Writer: Erica Sandberg
Editor: Jon McDonald
Reviewer: Ashley Fricker
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“Hi, Erica! Can I ask you something? I want a credit card, but I’ve never had one before. What kind can I get while I’m still in college?!”
Usually a question like this comes in the form of a text, with a bunch of emojis. So I call them back (yes, an actual phone call) and talk about what credit card issuers look for in a new applicant. And as for which cards I recommend, the Capital One Savor Student Cash Rewards Credit Card is among them.
Why? Well, in addition to its built-in benefits for students, the account is specifically developed for their demographic. Cardholders can earn substantial cash back on the things college students typically buy, and don’t have to worry about having to get more value out of it than an annual fee costs. There’s a nice initial cash bonus, too.
And this is just a taste of what the Capital One Savor Student Cash Rewards Credit Card offers. There are many other reasons I consistently add this Capital One card to the “best of” list. Read on for more details, sans emojis.
Cash Back, Bonuses, and Other Perks
Let’s talk money. Real money. Because that’s what you will earn when you use the card to buy certain things that are likely within your current budget. How much you can make depends on how much you charge and the percentage you get back.
You’ll get 3% back when you use the card at supermarkets (except superstores like Walmart and Target) and for dining at restaurants, cafés, bars, lounges, fast-food chains, and bakeries.
Entertainment is also included. Buy tickets to the movies for live events (such as sports, music, and the theater) and even amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls, or bowling alleys, and you’ll get 3% back.
Pay qualified streaming services such as Netflix, Hulu, and Disney+ with this card, and you’ll earn that percentage back, too.
- 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
- Early Spend Bonus: For a limited-time, earn $100 when you spend $300 in the first three months
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Enjoy no annual fee, foreign transaction fees, or hidden fees
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Earn up to $500 a year by referring friends and family when they’re approved for a Capital One credit card
- Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
- Build your credit with responsible card use
- Whether you’re at a 4-year university, community college or other higher education institution, this card might be an option for you
- Top rated mobile app
Even better? The cash back rate escalates when you use Capital One’s shopping portals. You can earn 8% cash back when you use the Capital One Entertainment ticketing platform.
Buy four tickets to a Billie Eilish concert through the system for $500, and you’ll get $40 back. The 8% excludes tickets purchased through the Capital One cardholder exclusive pre-sales page, though.
Taking a spring break vacation? You’ll get 5% cash back on hotels, vacation rentals, and rental cars booked through Capital One Travel. That $2,000 trip can be discounted by $100 with cash back.
All other transactions will net you 1% cash back. Not the greatest, but it’s still free money.
Whatever you earn will be posted to your account within one to two billing cycles. Each billing cycle is between 28 and 30 days, so if you spend a lot in high-earning categories and want to cash out immediately, prepare to wait.
But remember, to earn any cash back, you have to keep your account in good standing. That means paying by the due date and keeping your balance within the assigned credit limit.
One-Time Cash Bonus
Many rewards cards come with a sign-up bonus to welcome you to the account, and this card is no exception.
The current offer for the Capital One Savor Student Cash Rewards Credit Card is to earn $100 Cash Back when you spend $300 in the first three months from account opening. A sweet little gift!
No Annual Fee or Foreign Transaction Fees
Rewards credit cards frequently charge annual fees, but this one doesn’t. Nor does it charge any foreign transaction fees when you use the card in other countries.
Extended Warranty Protection
If you purchase a product that comes with a warranty, the store or manufacturer may provide you with a guarantee to replace or repair the item within a specified period.
But the Capital One Savor Student Cash Rewards Credit Card extends that warranty.
Travel and Entertainment Benefits
This is where a credit card goes from being a mere payment tool to a purchasing powerhouse.
Unlike many other credit card issuers, Capital One has developed two full-fledged shopping portals. The Capital One Savor Student Cash Rewards Credit Card includes access to both Capital One Travel and Capital One Entertainment. Not only does that enable direct purchases, but these platforms also include helpful guidance and unique deals.
After logging onto these platforms, which you can do either on the website or the mobile app, you can buy what you want using the funds available on your Capital One credit card or by redeeming the cash back that you have accumulated.
You will see your cash back balance, then you can select the option to book what you want. If you don’t have enough cash back to cover the entire cost, you can use your card to pay for the rest.
If you do use your Capital One Savor Student Cash Rewards Credit Card to pay, you will earn cash back on the purchases.
Before we go on, though, do be aware that there are some restrictions involved with the Capital One shopping portals. To use them, your account needs to be open and in good standing.
