There are many reasons to get a credit card during college, not the least of which is the opportunity to build credit for later life. Student credit cards can also help you learn positive credit habits, such as: B. Maintaining balances and paying bills on time. Not only that, but many student credit cards offer valuable benefits, and some offer cash back or other types of rewards for every dollar spent.
However, with almost too many student credit cards to choose from, it can be difficult to know which ones are worth using. This is especially true because most major credit card issuers offer at least one student credit card, and the best credit cards in this niche offer bonuses and perks with no annual fee.
The Capital One Quicksilver Student Cash Rewards Credit Card is one of the most popular student credit cards, and it’s easy to see why. But is it worth it? Read on to learn about the highlights of this card and when it might make sense to consider other options.
When is the Capital One Quicksilver Student Cash Rewards Card worth it?
If you need a credit card to start building credit as a college student, the Capital One Quicksilver Student Cash Rewards Card is definitely “good value” in the traditional sense. There’s no annual fee for this card, but you get a flat 1.5% cash back on every purchase.
New cardholders also receive a $100 cash bonus when they spend at least $100 within three months of account opening. So if you sign up for the card and use it to shop, you can get some “free money” right away. Rewards are also flexible, and they can be redeemed for cash back, bank statements, or gift cards as needed. With these options, you’ll never be in a situation where you can’t use your bonus.
Other notable benefits include an extended warranty on eligible items, travel accident insurance and 24-hour travel assistance services. Like all other Capital One credit cards, the Quicksilver Student Cash Rewards Card has no international transaction fees, making it an ideal credit card for students traveling internationally.
When is the Capital One Quicksilver Student Cash Rewards Card not worth it?
In some cases, this card might not be worth it, or you might want to consider other cards. The first thing to note is that the Capital One Quicksilver Student Cash Rewards Card is for those with “good credit”. According to Capital One, potentially eligible individuals may have limited credit histories dating back less than three years.
In other words, this credit card isn’t necessarily for people with no credit history, which includes many college students who have never had a credit card or loan.
In addition to the credit requirements, you should also know that this card has a high interest rate. In fact, cardholders pay anywhere from 16.49% to 26.49% APR when they have a balance, and the card doesn’t have any kind of introductory APR.
Compared to Discover it® Student Chrome, it has no annual fee, an introductory 6-month APR of 0% on purchase, and an introductory 6-month APR of 10.99% for balance transfers (followed by between 14.49% and 23.49% variable APR).
Should you get the Capital One Quicksilver Student Cash Rewards Card?
At the end of the day, the Capital One Quicksilver Student Cash Rewards Card is best for students who want to build credit and earn rewards without it. This card is also suitable for students who want to avoid the annual fee, as well as students with limited credit history but at least some credit report information.
On the other hand, if you don’t have a credit history, you should look into secured credit cards or other types of startup credit cards. If you plan to maintain a balance, consider a credit card that offers an introductory 0% APR for a limited time on purchases, balance transfers, or both.
Final result
If you’re still having trouble deciding on this student credit card, read our Capital One Quicksilver Student Cash Rewards Card review. From there, you can see how this card compares to other student credit cards, including other Capital One student cards.
For example, you can compare the Capital One Quicksilver Student Cash Rewards Card to Capital One’s Journey Student Rewards.
At the same time, you should think about what you want to achieve with your student ID. You may want to earn points, build rewards, or both. No matter what your goals are, you’ll find a credit card that can help you achieve them.
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