Capital One Student Credit Card Benefits: A Comprehensive Guide

Credit cards can be pivotal in shaping your financial future, and responsible usage is a great way to build good credit. Student credit cards are designed for students with little to no credit history, and some, like the Capital One Savor Student and Quicksilver Student cards, even offer rewards.

Benefits of College Student Credit Cards

The benefits offered by student credit cards can vary, but some common advantages include:

More flexible approval requirements: Student credit cards are designed to accommodate applicants with no credit history. However, there may also be age and income requirements.
Lower credit limits: Student cards tend to have lower credit limits than standard credit cards.
Building good credit: One of the biggest advantages of a student credit card is that you can build good credit if you use the card responsibly by doing things like making on-time payments and not overspending.

Capital One Student Credit Card Options

Capital One offers two main student credit card options: the Capital One Savor Student Cash Rewards Credit Card and the Capital One Quicksilver Student Cash Rewards Credit Card. Let's take a closer look at each card.

Capital One Quicksilver Student Cash Rewards Credit Card

Rewards:
- Earn unlimited 1.5% cash back on every purchase, every day.
- 5% back on hotels, vacation rentals, and rental cars booked through Capital One Travel (terms apply).
- 5% back on Capital One Entertainment purchases (terms apply).
Bonus Offer: Earn $50 when you spend $100 in the first three months.
Annual Fee: \$0
Foreign Transaction Fee: \$0
Regular APR: 18.49% - 28.49% (Variable)
Credit Needed: Average, Fair, Limited
Additional Benefits:
- \$0 Fraud Liability
- Lock your card in the Capital One Mobile app if it’s misplaced, lost, or stolen.
- Build your credit with responsible card use.

Capital One Savor Student Cash Rewards Credit Card

Rewards:
- Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment, and popular streaming services, plus 1% on all other purchases.
- 5% back on hotels, vacation rentals, and rental cars booked through Capital One Travel.
- 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal.
Bonus Offer: Earn $50 when you spend $100 in the first three months.
Annual Fee: \$0
Foreign Transaction Fee: \$0
Regular APR: 18.49% - 28.49% (Variable)
Credit Needed: Average, Fair, Limited
Additional Benefits:
- \$0 Fraud Liability
- Lock your card in the Capital One Mobile app if it’s misplaced, lost, or stolen.
- Build your credit with responsible card use.

Rewards-Earning Potential

Both cards earn cash back, but their rewards structures differ greatly. The Capital One Savor Student Cash Rewards Credit Card is generally the more valuable card because of its higher cash-back rate in popular spending categories. The Quicksilver Student card offers a simpler, flat-rate reward structure. Redemption options are the same for both cards: rewards can be cashed in for a statement credit, a check, or gift cards. Cardholders can also automate redemption to occur at a certain time each year or when a certain amount is reached.

How to Compare Credit Cards for College Students

A student credit card may be your first credit card, so it's important to consider several factors when comparing options:

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Annual Percentage Rate (APR): Different credit card transactions may have different APRs. Purchases may have one APR, while cash advances may have another, for example. A new credit card may come with a lower, introductory APR for a limited time.
Fees: Check whether there are any fees, such as annual fees or late fees, associated with the card.
Rewards: Some student cards offer rewards.
Credit Limits: It’s important to know your card’s credit limit and make sure your balance doesn’t exceed it.
Payment Reminders and Automatic Payments: Understanding how your billing cycle works can help you plan for purchases and make on-time payments.

Applying for a Credit Card for College Students

Applying for a credit card generally works the same whether you’re a student or not. Here are some steps you might take:

Check your credit: You may not think you have a credit history, but the Consumer Financial Protection Bureau (CFPB) says it’s worth checking anyway. That way, you can be more informed about what’s in your credit reports. CreditWise from Capital One gives you free access to your credit report and score anytime. Using it won’t hurt your credit scores, and you don’t need to be a customer to use it. You can also get free copies of your credit reports from all three major credit bureaus by visiting AnnualCreditReport.com.
Understand what you need to apply: Application requirements might vary, but you typically need to provide information like your address, date of birth, and employment or income information. You also generally need to show proof of enrollment at a college or university.
Find out whether you’re pre-approved: The pre-approval process can tell you whether you’ve met the initial criteria required to become a cardholder. It can also help avoid unnecessary hard inquiries, which can hurt your credit scores.
Apply online: The online process is often the quickest and most convenient.

Alternatives to Student Credit Cards

If you don’t meet the requirements to get a college student credit card, there are alternatives you can consider:

Authorized User: As an authorized user, you could get your own card, but the primary cardholder is responsible for handling payments. The authorized user may see positive effects on their credit if both they and the primary cardholder use the card responsibly. That means doing things like making monthly payments on time and keeping balances low. Keep in mind that credit card issuers aren’t required to report an authorized user’s activity to the three major credit bureaus.
Secured Credit Card: A secured credit card may be another option if you aren’t eligible for a student card. Secured cards require a security deposit, which could make them easier to qualify for.

Capital One Travel Benefits

Both Capital One student cards offer access to Capital One Travel, which provides several benefits:

Free Price Drop Protection: If you book your flight when Capital One recommends and the price drops within 10 days, you’ll get up to $50 in travel credit for the difference.
Price Match Guarantee: If you find a better price within 24 hours of booking an eligible flight, hotel, or rental car, Capital One will give you a travel credit for the difference.
Flexible Flight Cancellation: Add the option to cancel your flight up to 3 hours before your scheduled departure and get most of your booking cost refunded.
Price Alerts: Set a price alert, and Capital One will watch your flight 24/7 to notify you when prices drop.

Eligibility for Capital One Student Credit Cards

To be eligible for the Capital One Savor Student Cash Rewards Credit Card and Capital One Quicksilver Student Cash Rewards Credit Card, you’ll have to confirm that you’re a student. Capital One’s definition of a student is someone who is admitted and enrolled (or intending to enroll in three months) part-time or full-time at an accredited university, community college, or higher education institution.

Applicants will typically need fair credit (a FICO score between 630 and 689) to qualify for either of Capital One’s student cards, but exceptions may apply. Each applicant is assessed case by case. Capital One defines “sufficient income” as being greater than your rent or mortgage payment by at least $425.

Building Credit with Capital One Student Cards

Both cards report payments to the three major credit bureaus: Equifax, Experian, and TransUnion, which is essential for building credit. Your payment history accounts for about 35% of your credit score, so aim to make on-time payments as often as you can.

What Happens After Graduation?

Many students wonder what happens to their student credit card after they graduate. With the Capital One Quicksilver Student and Savor Student cards, you'll still keep all the same rewards and benefits on your card after graduation.

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