchases, in addition to complimentary Uber One membership statement credits (through 11/14/2024); 8% cash back on Capital One Entertainment; 5% cash back on hotels and rental cars booked through Capital One Travel; 3% cash back on dining, entertainment, eligible streaming services, grocery stores and wholesale club purchases (excluding superstores such as Walmart® and Target®); and 1% cash back on all other purchases. These income categories may be a good fit for students because they reflect popular areas where you might spend money.
- No annual fee. There is no annual fee on the Capital One SavorOne Cash Rewards card, which is one of the main differences between it and others that have an annual fee. The absence of an annual fee eliminates the need to ensure that you spend enough in certain reward categories to offset the annual fee.
- As a college student, you don’t have to worry about an additional annual fee with Capital One SavorOne Cash Rewards for Students.
- Those who sign up for this card will have the opportunity to take advantage of a sign up bonus.
- It is also possible to earn 8 percent cash back on Capital One Entertainment purchases, 5 percent on hotel and rental car bookings made through Capital One Travel, as well as 1 percent on every other purchase you make. The 8 percent cash back rate you will receive from Capital One Entertainment purchases is an incredible rate of cash back, but you should expect to receive the greatest amount of rewards from your regular expenses, such as grocery store purchases.
- You won’t have to pay any additional fees for foreign purchases, which could be useful if you’re studying abroad. Since there is no foreign transaction fee on this card, you can also use it to make purchases outside the U.S. if you plan on doing so.
- There are no rotating categories or sign-ups needed to earn cash rewards; in addition, cash back won’t expire for the life of your account, and there’s no limit if you want to earn cash rewards. You can get 0% intro APR on purchases and balance transfers for 15 months; 17.99% to 27.99% variable APR after that; a 3% fee on transfers within the first 15 months.
- After six months, Capital One SavorOne Cash Rewards will automatically consider you for a credit line increase.
Capital One SavorOne Cash Rewards Credit Card Cons
- Many credit cards provide 0% introductory APR for the first year or longer after account opening, generally for purchases or balance transfers. However, this card does not. Instead, you’ll be charged the standard APR.
- There is a high standard interest rate on the card.
- There are limited categories for cashback and rewards.
- In order to be eligible for this card, you will need to have excellent credit. Usually, a credit score of at least 720 is considered excellent credit.
Getting and redeeming rewards
The easiest method to get cash back with the Capital One SavorOne Rewards for Students Card is to use it as much as possible, particularly in categories where bonus rewards are earned. It is also possible to take advantage of a sign up bonus with this card, which will be available to those who sign up for it.
For example, earning rates for restaurants, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®) are all 3%, but just 1% for all other purchases. So if you use this card on purchases that fall into these additional categories, you can earn three times as much.
For a no annual fee card, the SavorOne offers competitive cash back rates, which are especially good on dining and entertainment purchases. There are cards out there that offer higher interest rates, but the SavorOne covers several categories that have solid interest rates that just about anyone would find useful.
There is a good chance you will earn more on your purchases in these categories than you will with a flat-rate cash back card if you spend your weekends out at restaurants, concerts, and movies. You can also take advantage of the 3% cash back at grocery stores if you balance out your weekends out and about with cooking at home.
Here’s a summary of what counts as an eligible purchase for the SavorOne Rewards for Students Card’s bonus categories:
- Purchases at restaurants, cafes, bars, fast-food restaurants, bakeries, and lounges are eligible.
- Eligible purchases at movie theaters, amusement parks, tourist attractions, aquariums and zoos, record stores, bowling alleys, and other purchases. Golf courses and collegiate sporting activities are not eligible.
- Netflix, Hulu, Disney+, and other streaming services are among those that are eligible. AT&T TV and Verizon Fios On Demand are not included.
- Purchases at supermarkets, grocery stores, specialized markets, meat lockers, other purchases and dairy product stores are eligible. Walmart and Target are not included.
Making the most of your redemptions
The Capital One SavorOne Rewards for Students Card allows you to redeem your cashback in a variety of ways, including:
- Statement credits
- Mailed check
- Cover previous purchases
- Gift cards
- Cover PayPal purchases
- Shop with Points at Amazon.com
- Capital One Entertainment
Capital One SavorOne does not disclose its reward redemption rates publicly. However, most cashback credit cards give the best rates when you redeem your rewards for the option(s) that most correlate to actual cash back – in this case, statement credits or a mailed check. You can use your rewards to buy gift cards or shop using PayPal or Amazon, but you risk getting less value for your money.
How good are the SavorOne Rewards for Students cards?
The Capital One SavorOne Rewards for Students Card is a cashback credit card for students looking to improve their credit while receiving substantial rewards. It has no annual or foreign transaction fees and offers additional cashback in popular student spending areas like restaurants, gas stations, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®).
What is the minimum credit score required for the SavorOne Rewards Card?
You’ll likely need a decent or acceptable credit score to qualify for the Capital One SavorOne Card. A strong credit score begins at 670, while a mediocre credit score begins at 580, according to the FICO scoring algorithm.
As this card requires a credit level of “Excellent,” it may be difficult to qualify if you have fair or good credit. Therefore, it may be worthwhile to check your credit report and score before applying in order to determine if your score falls into the range of “Excellent” or not. Please remember that numerical credit scores are simply guidelines and are not a guarantee of approval.
How do you redeem cash back with the SavorOne Rewards for Students Card?
Cashback can be redeemed as a statement credit, a postal check, to reimburse previous purchases, a gift card, or to make Amazon purchases. In this situation, redeeming your cash back for a statement credit or mailed check will most likely provide you with the maximum value.
What are some alternatives to the SavorOne Rewards for Students Card?
If the Capital One SavorOne Card does not appear to be the best fit for you, try the following additional student options, some of which provide sign-up bonuses and other useful benefits:
- Journey Student Rewards from Capital One
- Chase Freedom® Student credit card
- Citi Rewards+ Student Card
- Capital One Quicksilver Student Cash Rewards Credit Card
Although the Capital One SavorOne Incentives for Students Credit Card provides valuable features and cash rewards, it may not be the right credit card for everyone. Consider the Chase Freedom® Student Credit Card and the Capital One QuicksilverOne Cash Rewards Credit Card as further alternatives.
The Chase Freedom Flex Student Card has no annual fee and earns 1% cash back on every dollar spent. While it’s advertised as a cashback card, it generates Chase Ultimate Rewards program points, among the most significant credit card rewards available.
You can get 5,000 points with this card after spending $1 in the first three months. Its earning potential isn’t as high as the SavorOne Student reward card, but it has a welcome bonus and a few more perks. Purchase protection, extended warranty coverage, and travel cancellation or interruption insurance are all available.
The Capital One QuicksilverOne card has a $39 annual fee and provides limitless 1.5% cash back on all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel. The annual price is something to consider, but if you earn enough, your possible earnings could cover the amount each year.
The nicest aspect about flat-rate earnings is that you don’t have to bother about tracking bonus categories. Everything you buy receives 1.5% cash back, excluding hotels and rental cars booked via Capital One Travel. If your regular shopping patterns do not match the rewards areas on the SavorOne Student Card, the QuicksilverOne may be a better fit.
Capital One SavorOne Card Review
Capital One SavorOne
For those who enjoy dining out and being entertained, Capital One’s SavorOne Cash Rewards Credit Card offers great rewards for casual spending. With augmented rewards available through Savor Rewards Credit Card*, this card may be worth having for its annual fee, especially for international travelers, theme park enthusiasts, and theatergoers who can take advantage of its robust set of extra benefits.