5 Things to Know About Capital One’s New Student Credit Cards
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The Capital One Quicksilver Student Cash Rewards Credit Card and Capital One SavorOne Student Cash Rewards Credit Card get good marks compared to other student-friendly options in their class. Both cards exceed the standard 1% rewards rate that might be found on some student credit cards.
The cards are versions of the existing Capital One Quicksilver Cash Rewards Credit Card and Capital One SavorOne Cash Rewards Credit Card, but the student versions don’t offer sign-up bonuses or 0% introductory APR periods.
While they aren’t overachievers like some other student credit cards, they are solid choices for students who can qualify for them. Here’s what you need to know about these cards.
1. Student status is required
You’ll have to confirm that you’re a student to qualify for either card. Capital One considers a student to be someone who is admitted and enrolled (or intending to enroll in three months) either part-time or full-time at an accredited university, community college or higher education institution.
Once you lose the student status after graduation, you’re still eligible to keep the card and it will maintain the same rewards and benefits.
2. There are no annual fees or foreign transaction fees
The Capital One SavorOne Student Cash Rewards Credit Card and Capital One Quicksilver Student Cash Rewards Credit Card have no annual fees, making it easy to keep either card open and active long after graduation. This is important when building credit because the length of time you've had an account open factors into your credit scores. You can always branch out and get better cards in the future, either with the same issuer or a new one, while keeping your student card account open.
For students who plan to study abroad, the Capital One SavorOne Student Cash Rewards Credit Card or Capital One Quicksilver Student Cash Rewards Credit Card are excellent travel buddies. Neither card charges foreign transaction fees, so you’ll save money on purchases overseas. The cards also belong to the Mastercard network, so they are widely accepted by merchants abroad.
3. They lack perks, but the rewards are generous
The original Capital One Quicksilver Cash Rewards Credit Card and Capital One SavorOne Cash Rewards Credit Card offer a sign-up bonus and 0% introductory APR, but the student versions do not.
The ongoing rewards rates are still plentiful, though. Here's what they offer:
The Capital One Quicksilver Student Cash Rewards Credit Card: Earn 1.5% cash back per dollar spent on every purchase.
The Capital One SavorOne Student Cash Rewards Credit Card: Get 3% back on dining, entertainment, eligible streaming services and purchases at grocery stores (excluding superstores like Walmart® and Target®). All other purchases earn 1% cash back.
Among student credit cards, a rewards rate of 1% or higher is a good deal, making these cards exceptional. Rewards never expire and they redeem for cash back in the form of a statement credit or check, gift cards, PayPal purchases and Amazon purchases.
If you prefer a card that has both perks and rewards, the $0-annual-fee Discover it® Student Cash Back can deliver. It has a sign-up bonus: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for- dollar match. It also offers a 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 12.99%-21.99% Variable APR. It earns a rate of 5% cash back on up to $1,500 spent in rotating quarterly categories when you activate them, and 1% on everything else.
4. You’ll need some credit to qualify
Applicants will typically need fair credit (a FICO score between 630 and 689) to qualify for either of these Capital One student cards, but exceptions may apply. Each applicant is assessed on a case-by-case basis, according to a Capital One spokesperson. As is legally required for any credit card in the U.S., you'll also have to be at least 18 years old and have sufficient income to qualify.
Beginners to credit who want an option that doesn’t require a FICO credit history should look to a card like the Discover it® Student chrome. It has a $0 annual fee and it offers introductory incentives and rewards. Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases per quarter and 1% cash back on everything else.
5. Payments are reported to all major credit bureaus
The Capital One Quicksilver Student Cash Rewards Credit Card and Capital One SavorOne Student Cash Rewards Credit Card report payments to all three major credit bureaus: TransUnion, Equifax and Experian. These companies record the information used to calculate your credit scores; having your payments reported to them is essential for establishing credit.
For additional credit-building features, cards like the $0-annual-fee Journey Student Rewards from Capital One and $0-annual-fee Chase Freedom® Student credit card offer credit limit increases as potential incentives for on-time payments. Terms apply. While any issuer can offer a credit limit increase at any time, these cards promote them up front.
