Why the Capital One SavorOne Student Card Is Perfect for Spring Break
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4 reasons the Capital One SavorOne Student credit card is the perfect card for spring break
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The Capital One SavorOne Student card can give you an effective rebate of between 3% and 10% on nearly all of your spring break purchases. Shutterstock
- The Capital One SavorOne Student Cash Rewards Credit Card is targeted toward college students with limited credit history.
- The card earns between 3% and 10% on nearly all expenses you'll have during a spring break trip.
- The rewards you earn with the card can be converted into travel rewards if you also hold a Capital One miles-earning card.
- Read Insider's guide to the best travel rewards credit cards.
The Capital One SavorOne Student Cash Rewards Credit Card has become one of my favorite credit cards. I don't have it — I just admire it.
The potential value this $0-annual-fee card offers is ... puzzling. Its return rates (and even some ongoing benefits) are better than the vast majority of even the best rewards credit cards, some of which charge annual fees north of $400.
The card even comes with a $50 cash bonus once you spend $100 on purchases within 3 months of account opening.
Spring Break is just a few weeks away. If you're a student, the Capital One SavorOne Student Cash Rewards Credit Card has four big benefits that make it the ultimate spring break credit card.
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Discover it® Secured Credit Card
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Capital One Platinum Secured Credit Card
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Capital One Quicksilver Secured Cash Rewards Credit Card
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.
1. Students with little credit can be approved
As its name suggests, the Capital One SavorOne Student Cash Rewards Credit Card is a student credit card. To qualify, you must be currently enrolled at a higher education institution such as an accredited university or community college — or at least admitted and planning to enroll in the next three months.
Student credit cards like this are targeted toward those that don't have a stellar credit score. Many students are just beginning their credit journey and don't have much of a credit history at all. You'll have the best shot at being approved for this card with a "fair" credit score — which Capital One defines as:
- You've defaulted on a loan in the past five years
- You have a limited credit history (you've had some form of credit for less than three years)
Even with a credit score in the high 500s, don't write yourself off as not being able to get approved for the Capital One SavorOne Student Cash Rewards Credit Card.
2. It earns huge rewards for spring break-type purchases
As you'll see, this card is extremely useful for your everyday purchases. But a quick glance at the card's return rates appear seemingly engineered for spring break-bound students. Here's what you'll earn:
- 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through November 14, 2024
- 8% cash back on Capital One Entertainment purchases
- 5% cash back on hotels and car rentals booked through Capital One Travel
- 3% cash back on dining
- 3% cash back on entertainment
- 3% cash back on popular streaming services
- 3% cash back at grocery stores (excluding Walmart and Target)
- 1% cash back on all other purchases
Rideshare expenses, entertainment, hotels, rental cars, and dining are some of the biggest expenses you'll experience while traveling.
And the fact that you'll earn 10% cash back when ordering food delivery from Uber Eats and 3% cash back on common purchases like streaming and at grocery stores is handy whether you're 3,000 miles away from your dorm room or directly in the middle of it.
The Capital One SavorOne Student Cash Rewards Credit Card comes with a free Uber One membership which is valid through November 14, 2024. This otherwise costs $9.99 per month, and comes with perks like $0 delivery fees on eligible food (minimum $30 order for grocery orders or $15 for non-grocery orders) and up to 10% off eligible Uber Eats orders. This is a great complement to the 10% cash back you'll earn when using the card with Uber.
3. There are no foreign transaction fees
Many no-annual-fee credit cards charge a foreign transaction fee. This charge usually hovers around 3% and will be added to all spending you do outside of the US. It's an arbitrary and annoying expense, and it can really sting depending on how much money you spend abroad.
It's worth noting that you could even be charged foreign transaction fees while inside the US — if you make an online purchase that is processed in another country. As an example, if you and your friends want to book a sea turtle snorkeling adventure in Barbados, you may pay the local guide online and be charged a foreign transaction fee, as the purchase will likely be processed outside of the country.
The Capital One SavorOne Student Cash Rewards Credit Card waives this fee, meaning it's an optimal card to swipe if your spring break takes you to popular international destinations like Cancun, Jamaica, or Cabo San Lucas.
4. The cash back you earn can be converted into travel rewards for future spring breaks
Cash back is great — but if you've also got a Capital One miles-earning credit card, you can convert that cash back into Capital One miles at a 1:1 ratio (1 cent = 1 mile).
You can convert Capital One miles into airline miles or hotel points for free flights and accommodation. Insider's points and miles valuations estimate that Capital One miles are worth 70% more than simple cash back when you use your miles in this way — an average of 1.7 cents each when redeemed toward travel. You can do things like:
- Transfer 30,000 miles to Flying Blue, an airline loyalty program between KLM and Air France, for a round-trip coach flight to Amsterdam
- Transfer 45,000 miles to Wyndham for a three-night long weekend in a one-bedroom Vacasa beach house (some of which are enormous and perfect for a group trip)
- Transfer 18,000 miles to British Airways for a round-trip coach flight between Dallas and Cancun
You'll still have to pay taxes and fees for flights, but they're usually not bad.
If you can find the willpower to not redeem your cash back and instead hoard it until your credit score is above 700, you could have quite a stash of travel rewards by the time you can qualify for a Capital One travel credit card.
Credit cards that can unlock the true potential of the rewards you earn with the Capital One SavorOne Student Cash Rewards Credit Card include:
- Capital One VentureOne Rewards Credit Card ($0 annual fee) — 20,000 miles after spending $500 on purchases within 3 months from account opening
- Capital One Venture Rewards Credit Card ($95 annual fee) — 75,000 miles after spending $4,000 on purchases within 3 months from account opening
- Capital One Venture X Rewards Credit Card ($395 annual fee) — 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening
What you need to know about planning spring break with the Capital One SavorOne Student card
The Capital One SavorOne Student Cash Rewards Credit Card comes with multiple benefits that are ideal for a student heading on a spring break trip, domestic or international. And if you later pair this card with a Capital One miles-earning card, such as the $0-annual-fee Capital One VentureOne Rewards Credit Card, you can earn travel rewards that can make your future spring break travels nearly free.
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