Why I recommend the Capital One Savor Student Cash Rewards Credit Card
Editor's Note
As a young adult and student who writes and talks about credit cards nonstop, I often get many questions about their significance and value from my peers. Typically, I first explain the lasting benefits of building credit. Applying for your first credit card at a young age allows you to establish your credit history early, giving it more years to mature.
The length of credit history makes up 15% of your FICO score, a pretty significant portion that can be easily strengthened by establishing credit early in life. And if you later apply for a loan or mortgage, you will likely benefit from a higher credit score by having a longer credit history.
I am often asked, "What is the best card to apply for?" For college-aged students, my reply is usually the Capital One Savor Student Cash Rewards Credit Card. While this card frequently flies under the radar for students compared to the Discover it® Student Cash Back Card, here is why I recommend the student version of the classic Capital One Savor Cash Rewards Credit Card.
The information for the Discover it Student Cash Back Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: The best credit cards for college students
Great everyday spending rewards categories
Compared to the lack of rewards offered by debit cards, students are often thrilled to get 1% back on their purchases with a credit card. While I always advise trying to get at least 2% back on purchases — which is easily achievable with cards like the Citi Double Cash® Card (1% when you make a purchase and another 1% when you pay it off; see rates and fees) — some people with limited credit histories may not be approved for a card with a higher earning rate.
Comparatively, the Savor Student card offers unlimited 3% cash back on dining, groceries (excluding superstores like Walmart® and Target®), entertainment and popular streaming services, which is almost unheard of for student credit cards and is better than many nonstudent cards. As a student, I know that most of my budget goes toward restaurants and activities, which perfectly match these categories. Additionally, the card offers 1% cash back on purchases that do not fall within these categories.
Dining includes everything from fancy restaurants to the fast-food drive-through at midnight. Additionally, entertainment covers football games, other event tickets and even playing a round of golf. Add in grocery store purchases and streaming services, and I can imagine that many students with this card would earn 3% back on the majority of their day-to-day spending.
Related: Credit vs. debit cards: Which is the smarter choice?
Easy-to-earn welcome bonus
The TPG community loves a good welcome bonus, especially thousands of points with one new card. However, these welcome bonuses can be out of reach for many students since they sometimes require $5,000 or more in spending within three months.
The bonus for the Savor Student card is much more attainable. This card offers a $50 cash bonus after spending $100 on purchases in the first three months from account opening.
Related: Credit card welcome bonuses you can earn with $1,000 or less in spending
No annual fee or foreign transaction fees
The last thing a student wants to worry about with expensive tuition and a tight budget is paying an annual fee. Luckily, the Savor Student has no annual fee, making it easy to continue earning rewards without a yearly fee.
Additionally, you won't incur any foreign transaction fees when you use the card. This means that when studying abroad in Europe or on spring break in Mexico, you won't need to worry about fees being added to every purchase you make.
No foreign transaction fees are a great and less common benefit among credit cards with no annual fees, let alone on a card for individuals with less credit history. This should not be ignored.
Related: Foreign transaction fees: Everything you need to know
Easy-to-use rewards
Some credit cards make it difficult to redeem their rewards, but this is not the case for the Savor Student card. For starters, rewards do not expire for the life of the account. Rewards can be redeemed for cash, used directly against your balance to reimburse a recent purchase from your bill or redeemed for travel using the Capital One Travel portal.
Down the road, once a longer credit history has been established — and one has a higher credit score — adding another Capital One credit card, such as the Capital One Venture Rewards Credit Card or the Capital One VentureOne Rewards Credit Card, would allow students to convert their cash-back rewards to miles.
These miles can then be transferred to one of the card's 15-plus airline or hotel partners to book travel. This method may require more effort, but it can increase the value of the rewards, as TPG's October 2024 valuations peg Capital One miles at 1.85 cents compared to the 1-cent cash back on the Savor Student card.
Related: Cashing in Capital One miles? How to get the maximum value when redeeming miles
Bottom line
The Capital One Savor Student Cash Rewards Credit Card is an excellent all-around card. Its bonus categories perfectly match many students' spending habits and rival nonstudent cards for individuals with a more developed credit score.
In addition to no annual or foreign exchange fees and an easy-to-earn welcome bonus, this card comes with some of the typical benefits you may not find on debit cards. These include $0 fraud liability on unauthorized charges, extended warranty protection and price protection.
In order to start building credit, I always advise students to apply for their first card as early as possible (after making sure they know how to handle a credit card responsibly), and my pick for their first card is the Savor Student card.
Related: 8 things you should know before applying for a credit card in college
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
TPG featured card
at Bilt's secure site
Terms & restrictions apply. See rates & fees.
| 1X | Choose to earn up to 1X points on rent and mortgage payments with no transaction fee |
| 2X | Earn 2X points + the option to earn 4% back in Bilt Cash on everyday purchases |
Pros
- Choice to earn up to 1 Bilt Point per dollar spent on rent and mortgage payments
- Elevated everyday earnings with both Bilt Points and the option to earn Bilt Cash
- $400 Bilt Travel Portal hotel credit per year (up to $200 biannually)
- $200 Bilt Cash annually
- Priority Pass membership
- No foreign transaction fees
Cons
- Moderate annual fee
- Designed primarily for members seeking a premium, all-in-one card
- Earn points on housing with no transaction fee
- Choose to earn 4% back in Bilt Cash on everyday spend. Use Bilt Cash to unlock point earnings on rent and mortgage payments with no transaction fee, up to 1X.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.