Apply for Student Credit Cards Before Graduating College As a Shortcut
source link: https://www.businessinsider.com/personal-finance/apply-student-credit-card-before-graduation-shortcut
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Here's why college students should apply for credit cards like the Capital One SavorOne Student Card before graduation
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
- Student credit cards are usually easier to get approved for, because they're geared to those with limited or average credit.
- The Capital One SavorOne Student Cash Rewards Credit Card is a terrific card for soon-to-be college graduates who spend a lot on dining, streaming, and Uber purchases.
- After graduation, you can request an upgrade to the regular Capital One SavorOne Student Cash Rewards Credit Card which is usually only available to folks with at least good credit.
- Read Insider's guide to the best credit cards for recent college graduates
Finding a decent credit card as a college student with limited or fair credit (a FICO score between 580 and 669) can be discouraging. But if you're currently enrolled in a college or university, and about to graduate, there's a trick you can use to get approved for a better card faster.
Soon-to-be college graduates with a limited credit history may want to consider getting the
Capital One SavorOne Student Cash Rewards Credit Card. With no annual fee and multiple bonus spending categories like dining, streaming, and Uber, the Capital One SavorOne Student Cash Rewards Credit Card is an easy card to love.
Plus, upon passing your graduation date, the Capital One SavorOne Student Cash Rewards Credit Card can be converted into the regular SavorOne Cash Rewards Card — a card typically only available to those with a good to excellent credit score (FICO score of at least 670).
-
Wells Fargo Active Cash® Card
-
Citi Premier® Card
-
Chase Sapphire Preferred® Card
So even if you have limited credit (like many college graduates do), the SavorOne Cash Rewards Card could be the shortcut you've been looking for.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Cards like the Capital One SavorOne Student card are a great stepping stone
Capital One SavorOne Student Cash Rewards Credit Card
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The Capital One SavorOne Student Cash Rewards Credit Card is one of Insider's top card picks for students looking to earn cash back in student-friendly categories like rideshares, dining, streaming, and grocery store purchases.
It doesn't offer a 0% intro APR on purchases or balance transfers. However, cardholders can earn a $50 cash bonus once you spend $100 on purchases within 3 months of account opening.
Finding a no-annual-fee rewards card that offers multiple valuable cash-back categories can be hard. But the Capital One SavorOne Student Cash Rewards Credit Card offers excellent reward rates:
SavorOne Student Card cash back categories
- 10% back with Uber and Uber Eats (through November 14, 2024)
- 8% back on Capital One Entertainment purchases
- 5% back on hotels and car rentals booked through Capital One Travel
- 3% back on entertainment, dining, groceries (not including Walmart and Target), and select streaming services
- 1% back on all other purchases
SavorOne Student Cash Card perks
If you value your perks as much as your rewards, the Capital One SavorOne Student Cash Rewards Credit Card is certainly a win. The best perk by far is the limited-time, free Uber One membership through November 14, 2024, which normally costs $9.99 per month. With this perk, cardholders get:
- Unlimited $0 delivery fees on eligible food, groceries, and other Uber Eats orders (order must be at least $15 from non-grocery stores, and at least $30 from grocery stores)
- Up to 10% off eligible orders with Uber Eats (grocery orders do not qualify)
- Up to 5% off eligible rides with Uber (shared rides or rides booked 30 minutes or more in advance do not qualify)
- Access to exclusive member-only perks and promotions
The card also gets you access to Capital One Travel, Capital One Entertainment, and Capital One Dining for exclusive experiences, features, and even price match guarantee and hard-to-get reservations at high-end restaurants.
Other useful perks you'll get include price protection, extended warranty, car rental coverage, roadside dispatch, travel accident insurance, concierge services, and theft monitoring.
Upgrade to the regular version of the card after graduation
Capital One SavorOne Cash Rewards Credit Card
Details
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The SavorOne Cash Rewards Card is typically only available to folks with good to excellent credit, but if you own the student version while in school, you should be able to upgrade to the regular version of the card after you graduate.
There's good and bad news for the SavorOne Cash Rewards Card bonus categories. The upside is that those who loved the student version of the card get to keep the same diverse selection of bonus spending categories. But the downside is that the reward rates don't get any higher.
SavorOne Cash Rewards cash back categories
- 10% back with Uber and Uber Eats (through November 14, 2024)
- 8% back on Capital One Entertainment purchases
- 5% back on hotels and car rentals booked through Capital One Travel
- 3% back on entertainment, dining, groceries (not including Walmart and Target), and select streaming services
- 1% back on all other purchases
You also won't be able to earn the SavorOne Cash Rewards Card welcome bonus (Earn a one-time $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening), since upgrading a credit card is different from applying for a new one.
