Capital One Journey Student Credit Card Full Review
- No annual fee
- No foreign transaction fees
- Cash back on a student card
- Rapid increase in credit limit
- No bonus category
- High APR
- No annual fee: Not having an annual fee eliminates the need to calculate whether the cash back you will receive will justify the fee.
- No foreign transaction fees: With no overseas transaction fees, it’s a perfect credit card for taking an international spring break, a semester abroad, or a cross-border road trip.
- Cash back offer on a student card: While it’s not entirely unusual, getting cash back on a student card is a big plus. Even better, the bonus for making payments on time.
- Rapid increase in credit limit: Student credit cards are designed to be the first step in building credit. Getting an automatic credit limit increase after the first six payments on time is a great feature.
- No bonus category: There are no special expense categories, such as gasoline or groceries, that earn additional cash back rewards. Cash back rewards are capped at 1% regardless of category, although there is a 25% bonus each month for making payments on time, which earns 1.25%.
- High APR: The annual percentage rate (APR) on this card, as with many student cards, is high by consumer card standards. Card issuers seek to offset the historically higher losses they incur with cardholders who have little or no credit check history by charging them higher interest, which therefore tends to be a common feature. even if it is not welcome. As with most credit cards, especially those with a high APR, it’s best to pay off the balance in full each month and avoid interest charges altogether.
The Capital One Journey Student Credit Card is a great option for students looking for a basic cash back card from a major issuer. It also offers strong security features and easy ways to increase line of credit and build good credit. It is not for students who want to earn extra money in bonus categories such as groceries or gasoline. Cards like the Discover it Student Cash Back card are better in this regard.
Since there is a wide range of cards that offer cash back offers for students, if rewards are important to you, it is a good idea to compare multiple cards and determine which one best matches your personal spending habits.
Capital One’s Journey Student Credit Card excels in encouraging healthy credit habits, which is a new take on this segment of the market. You will earn an additional 0.25% cash back on top of the usual 1% for each month that you make your payment on time. All purchases are eligible for 1% cash back.
Reward redemption details
You can redeem your rewards for a statement credit or a check. One interesting feature is the flexibility to set thresholds for rewards trading. For example, you may decide to get a credit on your statement after you’ve earned $ 25, $ 50, or whatever amount you’ve earned in six months.
How to Maximize Your Rewards
The best way to both maximize your rewards and get good credit is to make sure you make all of your payments on time. The 0.25% cash back bonus you will receive each month your payments are made on time could easily add $ 20 to $ 30 in cash back over the course of a year without requiring overspending. And if you’re like most students, every little bit helps.
Remember to always keep your balances below 30% of your credit limit, and ideally even lower. This will help you achieve a good credit score because your credit utilization ratio (a measure of how much credit you have and are using at any given time) is one of the key factors credit bureaus use to determine your score. After your first six months of on-time payments, your credit limit may increase, allowing you to make more purchases on your card without going over that 30% limit.
- Secondary Rental Car Collision Insurance
- Travel accident insurance
- Travel and emergency assistance hotline
- Extended warranty
Capital One, the company that issues this card, ranked fifth for customer service in JD Power’s 2020 Credit Card Satisfaction Survey. Capital One scored 808 out of 1,000 points, slightly above the industry average of 810.
All Capital One cardholders (and even non-customers) can access CreditWise, which provides free VantageScore 3.0 credit scores and credit fraud monitoring. CreditWise monitors your report with TransUnion, one of the three major national credit bureaus, and alerts you to any material changes, such as accounts that have been declared overdue. It will also let you know if someone might misuse your social security number, based on information from Experian, another of the top three bureaus.
In comparison, the Discover it Student Cash Back card offers cardholders the most widely used FICO credit score. But Discover’s regular credit monitoring program does not provide the additional monitoring services offered by Capital One.
Capital One’s customer service call center is available 24/7 at 877-383-4802. In addition, cardholders can send text messages for 24/7 responses using Capital One’s Eno “smart assistant” service.
Capital One credit cards come with many security features. In addition to the ability to create virtual card numbers through the Eno service, cardholders have $ 0 liability for fraudulent purchases, receive immediate SMS alerts for suspicious transactions, and can lock their cards at from the mobile application.
If you lose your card, Capital One will replace it, with standard delivery taking a few days.
Fees to watch out for
The Capital One Journey Student Credit Card is a low-cost card without many unpleasant surprises. The fees it has, such as cash advances and late payment fees, are within the range of industry standards.
Capital One’s Journey Student Credit Card is a great starter card for students. You can earn cash back and avoid many of the ongoing fees as there are no annual fees, overseas transaction fees, or return fees. Additionally, its on-time payment bonus offers a bit of extra cash back as well as an added incentive to build good credit. However, its APR is relatively high, so if you fail to pay off your balance in full each month, it could be costly.