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The Capital One® SavorOne® Rewards for Students credit card is a cashback credit card designed exclusively for students already in higher education or who plan to be within the next 3 months.
It boasts a long list of cashback rewards and comes with no annual fee. However, its high APR and relatively low credit limits may make this credit card a little less appealing, especially if this is your first credit card.
Quick Review
The Capital One® SavorOne® Rewards for Students credit card boasts an impressive rewards program for its cardholders, offering cash back opportunities at literally every purchase made with the credit card. You can get:
- 8% back on Capital One Entertainment purchases and Vivid Seats purchases
- 5% back on Capital One Travel bookings
- 3% back on entertainment, dining, streaming, and groceries
- 1% back on all other purchases
- $100 cash bonus when you spend $100 in your first 3 months
Additionally, all of these rewards are unlimited, which means your savings never stop. While other rewards cards offer similar perks, many limit the amount you can earn in cash back every month, quarter, or year. This credit card’s rewards are also non-rotating, so you can benefit from multiple savings simultaneously without needing to switch between categories.
The Capital One® SavorOne® Rewards for Students rewards are easy to understand and take advantage of, making it ideal for students, who are usually first-time credit card owners looking to boost their credit score while saving on every purchase.
The drawbacks of the Capital One® SavorOne® Rewards for Students are its potentially very high APR of 16.49%–26.49% (variable) and low credit limits of around $300-$750. If you’re offering the higher end of interest rates, carrying a balance on the card could quickly become costly.
Capital One® SavorOne® Rewards for Students Important Details
Basic Card Details
- Annual fee: $0
- Purchase APR: 16.49%–26.49% (variable)
- Rewards rate: 1%-8%
- Welcome bonus: $100
- Available to: Students and individuals starting higher education within 3 months
Additional Information
- No foreign transaction fees
- $0 fraud liability for lost or stolen card
- Manage your account through the Capital One mobile app
- Rewards are valid for life of the account
- Cash back can be applied to directly cover specific purchases
- Free credit scores and credit tracking with CreditWise
Capital One® SavorOne® Rewards for Students Feature Breakdown
Let’s break down the key features of the Capital One® SavorOne® Rewards for Students credit card to help you decide if this card meets your credit needs.
Fees
- Annual fee: $0
- Cash advance fee: $10 or 3% (whichever is higher)
- Balance transfer fee: $0 at regular transfer APR; 3% at any promotional APR
- Late fee: Up to $40
- Foreign transaction fee: None
Interest Rates
- Purchase APR: 16.49%–26.49% (variable)
- Balance transfer APR: 16.49%–26.49% (variable)
- Cash advance APR: 26.49% (variable)
The upper interest rate range for this credit card is quite high, especially for a first-time credit card owner. If you’re unlikely to pay off your credit card on time every month, you may end up with multiple high interest charges.
You have at least 25 days after the end of each billing cycle to pay off that month’s debt before the high interest rate is applied.
Rewards
The Capital One® SavorOne® Rewards for Students’ long list of unlimited rewards is the biggest appeal for most applicants, especially students looking to save wherever they can. You can take advantage of as many of the rewards as often as you want, provided you stay within your credit limit. Here’s how it works:
- 8% cash back on Capital One Entertainment and Vivid Seat purchases
- 5% cash back on Capital One Travel hotel rooms and car bookings
- 3% cash back on entertainment, streaming, dining, and groceries
- 1% cash back on all other purchases
Because this card doesn’t have an annual fee, there’s no pressure to spend up to a certain amount to make the card worth it. Any amount of money spent means money saved. This is great for college students who don’t have the luxury of spending hundreds or thousands of dollars in order to break even on an annual fee for a high-end rewards card.
Welcome Bonus
The Capital One® SavorOne® Rewards for Students card’s welcome bonus is small but easily accessible. By spending just $100 in your first three months, you’ll unlock a $100 welcome bonus.
Keep in mind that this is a limited-time offer and may not be available for pre-existing account holders.
Cash Advance
A cash advance is when you withdraw cash using your credit card through an ATM or money order. While the Capital One® SavorOne® Rewards for Students card does allow for cash advances, we don’t recommend using this service unless absolutely necessary.
The cash advance fee for this card is $10 or 3%, whichever ends up being higher, and the cash advance APR is high. These types of fees and interest charges can accumulate quickly, so we strongly recommend only using your card for purchases, not withdrawals.
Balance Transfers
Balance transfers are permitted using the Capital One® SavorOne® Rewards for Students card. However, the APR for balance transfers is between 16.49%–26.49% (variable), which is incredibly high.
If you plan on transferring money between accounts to pay off another credit card, the Capital One® SavorOne® Rewards for Students card probably isn’t for you. Try a 0% APR credit card instead.
Entertainment Benefits
You receive 8% cash back on all Capital One Entertainment purchases, including Vivid Seats tickets, with the Capital One® SavorOne® Rewards for Students card.
The Capital One Entertainment platform offers a wide range of experiences from sports games to concerts and events. If you’re someone who’s always looking for a fun thing to do over the weekend, you’ll really enjoy this perk.
Travel Benefits
The Capital One® SavorOne® Rewards for Students card lets you earn 5% cash back on all Capital One Travel hotel room and rental car bookings. It also waives all foreign transaction fees, which means you can travel around with this card without massive fees waiting for you back home.
Capital One also offers these travel perks:
- Complimentary concierge services
- 24-hour travel assistance services
- Travel accident insurance
- Price match through Capital One Travel
Credit Reporting
If you’re a student looking to build their credit, getting a credit card with an issuer that regularly reports to the major credit bureaus is a must.
Capital One reports to all three major credit bureaus monthly, so using the the Capital One® SavorOne® Rewards for Students card can help build your credit score.
Customer Service
If you want to speak directly to Capital One regarding this card, here are the relevant contact numbers:
Customer service
(877) 383-4802
Customer service for existing accounts only
(800) 227-4825
Customer service for outside the US
(804) 934-2001
Online banking support
(866) 750-0873
Fraud protection
(800) 427-9428 & (800) 239-7054
Should You Get the Capital One® SavorOne® Rewards for Students?
FinanceJar verdict
Yes, we would recommend this credit card for students and soon-to-be students. The high rewards rates and lack of annual fee make this card a worthwhile borrowing option, especially as you can continue using the card after you graduate. However, you must be responsible when using and paying off this credit card, otherwise you may end up having incredibly high interest charges to pay off.
Who is this card for?
- Students who love entertainment: Given the cashback rewards on entertainment purchases, as well as dining and streaming, the fun-seeking student can see a lot of savings with this card.
- Study abroad candidates: If you’re planning on taking a semester abroad or doing some international travel while in school, this card is a great resource to have on hand. You won’t be charged foreign transaction fees, and you get all the Capital One travel benefits and protections.
Comparable Cards
See how the Capital One® SavorOne® Rewards for Students card compares to other credit cards on the market.