That means you shouldn’t be delinquent on payments or have overdrawn your account. You must also be at least 18 years old and the primary account holder or account manager. Authorized users are not allowed to use the portals.
Here’s what you can get from each of these platforms:
Capital One Travel
Log in to Capital One Travel, and you will see options to book “Flights,” “Stays” (hotels and other accommodations), “Packages” (flights plus stays), “Rental Cars,” “Activities,” and “Premium Stays.”
The new “Activities” option is exciting. You can book a wide variety of experiences in many cities, both domestically and internationally, straight through the platform.
For example, maybe you want to go to New Orleans. Plug in that city and the desired dates and you will see a bunch of options pop up.
For example, a “Cemetery and Ghost BYOB Bus Tour” may sound fun. If so, you’ll see the description of the tour (as well as Tripadvisor ratings and reviews), the price, and other details, and then you can book through the portal.
Through “Stays” you can book accommodations that range from basic to luxury, but the properties included with “Premium Stays” are more high-end.
As a Capital One cardholder, you can book a premium stay, but you won’t get valuable extras that come with a card like the Capital One Venture X Rewards Credit Card, such as credits you can use for food and drink.
Also, when you log onto the portal, you may see current offers. These are limited deals issued by Capital One that you can apply to future travel bookings. You may see a fourth night for free at a hotel, $100 off a round-trip flight, or other time-sensitive deals. It’s worth checking out.
Capital One Entertainment
Here you can buy tickets for concerts and festivals, comedy shows, the theater, sports events, and other live experiences.
For example, maybe you want to go to an NHL game. Great! Log in to your account and navigate to Capital One Entertainment. You will see a search bar where you can add your dates and the desired game. Then you can book the seats through the platform, just as you would directly with the venue or with any third-party ticket seller.
If you want to splurge on a special restaurant, Capital One Entertainment can help you get a seat at the table, even when they’re hard to book. They have a “Signature Collection,” which gives cardholders access to prime-time tables at top-tier restaurants. The Capital One Dining app also makes booking super easy.
You will also get a variety of entertainment-related perks, including pre-sales (so you don’t miss out on tickets that sell out fast), VIP packages (to do things like meet performers and go backstage), and curated events (such as opening night for Broadway shows).
In short, if you want to do something out and about, using your Capital One Savor Student Cash Rewards Credit Card to book through either of the company’s portals can help you get where you want to go faster and cheaper than if you shop elsewhere.
No Credit Needed to Qualify
Because the Capital One Savor Student Cash Rewards Credit Card is developed for people who don’t have a credit history quite yet, qualification requirements are different from those for other cards.
To be eligible, you must:
- Be at least 18 years old
- Be enrolled in an accredited college, university, or higher education institution (or admitted and planning to enroll in the next three months)
- Be able to make payments. If you are under the age of 21, you will need to prove that you have enough income to cover the minimum payments. Income sources may be jobs, internships, or financial assistance from your parents.
Capital One understands students may be looking for their first rewards card, and its eligibility requirements are designed to provide a little more accessibility.
Eligibility & How to Apply (A Step-by-Step Guide)
Ready to apply? Marvelous! This is what you will see when you go through the process, including eligibility information. I went through them all so you can see exactly what questions you’ll answer and what information you need to have handy.
Note: I didn’t actually apply for the card (I’m not a student, so I can’t!), and this information is for educational purposes only.
There are only 11 steps, so get ready:
Step 1: Your Name
When I click on the first screen, I see an explanation of the card. It shows that I can earn an unlimited 3% cash back at grocery stores, dining, entertainment, and popular streaming services, with no annual fee. Then I’m instructed to list my legal name (first, last, and middle initial).
Step 2: Citizenship Info
A friendly “Nice to meet you, Erica” screen appears. It asked for my citizenship so they could verify my identity. Am I a U.S. citizen? If I click yes, it asks if I have citizenship in another country. I click no. If I click that I am not a U.S. citizen, it asks if I’m a resident or nonresident.
Step 3: Student Status and Expected Graduation Date
Now I’m being asked about my student status. I click yes, then move on to the options asking what degree I’m working toward: Associate, Bachelor’s, Master’s, Doctorate, or Other. That selection is followed by my expected graduation date.
Step 4: Residential Address
This next screen asks me for my residential address. I started to fill it in, and thanks to the saved info on my browser, it automatically completed this part of the form.
Step 5: Email, Phone Number, and Communication Preference
Now Capital One wants to know how to communicate with me. The screen asks for my email address, my primary phone number, and type (mobile, home, or other). I add it all and move on to the next step.
Step 6: Employment Status
An encouraging statement now greets me: “You’re over halfway there!” Then it asks for my employment status. My options are employed, self-employed, retired, student, unemployed, and other.
