Capital One Increases Bonus for Student Credit Cards to $100
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Capital One is now offering a $100 bonus for new cardholders of its Savor Student Cash Rewards Credit Card and Quicksilver Student Cash Rewards Credit Card. This limited-time offer doubles the previous $50 bonus, providing an attractive incentive for students looking to build credit and earn rewards. To qualify,new cardholders must spend $300 within the first three months of opening their account.
Enhanced Rewards for Students
The Capital One Savor Student Cash Rewards Credit Card and the Capital One Quicksilver Student Cash Rewards Credit Card are designed to help students manage their finances while earning rewards on everyday purchases. These cards offer various benefits tailored to student spending habits.
Did You Know? According to a 2023 report by Experian, the average credit card debt for Gen Z (ages 18-24) is around $2,757, highlighting the importance of responsible credit management from a young age.
Savor Student Cash Rewards:
- 8% cash back on purchases made through Capital One Entertainment.
- 5% cash back on hotels and rental cars booked via Capital One Travel.
- Unlimited 3% cash back at grocery stores, restaurants, and on select streaming services.
Quicksilver Student Cash Rewards:
- Unlimited 1.5% cash back on all purchases.
- 5% cash back on hotels and rental cars booked through Capital One Travel.
Both cards have no annual fee or foreign transaction fees, making them cost-effective options for students. Capital One also provides tools and resources to help students monitor their spending and build a positive credit history.
Additional Cardholder Benefits
Beyond the rewards programs, Capital One student credit cards come with a range of benefits designed to protect and assist cardholders:
- $0 fraud liability, ensuring cardholders are not responsible for unauthorized charges.
- 24-hour travel assistance services, providing emergency card replacement and cash advances.
- Account alerts from Eno, Capital One’s virtual assistant, which detects potential mistakes or unusual charges.
- Card lock feature, allowing users to quickly lock their card via the Capital One Mobile app if it’s misplaced or stolen.
- Capital One Shopping, an online tool that automatically applies available coupon codes.
- Extended warranty protection on eligible items purchased with the card.
- The ability to redeem rewards with PayPal for online purchases.
- Travel accident insurance for covered losses when travel fares are purchased with the card.
- Virtual card numbers provided by Eno for secure online shopping.
Choosing the Right card
the Savor Student card is ideal for students who spend more on dining, entertainment, and streaming services. The Quicksilver Student card is better suited for those who want a simple,flat-rate reward on all purchases.
Pro Tip: Before applying, check your eligibility on the Capital One website to see your approval odds without impacting your credit score.
Capital One Student Credit Card Comparison
| Feature | Savor Student Cash Rewards | Quicksilver Student cash Rewards |
|---|---|---|
| Sign-Up Bonus | $100 after spending $300 in the first 3 months | $100 after spending $300 in the first 3 months |
| Dining & Entertainment | 3% Cash Back | 1.5% Cash Back |
| All Other Purchases | 1% Cash Back | 1.5% Cash Back |
| Annual Fee | $0 | $0 |
| Foreign Transaction Fee | None | None |
To qualify for a student credit card,applicants must be at least 18 years old and enrolled in an accredited university,community college,or other higher education institution. Individuals admitted and planning to enroll within the next three months may also be eligible.
Understanding Student Credit Cards
Student credit cards are designed as an entry point into the world of credit for young adults. They typically have lower credit limits and more lenient approval criteria compared to conventional credit cards. This allows students to build a credit history while managing their spending. According to the Consumer Financial Protection Bureau (CFPB), responsible credit card use can significantly impact a student’s future financial opportunities, including loan approvals and interest rates.
The history of student credit cards dates back to the 1990s when financial institutions began targeting college campuses as a prime market.Over the years, regulations have been put in place to protect students from predatory lending practices, such as the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which requires applicants under 21 to demonstrate an independent ability to repay or have a co-signer.
Frequently Asked Questions
What credit score is needed for a Capital One student card?
Capital One student cards are designed for students with limited or no credit history, so a high credit score is not typically required.Though, having a fair credit score can improve your chances of approval.
Can I upgrade my Capital one student card after graduation?
yes, Capital One allows students to continue using their student credit cards after graduation. You may also be eligible to upgrade to a different Capital One card with better rewards or benefits based on your creditworthiness.
How does Capital One protect against fraud?
Capital One offers $0 fraud liability, meaning you won’t be responsible for unauthorized charges.They also provide account alerts and a card lock feature to help you monitor and secure your account.
What happens if I miss a payment on my Capital One student card?
Missing a payment can result in late fees and perhaps damage your credit score. It’s meaningful to make at least the minimum payment by the due date each month to avoid these consequences.
Are there any spending limits on the Capital One student credit cards?
Yes, Capital One student credit cards typically have lower credit limits compared to traditional credit cards. These limits are designed to help students manage their spending and avoid accumulating excessive debt.
Disclaimer: This article provides general information about credit cards and is not financial advice.Consult with a financial advisor for personalized recommendations.
Ready to start building your credit and earning rewards? Which Capital One student credit card aligns best with your spending habits? Share your thoughts in the comments below!
