HomeOthersStudy TipsCapital One Review Journey Student Credit Card

5 months ago (03/02/22) 100 Views

Capital One Review Journey Student Credit Card

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Best for

  • Best credit cards without credit
  • Best first credit cards
  • Best credit cards for students
  • Best Visa Credit Cards

Who is this credit card for?

  • Takes improving their finances seriously and wants to be recognized for responsible use of credit. See more maps.
  • Credit generator.
  • Look for deals that take a limited budget further. See more maps.
  • Student.

If you’re a student with a limited credit history, the Capital One Journey Student Credit Card is like taking an introductory credit course. The straightforward flat-rate rewards program gives you the chance to earn money for everyday expenses. Even better, you will get extra bonus rewards for making payments on time each month.

Your credit line will likely start low, but the good news is that you can move to a higher credit limit fairly quickly if you play your cards right. While some other student cards in this category offer reward programs with higher cashback rates or other perks like initial APR periods or sign-up bonuses, these programs may seem a bit advanced. to manage them. Capital One’s card makes it easy for those beginning their educational credit journey.

Advantages

  • A way to build credit
  • Rewards for good credit habits
  • No pesky fees

The inconvenience

  • High APR
  • No new cardholder incentives

Benefits Explained

  • A Path to Building Credit: Capital One’s Journey Student Credit Card offers a minimum line of credit of $300, which barely pays a college textbook. However, after making the first five monthly payments on time, you will activate Capital One’s Credit Steps program, which may increase your credit limit.
  • Rewards for good credit habits: The 1% cashback on all purchases isn’t earth-shattering, but it also doesn’t require a night of cramming to figure out how to maximize point value. Plus, you can boost that income to 1.25% just by making payments on time, a great incentive to promote healthy credit habits.
  • No pesky fees: Some cards aimed at new credit card users such as secured cards usually have annual fees, but student cards (including this one) don’t. You can also use Capital One’s Journey Student Credit Card without incurring foreign transaction fees, which is important if you plan to study abroad or travel outside the United States.
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Explanation of disadvantages

  • High APR: Although listed as a con, a high APR is a moot point if you manage to pay your balance in full each month. If you think you’ll be carrying a balance, consider a different student card with a lower APR instead.
  • No new cardholder incentives: Although some student cards offer a learning curve in the form of an introductory 0% APR on purchases for a few months, you won’t get it here. You also won’t earn a sign-up bonus as some other cards offer.

Earn points and rewards

The appeal of Capital One’s Journey Journey credit card is its flat-rate repayment structure. It’s designed to be a simple way to earn a few dollars for your expenses, plus a little extra for responsible payments. You can find student cards with higher reward rates, but these involve rotating categories and somewhat complicated redemption options. Here your income is more predictable – for example, if you spend $500 per month and pay your bill on time, it will earn you $75 for the year ($5 per month = $60, and the 25% bonus in makes $75).

Redemption of rewards

Redeeming is simple with the Journey Student credit card. You can get your money back anytime, anytime as a statement credit or as a check. If you plan to close your account, redeem what you have earned or you will lose it. You can also set up automatic redemptions when you reach a certain date or a specific income amount.

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If you prefer to redeem for something other than cash, you can get gift cards or credits for previous purchases, but the cashback value with these options may vary.

How to get the most out of this card

The point of a student card is to embark on a journey (hence the name of the card) towards responsible use and building credit so that you can increase your credit score. To do this, make purchases every month, but stay below 30% of your credit line, because credit scoring algorithms place a lot of importance on how you use the credit you have.

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So if your credit limit is $1,000, try not to let your balance go over $300. Just as important, pay that bill on time each month. Do these two things and your credit limit and score will increase over time, as will your cashback earnings.

Use as little of your credit limit as possible to improve your credit score. You will often hear that 30% is the maximum you should use, but using less than 10% of your limit is even better.

Excellent benefits

Most credit cards have perks, and some have exceptional value. This card has an advantage that The Balance considers an “excellent advantage”.

  • Travel Accident Insurance: When you use your credit card to purchase your ticket, you get automatic insurance for a covered loss of up to $100,000 at no additional cost.
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Other Features

  • Rental car collision insurance (secondary to your own policy)
  • Extended Warranties
  • 24-hour travel assistance

Client experience

Capital One ranks third in JDPower’s 2019 Credit Card Satisfaction Study, scoring 807 points out of a possible 1,000 points. (The industry average was 806.) The issuer offers a 24/7 customer service hotline and a robust mobile app to pay your bill, check your balance, and more. The Capital One app ranks fourth in JDPower’s 2019 US Mobile Banking App Satisfaction Survey, with a score just above the average of 876.

Another standout feature is that you have access to CreditWise, a tool that lets you check your credit score and get alerts when your credit report changes. It also scans the dark web for your social security number.

Security functions

  • For online purchases, the card offers a virtual card number which decreases the risk of your real account information being compromised.
  • You can sign up for account alerts via SMS or email, not only to remember when your bill is due but also to keep tabs on any suspicious account activity.
  • Finally, if you lose your card or think it’s been stolen, you can immediately lock your account using your app.

Fees

The card’s fees are minimal compared to many other cards on the market, and this card has no annual fees, foreign transaction fees, or returned payment fees.


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