The Journey Student Rewards Card from Capital One is a Visa Card that was created specifically to help college students build their credit. It is a cash back card, so students can expect to receive cash back for their purchases.
The standard APR rate for the Journey card is 19.8 percent, but the rate is variable; therefore, it can change based on the Prime Market. The standard rate for transfers is also 19.8 percent. If a student makes a late payment, the APR could be increased to 29.4 percent for a certain period of time. Individuals will not be charged interest on new purchases if they have paid their previous balance in full by each month’s due date. The interest charged will not be more than $.50. There is no annual fee for the credit card. There is also no transfer fee, and the cash advance fee is either $10 or 3 percent of the transfer amount, whichever is larger. The late payment fee will not exceed $35.
The card has a 0 percent liability if it is lost or stolen, and Capital One offers 24 hour emergency assistance to replace the card. There is also $100,000 travel accident insurance. In addition, Capital One will send text messages and e-mail alerts to help students keep track of payment due dates and other relevant information. Students will earn 1 percent cash back on purchases. Bonus points can be awarded if the account is not past due on the last day of the billing cycle. There is no maximum amount of rewards that can be earned. The card can be redeemed for cash back when you request it, at a certain time each year or when a cardholder reaches a certain amount, such as $25, $50 or $100. Gift cards can also be redeemed beginning at $20.
The Journey card is for students who have average credit. There cannot be a lot of delinquent payments on a person’s credit score, but there can be some blemishes. The requirements do not specify that a cardholder must be a student. The conditions do state that the cardholder must be at least 18 years of age and have a valid social security number.
It is important that individuals carefully read the terms and conditions of the card, so they will know exactly what to expect. College students are young and just learning to handle their money, so they need to maintain good spending habits, so they will not max out their card. Because of the cash back rewards, the Journey card is a good deal for students. However, the interest rate is somewhat high, but that is expected since it is designed for students trying to establish credit. One advantage of using this card is that they can establish excellent credit. Many employers look at the credit history when hiring and banks look at it before granting loans, so this card can help a student with their future plans.
Students should be very careful and try to pay the balance of the card, or they could wind up going into debt. If individuals use this card in a responsible manner, their credit score will improve and they will be able to apply for a lower interest card. The Capital One Journey Card is an average card compared to other cards for students, but it is highly recommended.