While they aren’t high-flyers like some other student credit cards, they’re a solid choice for students who can qualify for them. Here’s what you need to know about these cards.
1. Student status is required
You must confirm that you are a student in order to qualify for either card. Capital One considers a student to be someone who is either admitted and enrolled (or intends to enroll in three months) at an accredited university, community college, or college, either part-time or full-time.
If you lose student status after graduation, you can still keep the card and it will keep the same rewards and benefits.
2. There are no annual fees or foreign assignment fees
the Capital One SavorOne Student Cash Rewards credit card and Capital One Quicksilver Student Cash Rewards Credit Card have no annual fees so it’s easy to keep both cards open and active long after graduation. This is important in building credit because the duration of the account opening Factors in your creditworthiness. 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 are planning a stay abroad, Capital One SavorOne Student Cash Rewards credit card or Capital One Quicksilver Student Cash Rewards Credit Card are excellent travel partners. No card fees Foreign transaction feesso that you save money when shopping abroad. The cards are also part of the Mastercard network, so they are widely accepted by merchants abroad.
3. You 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.
However, the ongoing reward sets are still plentiful. What they offer:
the Capital One Quicksilver Student Cash Rewards Credit Card: Earn 1.5% cashback per dollar spent on every purchase.
the Capital One SavorOne Student Cash Rewards credit card: Get 3% back on food, entertainment, eligible streaming services, and grocery store purchases (excluding superstores like Walmart® and Target®). All other purchases receive 1% cashback.
For student credit cards, a premium rate of 1% or higher is good business, which is what makes these cards exceptional. Awards never expire and are redeemed for cashback in the form of a credit or check, gift cards, PayPal purchases, and Amazon purchases.
If you prefer a card that offers both benefits and rewards, this is the $ 0-Annual fee Discover it® Cash Back for students can deliver. It has a sign up bonus: INTRO OFFER: Unlimited cashback match – only from Discover. Discover will automatically offset all of the cashback you’ve earned at the end of your first year! So you could turn $ 50 back into $ 100. Or turn $ 100 into $ 200. There are no minimum spend or maximum rewards. Just a dollar-for-dollar game. It also offers one 0% introductory APR for purchases for 6 months and 10.99% introductory APR for balance transfers for 6 months and then the ongoing APR of 12.99% – 21.99% Variable APR. It earns a 5% cashback rate on up to $ 1,500 spent in rotating quarterly categories when you enable them, and 1% on everything else. Also, there is a good grade incentive for students who qualify.
4. You need a certain amount of credit to qualify
Applicants usually require reasonable creditworthiness (a FICO score between 630 and 689) to qualify for one of these Capital One student IDs, but exceptions may apply. Each applicant will be assessed on a case-by-case basis, according to a spokesman for Capital One. How it is required by law Any credit card in the United States also requires you to be at least 18 years of age and have sufficient income to qualify.
Newbies to lending who want an option that doesn’t require FICO credit history should consider a card like this Discover it® Student Chrome. It has a $ 0 Annual fee and offers introductory incentives and rewards. Cardholders receive 2% cashback at gas stations and restaurants for combined purchases of up to $ 1,000 per quarter and 1% cashback for everything else.
5. Payments are reported to all important 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 that is used to calculate your creditworthiness; Reporting your payments is essential for creditworthiness.