MoneyGeek's Take

Capital One SavorOne Rewards for Students Review

Students looking to build credit while earning high cash back on popular categories can consider Capital One SavorOne Rewards for Students as an option. If you primarily purchase food, tickets to sports events or streaming service subscriptions, this card may be a good fit for you.

Last Updated: 6/7/2022
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You can get multiple benefits from the Capital One SavorOne Rewards for Students card. It offers 1% cash back for gas, online shopping and travel purchases. As an even greater bonus, money spent on groceries, dining and entertainment earn 3% cash back.

Not having an annual fee can help cardholders cut back on additional expenses. You also won’t be held liable for unauthorized purchases if your card is lost or stolen. MoneyGeek’s Capital One SaveOne Rewards for Students’ review can help you determine whether it suits your needs.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Capital One SavorOne Rewards for Students at a Glance

If you want to build your credit while in school, the Capital One SavorOne Rewards for Students card is an ideal card to begin that journey. You can earn 3% cash back on groceries, streaming service subscriptions, dining and entertainment purchases. You also have the freedom to redeem your rewards whenever you want because there is no expiration date.


  • Capital One SavorOne Rewards for Students

    A great student credit card with high cash back on bonus categories


    • Limited-FairCredit Needed
    • $0Annual Fee
    • 1% - 3% Cash BackRewards Rate

Pros & Cons Explained

The Capital One SavorOne Rewards for Students offers various benefits. However, it will serve you to evaluate the card’s drawbacks as well. MoneyGeek’s review of the Capital One SavorOne Rewards for Students card highlights the pros and cons so you can determine whether this card is the right fit for you.

Pros

  • Benefits
    Description
  • It does not require a high credit score
    It’s common to have limited credit history when you’re still in college. Fortunately, a credit score between 580 and 669 allows you to qualify for the Capital One SavorOne Rewards for Students card.
  • It offers high cash back in several categories
    Although it doesn’t have student-specific perks, Capital One SavorOne Rewards for Students considers a typical college student's lifestyle. You get 3% cash back on dining and entertainment purchases. The same applies when you buy groceries (except for superstores like Target or Walmart) or when you use it to pay for streaming services. For all other purchases, you earn 1% cash back.
  • No annual fee
    Some cards charge you for simply using their card. Since Capital One SavorOne Rewards for Students doesn’t have a yearly fee, you don’t have to worry about whether you’re able to get your money’s worth of rewards.
  • No foreign transaction fee
    Purchases you make outside of the U.S. won’t be subjected to a fee. This card is handy for those studying abroad or traveling with family during academic breaks.

Cons

  • Drawbacks
    Description
  • It does not offer an early spending bonus
    Student credit cards typically don’t have sign-up bonuses or zero-interest periods, but it’s worth noting that some do, such as Chase Freedom Student or Destiny Unsecured Mastercard. It doesn’t have to be a make-or-break factor, but it’s something to consider.
  • It has a high interest rate
    The one thing you should watch out for with the Capital One SavorOne Rewards for Students is its APR. At 26.99% for purchases, balance transfers and cash advances, your balance may quickly balloon to an unmanageable amount if you can’t pay it in full each month.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

MoneyGeek does a monthly analysis to determine the best credit cards for various categories. Presently, the Capital One SavorOne for Students card isn’t part of the list. But this could be because of its recent launch. You can see our picks for the Best Student Credit Cards for 2022.

Bonuses & Rewards Explained

The Capital One SavorOne card offers multiple benefits. These range from earning premium cash back from popular categories to having access to complimentary concierge services. We’ve highlighted some rewards that best suit students.

1

Earn cash back on popular categories

Capital One SavorOne Rewards for Students doesn’t offer a flat cash back rate. However, cardholders earn 3% cash back on groceries, dining and entertainment, and 1% on gas, online purchases and travel.

2

It has a simple rewards structure to earn cash back

The Capital One SavorOne Rewards for Students card doesn’t have revolving categories, which means purchases earning you the most rewards remain the same throughout the year. One perk of this consistent reward system is not having to keep track and adjust your spending habits accordingly to maximize your cash back privileges.

3

You can redeem your rewards in several ways

Once you’ve earned cash back, that remains with you until you choose to use it. These don’t expire as long as your account remains active. Redeeming can be done in several ways, such as cash in the form of a check or gift cards.

Other Features Explained

The Capital One SavorOne Rewards for Students card has several features that make it attractive to students. Besides earning cash back from purchases, you can also take advantage of the card’s travel benefits. Capital One provides cardholders with many security features, assuring you that your transactions are secure.

  • Card Feature
    Description
  • Concierge services
    Since you get more cash back from groceries, dining and entertainment purchases, you might as well take advantage of Capital One’s complimentary concierge services available all day, every day.
  • Travel Assistance
    If your card is lost or stolen during a trip, you can request an emergency replacement and a cash advance.
  • Travel Insurance
    Purchasing a ticket using your Capital One SavorOne Rewards for Students automatically provides you with coverage. It protects you against expenses due to a covered loss at no extra charge.
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MONEYGEEK QUICK TIP

The Capital One SavorOne Rewards for Students card is tailored to the spending of a typical college student. You can earn rewards quickly by using your card for groceries and dining. The same goes with spending on entertainment and streaming services, which is ideal if you’re looking to invest in experiences that ease the stress of school.

