Key takeaways
- Both the Capital One SavorOne Student Cash Rewards Credit Card and the Bank of America® Customized Cash Rewards credit card for Students are good cards for college students who want to earn cash back on their spending.
- The SavorOne Student Cash Rewards card earns an unlimited 3 percent cash back in several popular spending categories.
- The Customized Cash Rewards for Students offers a nice welcome bonus, earns boosted cash back rates in certain categories and comes with an introductory APR on both purchases and balance transfers.
- Deciding which card is best for you should be based on your personal spending habits and needs.
The Capital One SavorOne Student Cash Rewards Credit Card and the Bank of America® Customized Cash Rewards credit card for Students* both offer solid cash back programs and no annual fee, making them good choices for college students looking for an affordable way to earn extra cash on their purchases. So which card is better for you? That depends on your monthly spending habits and whether you have existing credit card debt that you need to pay off.
We’ll take a look at the similarities and differences between the Capital One SavorOne Student Cash Rewards and the Bank of America Customized Cash Rewards for Students to help you determine which is the better fit for your wallet.
Main details
| Capital One SavorOne Student Cash Rewards Credit Card | Bank of America® Customized Cash Rewards credit card for Students | |
|---|---|---|
| Welcome bonus | Early Spend Bonus: Earn $50 when you spend $100 in the first three months |
Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening |
| Rewards rate |
|
|
| Intro APR | N/A | 0% intro APR on purchases and balance transfers for 15 billing cycles (then a variable APR of 19.24% to 29.24%); balance transfers must be made in first 60 days after account opening to qualify; 3% balance transfer fee applies for first 60 days after account opening (4% after) |
| Annual fee | $0 | $0 |
| Foreign transaction fees | None | 3% fee on foreign transactions |
Capital One SavorOne Student Cash Rewards vs. Bank of America Customized Cash Rewards for Students
Welcome bonus winner
Bank of America® Customized Cash Rewards credit card for Students
Rewards rate winner
Capital One SavorOne Student Cash Rewards Credit Card
Introductory APR winner
Bank of America® Customized Cash Rewards credit card for Students
Annual fee winner
Foreign transaction fee winner
Capital One SavorOne Student Cash Rewards Credit Card
Which card earns the most?
Which of these two cards will give you the most cash back? That largely depends on what you spend your money on and how much you spend each month.
Capital One SavorOne Student Cash Rewards vs. Bank of America Customized Cash Rewards for Students spending example
Let’s say your monthly spending looks like this:
- Groceries: $200
- Dining: $200
- Streaming: $20
- General purchases: $150
With the Capital One SavorOne Student Cash Rewards, you’ll get 3 percent back on groceries, dining and streaming, plus 1 percent back on general spending. And because the 3 percent cash back is unlimited, you won’t have to worry about only earning 1 percent back once you reach a spending limit. In this example, you’ll earn $14.10 in cash back on your monthly spending, which breaks down as:
- Groceries: $6
- Dining: $6
- Streaming: $0.60
- General purchases: $1.50
With the Bank of America Customized Cash Rewards for Students, you’ll earn 3 percent cash back in the category of your choice. Let’s say you choose dining as your 3 percent category. Add on 2 percent cash back for groceries and 1 percent cash back on general purchases, and you’ll earn $11.70 on your monthly spending:
- Groceries: $4
- Dining: $6
- Streaming: $0.20
- General purchases: $1.50
In this example, the Capital One SavorOne Student Cash Rewards earns more. However, the card that would earn more for you comes down to your spending habits and whether you spend more in bonus categories that the SavorOne Student Cash Rewards doesn’t offer — like gas, online shopping or home improvement.
Why should you get the Capital One SavorOne Student Cash Rewards?
The Capital One SavorOne Student Cash Rewards is one of the best student credit cards available today, largely due to its solid rewards program. The ability to earn an unlimited 3 percent cash back on a wide variety of purchases is a positive, especially with a card geared toward students who might not have the highest credit score. Plus, students can earn 5 percent cash back on hotels and rental cars booked through Capital One Travel and 8 percent cash back on Capital One Entertainment purchases.
Why should you get the Bank of America Customized Cash Rewards for Students?
The best reason to apply for the Bank of America Customized Cash Rewards for Students is if you spend a lot each month in one of the card’s optional 3 percent categories. If you do, you’ll have the potential to earn a lot of cash back. Additionally, if you need to make a large purchase or pay off existing debt, the card’s introductory APRs on purchases and balance transfers could make it a great fit.
The bottom line
Both the Capital One SavorOne Student Cash Rewards and the Bank of America Customized Cash Rewards for Students have a solid rewards program and no annual fee. To choose the right student credit card, take a look at your spending habits and which categories you spend the most in.
For example, the Capital One SavorOne Student Cash Rewards might be a better fit if you spend a lot on dining, entertainment, travel and groceries. And because there’s no limit to how much you can earn, you have the potential to earn a solid amount of cash back each month.
However, if you tend to spend a lot in a category that the SavorOne Student Cash Rewards doesn’t offer (like gas or online shopping), the Bank of America Customized Cash Rewards for Students might generate more in cash back. It also offers a larger welcome bonus and introductory APRs on both purchases and balance transfers that you can enjoy.
The information regarding the Bank of America® Customized Cash Rewards Credit Card for Students was last updated on September 13, 2024.
*The information about the Bank of America® Customized Cash Rewards Credit Card for Students card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.