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Capital One announced on Tuesday two new student credit cards, the Capital One SavorOne Student Credit Card and the Capital One Quicksilver Student Credit Card. Both of these cards are similar to two of CapitalOne’s regular consumer cards, the Capital One SavorOne Cash Rewards Credit Card and the Capital One Quicksilver Cash Rewards Credit Card, but the perks are catered toward the needs of college students.
Students can earn unlimited cash back on eligible purchases every time they swipe their cards. The cash back can be redeemed as statement credits or deposited directly into a bank account, helping cardholders save money on their everyday expenses.
Here are some more details on these new student cards.
Capital One student credit cards debut
Neither card comes with a welcome bonus, but that’s not unusual for student credit cards. However, both cards offer competitive rewards rates and some solid benefits for college students, including:
- Exclusive access to curated experiences in sports, dining and entertainment
- Unlimited cash back that doesn’t expire for the life of the account
- No annual fee or foreign transaction fees
Capital One SavorOne Student Credit Card
The Capital One SavorOne Student Credit Card is an excellent card for students who spend a significant amount of money in specific categories. Cardholders can earn:
- 3% cash back on dining, entertainment, popular streaming services and at grocery stores (not including superstores like Walmart and Target)
- 1% cash back on all other purchases
In addition, SavorOne Student cardholders can earn 8% cash back on Vivid Seats through January 2023. Vivid Seats is a platform where you can purchase and sell tickets to concerts, sporting events and comedy shows.
Capital One SavorOne Student Credit Card
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Rewards
3% cash back on dining, entertainment, popular streaming services and at grocery stores. 1% cash back on all other purchases.
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Welcome bonus
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Annual fee
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Promo APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
Pros
- Excellent cash back categories on broad spending categories
- Exclusive access to curated experiences in sports, dining and entertainment
- Unlimited cash back that doesn’t expire for the life of the account
- No foreign transaction or annual fees
Capital One Quicksilver Student Credit Card
Students looking for a flat-rate cash back card should consider the new CapitalOne Quicksilver Student Credit Card. Cardholders can earn:
- 1.5% cash back on all purchases
Capital One Quicksilver Student Credit Card
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Rewards
1.5% cash back on all purchases, every day.
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Welcome bonus
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Annual fee
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Promo APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
Pros
- Exclusive access to curated experiences in sports, dining and entertainment
- Unlimited cash back that doesn’t expire for the life of the account
- No spending categories to track
- No foreign transaction or annual fees
How to apply for and pick a student credit card
Student credit cards are not much different than a regular travel credit card or cash-back credit card, but there are certain application requirements and benefits that make the cards good for college students.
Applying for a student credit card
In order to apply for a student credit card, you will need to have all of your personal information ready, including your social security number and proof of income.
If you have either limited or no credit at all, it will benefit you to have a cosigner, which is someone who agrees to pay the credit card statement in the case you are not able to. Unfortunately, Capital One does not allow for cosigners. This is why it is important to build credit as soon as possible, so you do not need to rely on a cosigner.
Additionally, you may need to provide proof that you are a current college student. This could be something as simple as uploading your schedule for the current semester.
Picking the right student credit card
There are several student credit cards available on the market, and it can be difficult to select the right one for your needs. When considering a student credit card, keep a few points in mind:
- Is a credit card the right fit for you financially?
- If yes, where do you spend the majority of your money? Is it at restaurants, online shopping, gas, etc.? Or is your spending varied across many categories?
- What type of rewards suit your needs more, travel rewards or cash back?
These questions will help guide you to the right student credit card for your needs.
Other than the Capital One student credit cards listed above, there are several student credit cards to select from, including the Discover it® Student chrome and the Discover it® Student Cash Back card.
Discover it® Student Cash Back
On Discover’s secure site
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Rewards
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
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Welcome bonus
Discover will match all the cash back you’ve earned at the end of your first year
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Annual fee
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Intro APR
0% for 6 months on purchases
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Regular APR
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Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
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Foreign transaction fee
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Credit needed
Bottom line
Building credit is a slow process, but a student credit card can help college students establish good financial habits early. With a good credit score, you’ll be better prepared once you graduate to take out an auto loan or renting an apartment.
These new cards from Capital One are good options for students, with very competitive cash back rewards rates.
If a student credit card isn’t the right solution for you right now, consider building your credit by being added as an authorized user on someone else’s account.
For rates and fees for the Discover it® Student chrome, click here
For rates and fees for the Discover it® Student Cash Back, click here
Information about the Capital One SavorOne Cash Rewards Credit Card, Capital One Quicksilver Cash Rewards Credit Card, Capital One SavorOne Student Credit Card and the CapitalOne Quicksilver Student Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