SavorOne Cash Rewards Card benefits
If you loved your complimentary Uber One membership, the SavorOne Cash Rewards Card has got you covered. After converting to the regular version of the card, you'll still earn 10% cash back on eligible Uber and Uber Eats purchases, plus all the benefits of the membership (offer ends November 14, 2024).
You'll also get decent perks like extended warranty, travel accident insurance, 24-hour travel assistance service, event access, $0 fraud liability, and more.
Another option: Quicksilver Student Card and Quicksilver Cash Rewards Card
If you don't want to be tied down to specific bonus spending categories, and would prefer to earn flat-rate rewards on your purchases, you could consider the Capital One Quicksilver Student Cash Rewards Credit Card and the Capital One Quicksilver Cash Rewards Credit Card. The same methodology used on the SavorOne cards can be applied here: current students with fair credit can apply for the Capital One Quicksilver Student Cash Rewards Credit Card and later request an upgrade to the Quicksilver Cash Rewards Card after graduation.
Both Quicksilver Rewards cards are no-annual-fee credit cards that earn 5% back on hotels and rental cars booked through Capital One Travel, and 1.5% back on all other purchases. However, only the student version earns 10% back with Uber and Uber Eats (through November 14, 2024).
Compare: SavorOne Student vs SavorOne Cash Rewards
Capital One SavorOne Student Cash Rewards Credit Card | Capital One SavorOne Cash Rewards Credit Card | |
Annual fee | ||
Recommended credit | Average, fair, limited | Good to excellent |
Reward rates | 10% back with Uber and Uber Eats (through November 14, 2024) 8% back on Capital One Entertainment purchases 5% back on hotels and car rentals booked through Capital One Travel 3% back on entertainment, dining, groceries (not including Walmart and Target), and select streaming services 1% back on all other purchases | 10% back with Uber and Uber Eats (through November 14, 2024) 8% back on Capital One Entertainment purchases 5% back on hotels and car rentals booked through Capital One Travel 3% back on entertainment, dining, groceries (not including Walmart and Target), and select streaming services 1% back on all other purchases |
Welcome bonus | $50 cash bonus once you spend $100 on purchases within 3 months of account opening | Earn a one-time $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening |
Benefits | Complimentary Uber One membership (through November 14, 2024) Price protection Extended warranty Car rental coverage Roadside dispatch Travel accident insurance Complimentary concierge services Free credit monitoring with CreditWise from Capital One No foreign transaction fee | Complimentary Uber One membership (through November 14, 2024) Extended warranty Travel accident insurance 24-hour travel assistance service Complimentary concierge services Event access Account and security alerts $0 fraud liability Virtual card numbers Card lock 0% intro APR on purchases and balance transfers for 15 months (3% fee on the amounts transferred within the first 15 months) (then a17.99% - 27.99% Variable APR) |
Review | SavorOne Student Card review |
Compare: Quicksilver Student Card vs Quicksilver Cash Rewards Card
Capital One Quicksilver Student Cash Rewards Credit Card | Capital One Quicksilver Cash Rewards Credit Card | |
Annual fee | $0 | |
Recommended credit | Average, fair, limited | Good to excellent |
Reward rates | 10% cash back on Uber and Uber Eats purchases through November 14, 2024 5% cash back on hotels and rental cars booked through Capital One Travel 1.5% cash back on all purchases | 5% cash back on hotels and rental cars booked through Capital One Travel 1.5% cash back on all purchases |
Welcome bonus | $50 cash bonus once you spend $100 on purchases within 3 months of account opening | $0 |
Benefits | Price protection Extended warranty Car rental coverage Roadside dispatch Travel accident insurance Complimentary concierge services Free credit monitoring with CreditWise from Capital One Complimentary Uber One membership (through November 14, 2024) | Extended warranty Travel accident insurance Travel assistance services Up to six months of complimentary Uber One membership statement credits (through November 14, 2024) 0% intro APR on purchases and balance transfers for 15 months (3% fee on the amounts transferred within the first 15 months) (then a 17.99% - 27.99% Variable APR) |
Review | Quicksilver Rewards review |
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
***Terms, conditions, and exclusions apply. Refer to your Guide to Benefits for more details. Travel Accident Insurance is not guaranteed, it depends on the level of benefits you get at application.
NOW WATCH:
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK