Capital One SavorOne Student Cash Rewards

Rewards Rate

Welcome Bonus

There’s a one-time, $50 cash bonus. To qualify, you must spend at least $100 within 3 months of opening an account.

APR

19.99-29.99% Variable APR

Pro & Cons

• No annual or foreign transaction fee.
• Cash bonus welcome offer.
• Only fair credit score required to qualify.
• Earn up to 8% cash back.

• Only students qualify for this card.
• Potentially high APR.

Capital One SavorOne Student Cash Rewards

The Capital One SavorOne Student Cash Rewards credit card is designed specifically for students looking to earn unlimited cash back rewards. It offers a $50 sign-up bonus and 1-8% cashback on certain categories. It comes with no annual fees and reasonable terms for people who are new to building credit.

Rewards Redemption

You can request a check or statement credit through your online bank account to redeem your cashback rewards. You can also set up automatic redemption, which can occur on specific dates or upon earning a certain amount of cashback.
Alternatively, you can redeem your rewards for gift cards or via PayPal. You can also use these rewards to pay for travel expenses purchased through CapitalOne Travel.
Cashback rewards don’t expire unless the account closes.

Terms, Rates and Fees

• This credit card has no annual fee and no foreign transaction fee. The variable APR is based on your creditworthiness and the current prime rate, which ranges from 19.99% to 29.99%. The APR on cash advances is also 29.99%.
• Other fees include a 3% or $3 cash advance fee (whichever is higher) and a $40 late payment fee.
• The credit limit depends on factors such as credit score and income. You’ll also need to make a minimum monthly payment of at least $25 or 1% of the card balance, whichever is greater.
• To qualify, you must be a current student and have fair credit or better. These terms and rates are fairly standard for student credit cards.

Maximize Benefits and Avoid Fees

• Take advantage of the welcome bonus: Though small, there’s a one-time value welcome bonus of $50 to qualifying members.
• Do not carry a balance: To avoid paying interest or late fees, pay off your balance on time every month. This can also help build credit.
• Prioritize your purchases: This card has an ongoing value of 1% cash back on everyday purchases. However, certain purchases provide more cashback than others, so take advantage of those.

How to Apply

1. Go to the Capital One website, hover over “Credit Cards,” and click “Student Rewards.”
2. From there, choose “SavorOne Rewards for Students.” This will take you to this card’s information page.
3. When you’re ready to start the online application process, click “Apply Now.”
4. For the application, you’ll need to input some personal information (e.g., your name, SSN or ITID, birthdate), residency status, whether you’re a current student, and general contact information (e.g., residential address, email, phone number). You’ll also need to provide basic financial information, such as your employment status, annual income, monthly housing payment, and if you have any other bank accounts.
5. Complete the application, review the card terms, and press “Continue” to apply.

Qualification Requirements

What Makes This Card Appealing?

The SavorOne Student Cash Rewards credit card by Capital One is appealing because of its flat-rate 1% cash back on everyday purchases and other cashback rewards. It also has low credit score requirements and no annual fee, making it easier to qualify for and manage. All in all, it’s a solid beginner’s credit card that’s worth looking into.