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

• Multiple tiers for cash back rewards
• No annual fee, no balance transfer fee, no foreign transaction fee
• Cash bonus welcome offer
• Minimal credit score requirements

• One-time welcome offer comes with a small cash bonus
• 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 various tiers of cash back rewards, as well as a new cardmember offer. It comes with no annual fees and reasonable terms for people who are new to building credit.

Rewards Redemption

To redeem your cash back rewards, you can either request a check or a statement credit through your online bank account. Or you can set up automatic redemption, which can occur on specific dates or upon earning a certain amount of cash back.
Alternatively, you can redeem your rewards for gift cards or via PayPal. You can also use these rewards to pay for travel expenses that are purchased through travel.capitalone.com.
Cash back rewards don’t expire unless the account closes.

Terms, Rates and Fees

This credit card comes with no annual fee, foreign transaction fee, or balance transfer fee. It does have a variable APR ranging from 19.99% to 29.99%, based on your creditworthiness and the current prime rate. There’s also a 29.99% APR on cash advances.
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, make sure you pay off your balance every month on time. This can also help build credit.
• Prioritize your purchases. This card comes with an ongoing value of 1% cash back on everyday purchases. However, certain purchases provide more cash back than others, so take advantage of those.

How to Apply

• Go to the Capital One website, hover over “Credit Cards,” and click “Student Rewards.”
• From there, choose “SavorOne Rewards for Students.” This will take you to this card’s information page.
• When you’re ready to start the online application process, click “Apply Now.”
• 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.
• Complete the application, review the card terms, and press “Continue” to apply.

Qualification Requirements

• 580+ credit score
• No active bankruptcy
• 18+ years old
• Current student
• US citizen or permanent resident
• Proof of sufficient income

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 cash back 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.