Step 7: Annual Income and Housing Costs
This next screen asks for a “quick snapshot” of my financial situation. I fill in my total annual income and monthly housing payment. Students who don’t pay for their housing, or who live at home, can put $0 here.
Then it asks how often I carry a balance on personal credit cards. This is an optional question, though, so I leave it blank.
And, as a student, this may be your first card, in which there’s nothing for you to enter.
Step 8: Bank Account Type and Cash Advance Plans
Now I’m being asked if I have any bank accounts. I can choose checking and savings, checking only, savings only, or neither. This screen also asks if I will be using my credit card to take out cash advances. I select “No.”
Step 9: Birth Date and Social Security Number
This screen offers another encouragement: “You’re almost done”. Then I see a request to help Capital One protect me from fraud and to verify my identity. So I type in my date of birth and Social Security number.
Step 10: Paperless Statement and Language Preference
Now to finish the application. I agree to paperless communication and statements, and am asked if I want the communication from Capital One to be in English or Spanish.
Step 11: Verify Info, Read Disclosures, and Submit Application
Finally, I come to the very last screen. Here I’m asked to verify my information, review the agreement, and read the disclosures and acknowledgments. This includes all the information about the card I’m applying for, including the APR, fees, how a credit line is determined, and the rewards program.
If I click on the “submit application” button, I confirm that I’ve read it all, I have edited any prefilled information so it’s correct, that I authorize Capital One to check my credit and employment history, and agree to the company using a third-party service to validate my identity.
That’s it! Once I submit the application, I will find out if I’m approved quickly (often in seconds, but likely within a few minutes).
In terms of how long the application took to fill out, it wasn’t bad. I only spent about 10 minutes, and I had to write about it!
What Credit Limit to Expect
Because the Capital One Savor Student Cash Rewards Credit Card is unsecured and you don’t need a credit history to qualify, the credit limit you get in the beginning will be low.
A starting credit limit of $500 is quite common. However, the longer you use the card responsibly — by making all of your payments on time and keeping your revolving balance at zero or very low — Capital One may gradually increase the limit.
How to Redeem Your Cash Back
Oh, how I love cash back! After all, it’s money a credit card company gives you just for using its credit card.
Even better, the cash you earn is tax-free because it’s not considered income, but a rebate. Therefore, this is money that you can use for whatever you want, in exactly that sum.
The cash back you earn will be applied to your Capital One account within two billing cycles after making a purchase. You’ll be able to see your earnings online within about 10 days of the purchase, but sometimes it may take longer for them to post.
To redeem cash back, log in to your account, see how much you have, and then choose from these options:
- Statement credit: If you have a balance that you want to reduce, you can use the cash back to pay it down. This is a really nice way to keep your debt in check without having to use your hard-earned money.
- Past purchases: Want to pay for recent purchases with your cash back? You can. Just choose that option, and that charge will be covered with your cash back.
- Direct deposit: Maybe you want to use the cash back you earn with the account for something like rent or a utility bill. Cash back can be amazing for these purposes. Select the option to have it sent to a bank account as a direct deposit, and you can use it for anything you need.
- Gift cards: Capital One has arrangements with many businesses, from supermarkets to spas. When you log into your account, you’ll see the variety of gift cards available. One of my favorite ways to use the cash back is to buy gift cards when they are deeply discounted. A $100 gift card to a specific retailer may go for $75.
- Shopping portals: You can spend the cash you’ve earned on Capital One’s Travel and Entertainment portals. Just log in and shop away. The cash back balance will be yours to spend on everything from airfare to concert tickets.
- Amazon.com: Big Amazon shopper? You’re in luck. You can pay for those orders directly by applying your Capital One cash back at checkout.
- PayPal: If you add your Capital One card to your PayPal wallet, you can use your cash back at checkout.
Be sure to check often for new additions in certain categories, such as gift cards and shopping portals. You might even score a discount if you catch an offer at the right time!
What Happens to Your Card When You Graduate
Although the Capital One Savor Student Cash Rewards Credit Card was developed for college students, you don’t have to leave it behind when you graduate or stop going to school.
Keeping it can make a lot of sense. There is no annual fee, so you don’t have to worry about cost. Also, having a card that you’ve handled well for a number of years helps build a healthy credit history.
That’s because length of credit history is a factor in your FICO Score. It’s not the most significant factor, as you can see in the chart below, but every little bit helps when you are establishing credit.
However, you may want to consider getting another credit card to diversify your credit history. Having one card that you use is good, but two can really help your credit score rise.