Understanding the Fine Print

Several benefits come with using the Capital One Savor One Rewards for Students card. However, there are fees you should consider when determining if this card is the right fit for you depending on your spending habits.

  • Card Feature
    Amount or Rate
  • APR
    26.99%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1% - 3% Cash Back
  • Airline Benefits
  • This is an icon

    High Regular APR

    The main thing to watch out for with the Capital One SavorOne Rewards for Students is its 26.99% APR. If you don’t pay your balance in full and on time, it could increase significantly over a short period. This APR not only applies to purchases — it’s the same rate for balance transfers and cash advances.

  • This is an icon

    Cash Back Rewards

    You make the most of Capital One SavorOne Rewards for Students by using it for groceries, dining and entertainment. For example, if you spend $3,000 on these categories, you get $90 back. Cardholders earn 1% cash back for gas, online shopping and travel-related purchases, such as airfare and hotel accommodations.

  • This is an icon

    Foreign Transaction Fee

    Capital One SavorOne Rewards for Students is ideal for those who plan on participating in a foreign exchange program. You can use it to purchase items and earn rewards without paying additional fees.

  • This is an icon

    Balance Transfer Fee

    When making transfers, you will be subject to a balance transfer fee of $10 or 3% of the amount transferred, whichever is greater.

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WHERE TO FIND THIS INFORMATION?

Comparing the Capital One SavorOne Rewards for Students to other student credit cards is an effective way to determine whether it fits your lifestyle or not. Pertinent information, such as APRs, cash advance fees and reward programs can often be found on their websites.

If you want to compare the SavorOne Rewards for Students to one of your existing credit cards, you can check your billing statements to get the necessary information. Another great source can be your credit card’s mobile app if you use it to manage your account.

Who Should & Shouldn’t Consider Capital One SavorOne Rewards for Students?

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Other Considerations for Capital One SavorOne Rewards for Students

Another aspect to consider is how the Capital One SavorOne Rewards for Students fits your unique situation. Analyzing how this card compares to other cards you may already be using is an important consideration. That said, if this is your only card, keep in mind the benefits and drawbacks of the Capital One SavorOne Rewards for Students in relation to your spending habits. MoneyGeek can help you explore your options in order to make the best decision.

Things to Consider if This Will Be Your First or Only Credit Card

Capital One SavorOne Rewards for Students is ideal for first-time credit card users. It doesn’t require good credit history, so you can qualify even if your credit is poor or limited. As an extra bonus, you can use the card to build your credit toward a good or excellent score.

If you’re planning on using Capital One SavorOne Rewards as your primary card, you may have to check if your spending habits will allow you to get the most out of its reward structure. If your expenses revolve around the categories with a high cash back rate, it may be a good fit.

Keep in mind that you may have to curb your credit card usage based on how much you can realistically pay off each billing cycle. Leaving a balance to be carried over may not be the best idea due to the card’s high APR.

Things to Consider if This Will Be an Additional Card in Your Wallet

If you already have several credit cards in your wallet, it’s best to see how the Capital One SavorOne Rewards for Students credit card compares. It’s recommended to use your other cards for large purchases and save your everyday spending for the Capital One SavorOne Rewards for Students card. It works particularly well if your smaller purchases coincide with the categories with a higher cash back rate.

If your other cards have foreign transaction fees, you can use those for local purchases. Take advantage of not having to pay foreign transaction fees with Capital One SavorOne Rewards for Students.

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WHY TRUST OUR REVIEWS

MoneyGeek’s methodology ensures our reviews provide accurate and updated information. We follow a six-step process, beginning with collecting credit card information. Our ranking considers approximately 56 data points for each credit card and category. We also look at the spending profiles of an average American household. The process explores various bonuses offered by each card. We determine the card’s value for different categories and revisit these monthly.

How Capital One SavorOne Rewards for Students Compares to Other Cards

Among the available credit cards for students, the Capital One SavorOne Rewards for Students card is an excellent option. You can use it to build credit while enjoying rewards and earning cash back on your purchases. Also take into consideration the card’s drawbacks and determine whether it’s the best card for you depending on your spending habits and preferences.

Quick Comparison of Capital One SavorOne Rewards for Students

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Capital One SavorOne Rewards for Students

  • Regular APR: 26.99%
  • Cash Back: 3% on groceries, dining and entertainment; 1% on all other purchases
  • Early Spend Bonus: none
  • Foreign Transaction Fee: none
  • Best For: Students who spend on dining and entertainment experiences and can pay their balance on time and in full
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Chase Freedom Student

  • Regular APR: 14.99%
  • Cash Back: 1% cash back on all purchases
  • Early Spend Bonus:$50 bonus if your first purchase is within 3 months of opening the account
  • Foreign Transaction Fee: 3%
  • Best For: Students who want to earn rewards from local purchases

Other Helpful Decision-Making Q&As

Choosing the right credit card is an important decision. Aside from MoneyGeek’s review on the Capital One SavorOne Rewards for Students card, take a look at the answers to the most commonly asked questions below.

Still not sure about this card? Consider these options.

If you’re still undecided about Capital One SavorOne Rewards for Students, it’s not a problem. You can explore other options, such as other student credit cards or cash back credit cards for students.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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