Earning 1.5% back on all purchases is a best-in-class rate for student cards.
Capital One has been expanding aggressively into the rewards credit card space over the past couple of years. They've added two new student reward credit cards to help bring in a younger generation of soon-to-be big spenders, while also adding the Venture X to their lineup to attract wealthy power spenders. While the company continues to evolve its offerings, it has a history of growth.
Capital One began its journey in 1994, creating credit card products for average American consumers. Shortly thereafter, the company expanded to include other financial products used by most of America: banking, auto loans and investing.
Capital One hasn't stopped innovating since the company was launched, and we see that innovation in their newly launched products. They've also managed to put customers first during the growth - Capital One has been named the best bank for customer satisfaction by J.D. Power two years in a row.
There's a reason that the Quicksilver Rewards for Students tops our Best Credit Cards for Students list. It offers plenty of perks with minimal drawbacks. Let's take a closer look.
The Quicksilver for Students offers an easy to follow 1.5% cash back on all purchases. There are no rotating categories to worry about. The standard rate for student cards is 1% cash back, and that extra .5% can add up quickly.
The card comes with relatively low fees, for the most part. For starters, there is no annual fee. This is common among student cards, and one of the first things you should look at. As a student, paying an annual fee doesn't make sense. The card also has no foreign transaction fee, a nice plus for anyone studying abroad or taking a fun trip for spring break or winter vacation. The cash advance, balance transfer and late fees are all inline with industry standards.
Where this card falters is the high APR. At over 25%, this card's interest rate is almost double that of some of the best student cards. If you expect to carry a balance, we'd encourage you to look elsewhere. If you carry a balance frequently, you will see your outstanding balance balloon as your monthly payments start to pay off more interest than your existing balance.
This is another area where the Capital One student cards shine. Capital One has really taken integration with technology to heart, scooping up a number of other companies to supplement their card offerings. In addition to staples like extended warranty coverage for eligible purchases, travel accident insurance and $0 fraud liability, cardholders can also benefit from savings through Capital One shopping, added security via virtual card numbers from Eno and instant purchase notifications.
Capital One doesn't specify a credit score needed to get this card, but they do recommend having fair credit. Fair credit is typically a score of at least 600, but can also mean those that are new to credit.
Capital One defines fair credit for students as those with limited credit history. These are people that have had access to a credit card or other credit product for three years or less. You should also have a history free of loan defaults. If you've defaulted on a loan, a secured credit card might be a good alternative.
Capital One does offer a prequalification checker for their products, which we encourage everyone to use before applying for a new card. Prequalification allows you to see what products you might be eligible for using a soft credit inquiry. This means that your credit isn't impacted unless you decide to apply for a product after being matched to offers.
With this being a new card, there aren't many reviews available from existing cardholders. With that being said, Capital One has had a Quicksilver card available to those with established credit for years. The Quicksilver Rewards Card for excellent credit users has many of the same core features, and it is highly praised on review sites like Reddit. Cardholders enjoy the ease of earning rewards, the Capital One mobile app, as well as the award-winning customer service.
Capital One offers three very good student reward cards that all have similar core benefits. The Quicksilver Student card is our favorite due to the easy rewards structure, but you may be better served by the SavoreOne Student card if a majority of your spending is on entertainment expenses.
If you're looking for a student credit card that earns consistent rewards, this would be our top pick. With that being said, the high APR on this card is a big negative if you plan to carry a balance month to month. If you're bad at budgeting and still trying to figure out your credit journey, we'd recommend forgoing the rewards potential on this card, and consider a product that will help you build credit without the risk of accruing a ton of interest charges. If this sounds like you, the Chime Credit Builder Secured Card would be a good alternative option.
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