For example, if you know you will be doing some traveling, you may want to apply for a travel rewards card, as it comes with special benefits that can make your adventures cheaper and more convenient.
That said, I’m not a fan of having a credit card that does nothing for you other than sit there. Even a dormant card needs to be monitored. If you no longer want or need the Capital One Savor Student Cash Rewards Credit Card, you may want to consider cancelling it if you qualify for a card that better matches your new lifestyle and needs.
Capital One Mobile App and Customer Support
As a Capital One cardholder, I can attest to the benefits of the mobile app. It has come in handy many times, including once when my flight was delayed while I was at the airport. Instead of standing in line for the gate agent to rebook, I just did it through the app. It saved me time and anxiety.
But that’s just the start. With the app, you can easily review your account, read your statements, check transactions, pay bills, and redeem your cash back. The design is simple, too.
You can also use Capital One’s free CreditWise program directly on the app. When you enroll, you will have access to your FICO Score.
Watching it go up when you’ve done all the right things is exciting. And if it goes down, you can immediately address the reason.
CreditWise will alert you when there is a new inquiry for credit, an account is delinquent, or if there are other important changes on your TransUnion and Experian credit reports.
The program will also let you know if your Social Security number is detected on the dark web.
As for customer support, the phone number is 1-800-227-4825. Wait times are usually short.
You have to enter the last four digits of your card’s number, and after that, you can quickly get your account balance, remaining credit limit, or choose among the prompts, which include speaking to a representative.
If you want to speak with an agent, you will have to explain your reason, such as saying “problem with my account”. You can also just say, “customer service,” and it won’t be long until you’re connected (it was under two minutes for me).
Pros and Cons
I’ve covered all the bases in this review, but here’s a quick recap of the basic benefits and drawbacks of the Capital One Savor Student Cash Rewards Credit Card:
Pros
- 3% unlimited cash back on common spending categories
- Competitive signup bonus
- $0 annual fee
Cons
- 1% cash back on other purchases is a relatively low rate
- High APR of 18.99%, 24.99% or 28.99%
- Likely very low starting credit line
For students, the pros of this card are pretty significant. But if you carry a balance or don’t spend much in the 3% cash back categories, the cons might carry more weight.
Other Student Cards Worth Considering
While the Capital One Savor Student Cash Rewards Credit Card is a solid option, other student credit card options may be better for your situation.
Here are a couple of cards that are similar, but just make sure you compare all aspects before choosing the right one for you:
Discover it® Student Cash Back
This is also a credit card designed for college students that has no annual fee. The cash back rewards are a little more complicated, though, since the amount you earn may fluctuate each quarter.
The highest rate is 5% cash back in certain rotating categories each quarter that you must activate. Bonus cash back is capped to a spend threshold, and you earn 1% cash back on all other purchases.
Discover does offer a Cashback Match™ on all the cash back you earn at the end of your first year, which is a plus. But if you’re into more predictable cash back based on locked-in categories, this card might not be for you.
Capital One Platinum Secured Credit Card
Maybe you’re just applying to schools, or are in between semesters and aren’t technically a student. You can still jump in with a major issuer like Capital One. The Capital One Platinum Secured Credit Card is a no-frills product that is accessible to people with varying credit histories.
There is no annual fee, but it requires a security deposit of $49, $99, or $200 to begin. After you have used the account responsibly for a while, that money may be refunded. At that point, the card will turn into an unsecured card.
The credit line will start out low, but in six months, you will be considered for an increase. It doesn’t offer cash back or other rewards, but you can use this account to start your credit history and then become eligible for a more lucrative account.
Would I Recommend the Capital One Savor Student Cash Rewards Credit Card?
I have suggested the Capital One Savor Student Cash Rewards Credit Card to many college students, including to my own daughter when she was at UC Davis.
When she was approved, it was an exciting moment for both of us. The credit monitoring tool was one of her favorite features. When those numbers went up, I’d always get a call.
In fact, it’s hard to find fault with this card. It’s easy to get and manage, and it’s hard to argue with the cash back feature. The shopping portals are great. Once you start to use them, you’ll go back again and again.
I have suggested the Capital One Savor Student Cash Rewards Credit Card to many college students, including to my own daughter when she was at UC Davis.
Although it’s not a travel card, it still offers some of the same benefits, including no foreign transaction fees and access to Capital One Travel. Although the APR is somewhat steep, it’s not that much different from other cards. And as long as you pay the balance in full, which of course I always promote, it’s a non-issue.
So yes, I very much recommend the Capital One Savor Student Cash Rewards Credit Card to people who fit its profile. It’s a great way to build credit and earn cash back while enjoying the perks of a major credit card issuer.
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