Going to college? If so, the Journey® Student Rewards from Capital One® might be the perfect credit card for you. It not only offers an opportunity for students to establish their credit and build good spending habits but earns credit card perks like cash back rewards with no annual fee. While this credit card isn’t limited to students, it’s designed for those with minimal credit history or a low credit score. If you’re just getting introduced to responsible spending and plan to use your credit in the future for larger purchases (e.g. a mortgage), Journey® Student Rewards can give you the opportunity to achieve your financial goals.
In this article, we’ll take a finer look the Journey® Student Rewards from Capital One®, and how Sift can help you take advantage of this card’s many opportunities for students (and others) establish your credit and earn rewards. First, let’s start with a list of credit card benefits featured with this card.
Credit Card Benefits
The Journey® Student Rewards credit card comes with a number of enticing benefits for cardholders:
Cash Back Rewards
The Journey® Student Rewards from Capital One® earns 1% cash back on every purchase you make using the credit card (available as a statement credit or a check). If you spend $1,200 per month, you can earn $12 back after the month’s end.
Earn Rewards for On-Time Payment
Making payments to your credit card’s balance once you’ve been issued a statement is an integral part of maintaining and building a healthy credit score. The Journey® Student Rewards goes one step further, offering you an incentive. You will earn a 0.25% cash back bonus on all of your purchases that are paid on time, adding up to 1.25% cash back on everything.
Anytime access to cash back
Need cash quick? The Journey℠ Student Rewards from Capital One® gives you the ability to request cash back at any time as an account credit or a check. These redemptions can even be set up automatically so that your money regularly lands back in your wallet. This differs from some other credit cards on the market that restrict your cash-back access or penalize for redeeming your money.
Easy to Increase Your Credit Line
Making payments on time is the first step to building a high credit score and avoiding interest payments that bog down many credit card holders in debt. If you make your first five monthly payments on time while using the Journey® Student Rewards, Capital One typically raises your credit limit. A higher credit limit raises your credit score if you continue to pay it off in a responsible manner and use only a small portion of available credit (something called credit utilization).
No foreign transaction fees
The Journey® Student Rewards has no foreign transaction fees. If you’re planning on taking a trip during spring break, or you want to travel abroad for a semester, this card won’t tack on expensive fees to each purchase you make outside of the U.S.
Visa Platinum benefits
The Journey® Student Rewards from Capital One® also enjoys the benefits of being a Visa Platinum card. This allows users to get access a host of credit card benefits, perks, and services, including rental insurance, extended warranties, auto rental insurance, and 24-hour travel assistance.
Text and email alerts
With Journey℠ Student Rewards from Capital One®, you can receive text messages and email alerts, so you know when to make a payment or any other activity related to your account. This can help you avoid missing payments, especially when you are overloaded with school work.
Free Monthly Access to Your Credit Score
The Journey℠ Student Rewards unlimited access to your monthly credit score. While you may be able to request your credit score for free from the three major credit bureaus (TransUnion, Equifax, and Experian), you can only request it once a year. Knowing where you stand in building your credit on a month-to-month can go a long way to ensuring a secure financial future.
No Balance Transfer Fees
If the Journey℠ Student Rewards from Capital One® isn’t your first experience with credit, you may already have an existing credit balance. By using this credit card, you have the ability to transfer your previous balance to this card, giving you some breathing room to get your finances in order. Best of all, the Journey℠ Student Rewards allows you to transfer money from not only existing credit cards, but also from student loans, personal loans, and even auto loans.
Credit Card Drawbacks
No sign-up bonus
Because this card is available to those with limited credit, the Journey℠ Student Rewards from Capital One® doesn’t offer any sign-up bonuses. You may have to look elsewhere to find more perks with a student credit card.
Credit issuers take a big risk with each line of credit they give to consumers. Students, young people, or those with a checkered credit history all pose a big risk. The Journey® Student Rewards from Capital One® carries a variable APR of 20.74%, which is fairly high if you plan to carry a balance from one month to the next.
No introductory interest rate
A low introductory interest rate allows cardholders to make essential purchases while giving them a grace period to pay off their balance. The Journey℠ Student Rewards from Capital One® does feature a competitive interest rate, but it doesn’t feature a reduced (or even a 0% rate, like some cards on the market).
This can be a good thing as ensuring that students are responsible from the get-go ensures that credit doesn’t get out of hand and no irresponsible financial decisions are made.
Cash back rewards may expire
If you don’t use it, you lose it. The Journey℠ Student Rewards credit card does offer cash back rewards that never expire, but they can be lost if you choose to close your account or miss payments before redeeming them.
Low rewards rate
If you’re looking for a credit card that can offer you rewards to be used for gas, dining, shopping, or travel, the Journey® Student Rewards from Capital One® might not be what you’re looking for. After all, this card is designed for those who have limited credit—once you’ve established a decent credit score and have a good grasp of how credit works in your life, you may want to look elsewhere.
[If you’re looking for more info (terms, conditions, rates, fees, etc.) about the Journey® Student Rewards Credit Card from Capital One®, click here.]
Rates and Fees
Here’s a breakdown of the Journey® Student Rewards card from Capital One®:
|Cash Advance Fee||$10 or 3% per cash advance whichever is greater|
|Cash Advance Rate||24.99%|
|Late Payment Fee||Up to $35|
|Default Penalty Rate (APR)||24.99%|
|Returned Payment Fee||up to $35|
|Standard Balance Transfer Fee||$0|
|Introductory Balance Transfer Rate (APR)||0%|
|Standard Balance Transfer Rate (APR)||24.99%|
Credit Card Benefits
The Journey® Student Rewards card from Capital One® has a number of credit card benefits. These include:
- extended warranty
- fraud protection
- car rental loss and damage insurance
- accident insurance
While these benefits are great for cardholders, they can be hard to keep track of or hidden to customers. That’s where using Sift can really come in handy. Sift users can take advantage of their benefits, track and manage these benefits, and automatically file claims to get the cash back they deserve—no need to decipher jargon or mark your calendar.
Want to know more? Click here to see how Sift can help your credit card put cash back in your wallet!
For more specific information about the Journey® Student Rewards card from Capital One®:, click here.