Capital One Bank on Student Credit Cards

The selection of student credit cards available from Capital One includes enough incentives, bonuses, and advantages to make any cardholder feel like a legitimate adult embarking on a credit-building path. These Capital One student credit cards will help you get off to a fantastic start whether you’re a first-year college student, a graduate student, or even an overseas student.

Here is some information regarding the recently released student credit card alternatives from Capital One, along with suggestions for which one could suit your needs the best.

Must Read: CAPITAL ONE INTERNATIONAL WIRE TRANSFER: SWIFT CODE, EXCHANGE RATE, LIMIT, TRANSFER FEE

What is a student credit card?

It is a credit card made specifically for college students who may have little or no credit history, as the name suggests. But much like a conventional credit card, you can use it to make purchases both offline and online. 

If you appropriately use your student card by, for example, making on-time payments, Equifax, ExperianTM, and TransUnion may receive information about it. With continuous ethical use, that data can accumulate over time. In particular, it might demonstrate to lenders that you might be equipped to manage different kinds of loans.

You must first fulfil certain requirements in order to be eligible for a student card. According to the Credit CARD Act of 2009, you must be 18 to apply. Additionally, lenders may require a co-signer or evidence that you can make on-time payments if you are under 21.

There are several ways to show this proof because college students are typically rather busy and cannot all work full-time jobs. They consist of funds from your own earnings, interest or dividends, government help, or the earnings of others that are frequently utilised to cover your needs. You might also need to be enrolled in college, according to some lenders. 

Must Read: How To Pay Student Loans With A Credit Card? Here Are The Pros And Cons

Pre- and post-graduation options

Let’s assume you obtain a Capital One student credit card and establish sound money management practices. You might finally feel prepared for increased authority and financial freedom. In that case, you might have choices both before and after graduation, such as:

Before graduating, increase your credit limit. Some lenders might automatically increase your credit limit while you’re still in school as long as you responsibly use your student card. If not, you might be eligible to request a pay rise. But keep in mind that if you ask for a rise, you can be asked for information about your annual income total, work situation, and mortgage or rent payment. When deciding whether to grant your request, lenders may take these into account in addition to other risk indicators.

Must Read: How To Increase Your CIBIL Score For Better Education Loans?

What student credit cards does Capital One offer?

For a long time, Capital One’s Journey Student Rewards credit card served as the sole starter credit card available to students trying to establish credit. Two of the well-known rewards credit cards from Capital One are now offered in student versions:

Capital One SavorOne Student Cash Rewards Credit Card

• Rate of rewards: Unrestricted 3 per cent cash back on streaming services, restaurants, entertainment, and at grocery shops (but not at superstores like Walmart and Target); Capital One Entertainment purchases get 8% cash back, Capital One Travel purchases earn 5% cash back (conditions apply), and all other purchases earn 1% cash back.

• Welcome promotion: Spend $100 in the first three months after opening your account to win $50.

• Annual Fee- none

• Regular APR: Variable from 19.74% to 29.74%

Capital One Quicksilver Student Cash Rewards Credit Card

• Rewards percentage: Recieve  1.5% cash back on purchases made with the card; 5% cash back on lodging and auto rentals booked through Capital One Travel (conditions apply)

• Welcome, offer: Earn $50 every time on spending $100 during the first three months of creating your account for a brief period of time.

• Annual Fee: None

• Regular APR: Variable from 19.74% to 29.74%

Journey Student Rewards from Capital One

• Rewards rate: Unlimited 1% cash back on all transactions, which is increased to 1.25% for the month when the card is paid in full; 5% cash back on lodging and auto rentals booked through Capital One Travel (conditions apply).

• Welcome offer: No welcome offer

• Annual cost: nothing

• Variable regular APR of 29.99 per cent

Must Read: STUDY ABROAD: CREDIT CARDS FOR INTERNATIONAL STUDENTS IN USA

Which Capital One student credit card is the best?

Each card is designed to fit slightly different monetary objectives and spending patterns. Here’s a quick look at which Capital One student card might be ideal for you.

• Spending on “food and fun” is perfect for the Capital One SavorOne Student, which rewards you with categories of cash back in line with your spending.

• With the exception of the flat-rate cash back, which is set at 1.5 per cent for all expenditures, the Capital One Quicksilver Student card has many of the same features and advantages as the SavorOne student card.

• With on-time payments, the flat 1 per cent cashback offered by the Journey Student Rewards programme might increase to 1.25 per cent.

Also Read: What is a  CIBIL Score?

variations in rewards rates

The rewards rates on these student cards are what set them apart from one another. While Quicksilver Student and Journey Student give (different) flat rates for cash back on all purchases, SavorOne Student offers higher reward rates in specific areas.

The SavorOne Student & Quicksilver Student are both on the Mastercard network, whereas the Journey Student serves as a Visa card.

This is another significant distinction. This indicates that the advantages are distinct. Many of these advantages are shared by both networks, such as purchase protection and zero liability fraud prevention, for instance.

Must Read: Difference Between Credit Card and Debit Card

Are Capital One student cards worth getting?

Any of these cards could be useful if you’re a student looking to start establishing credit while getting rewards. As applicants’ income and credit histories will be limited, Capital One designed this line of cards with students in mind. You are more likely to get accepted for one of these cards than for a typical rewards card because the acceptance percentages are adapted for your demographic.

Additionally, some cards provide benefits geared towards students, such as no annual fees, no international transaction fees (should you study abroad), credit monitoring, possibilities to expand credit lines, and better conditions for responsible credit use. All of these features can help you save money on a student budget.

FAQs

Hope this blog gave you all the necessary information regarding benefits Provided by Capital One Bank on Student Credit Cards. For more information on bank accounts or international money transfers visit us at Leverage Edu