The card that allows you to easily build your credit.
This card allows a college student to do both earn rewards and start building his/her credit. The card increases the rewards you get if you manage to pay on time. This is a very good motivation and a great habit to have in case you’re dealing with a credit. Below you’ll find all the facts you should know about the card.
General information concerning the card
- The card doesn’t require an excellent credit score.
- There is no fee to pay each year.
- You can use the card abroad without paying extra charges.
- The Standard APR is rather high. It may be quite hard for you to pay the interest at that rate.
- Special APR Offer: No offer for this card.
- Standard APR amounts to 24.99% but it can vary. Cash Advance APR amounts to 24.99% but is also a subject to changes.
- No annual fee that you’re expected to pay.
- Special Offer: If you pay off on time during the first 5 months, you’ll be offered a higher credit line.
More information on the card:
- Your effective rate is increased up to 1.25% if you make payments on time.
- You can earn as many rewards as you want and they’ll stay with you for as long as your account is active.
- If you pay on time, you’ll given a chance to request a higher credit line.
- You can go shopping abroad and use this card to pay for your purchases. There are no additional charges that you’re required to pay.
- The card comes with certain protection features that are activated if you happen to lose your card or it’s so happens that it gets stolen.
- You’re given an opportunity to choose the due date you like.
General overview of the card and our opinion:
- The card doesn’t cost anything to carry. It’s a great option for those who want to avoid paying annual fees.
- There is no additional fee to pay for the purchases if you use the card while travelling.
- The rewards are given to you in the form of cash back.
- The APR seems to be rather high. It amounts to 24.99%, but can vary on the basis of your credit score.
Our opinion: If your credit score is above average and you’re currently in a need of a card that doesn’t require you to pay much in charges, this is the option for you to pay attention to.
The card is great for the following categories of people:
- College students.
- People whose credit score is average.
- People who want to have a fat-rate credit card.
The card isn’t worth it for the following categories of people:
- People who need a card with a low interest rate.
- People who spend considerable sums of money in specific categories.
Basic features of the card
The thing that makes this card different from all the rest credit cards designed for students is that you don’t need to be a student in order to get it. The most important requirement you need to meet is that you should have at least an average credit score. Here is what you get with this card:
- The emitting bank will approve you for a higher credit line if you make the first 5 payments on time.
- The card implies a higher effective rate (the standard one amounts to 1%) for those who always make payments on time.
If your plan is to get access to a higher credit line with this card, you need to always pay off on time and you’d better use the card to make small purchases only.
The reasons for you to consider applying for the card
The card is designed to be as simple as possible. It may be a good chose for you if one of the situations described below is about you:
- You’re the one who needs a credit card with an easy increase of the credit line. We’ve already mentioned the requirement that should be met if you plan to request an increase of your credit line. Once you get a higher credit line, your credit score will also increase (provided that you continue paying on time).
- You’re the one who is seeking for a card that promises rewards for the payments made on time. This sounds great for those who plan things ahead carefully so that to pay off on time. (The effective rewards rate increases up to 1.25% if you stick to this rule).
- The card can be used abroad. You can make as many purchases with this card while travelling as you wish. You won’t be required to pay additional fees for your purchases. This is especially beneficial for students who love travelling, but at the same time have a credit to pay off.
Some other perks to expect with this card
Of course, this is not a premium card that offers lots of perks and additional benefits to VIP cardholders. Still, there are some perks offered. These perks may be valuable to you.
In particular, we are talking about the fact that this card can be issued as a Visa Platinum. This version of the card will provide you with a number of exclusive benefits including the service you can give a call to any time when travelling, insurance that covers the expenses you need to pay in case of an accident during your trip, extended warranty and insurance on the cars you decide to rent.
The reasons for you to consider applying for a different card
Actually, the card doesn’t have much to offer to those people who have a better than average credit score.
- The rewards rate promised is rather low. There are other cards available at the market that can offer you higher rewards rates. Since your credit score is above average, you won’t have problems qualifying for some of them.
- The interest rate implied by the card is rather high. If you think that you’re very likely to carry balance on the card each month, you’ll have to a high interest (24.99%). If you need some time to pay off your purchases without the need to pay any interest, look for the information on the cards that have a special offer in terms of APR.
The Journey® Student Rewards from Capital One® in comparison with its competitors
We believe that if you’re the one who spends a lot of money on purchases from certain categories, you’ll find one of the cards mentioned below to be more beneficial.
Journey® Student Rewards from Capital One® in comparison with the Discover it® chrome for Students with $20 Cashback Bonus
The Discover card allows its cardholders to get a cash back of 5% for the purchases made in bonus categories that change every quarter of a year (the spending limit for each category amounts to $1,500). All the rest purchases made with it go under the rate of 1%. Besides, if you have good grades, you’ll be given an additional bonus ($20 each year). In addition, you’ll be granted a free access to your FICO score. Therefore, you’ll be in the know of all the changes that happen to it immediately.
All in all, if you’re looking for a card that doesn’t cost much, you need to think over the possibility of getting the Journey card. If you know that you have more chances to earn rewards with a card that comes with bonus categories, your ideal option will be the Discover card.
Journey® Student Rewards from Capital One® in comparison with the Citi ThankYou® Preferred Card for College Students
General information concerning the card
- Since the card is meant for those who only start building a credit score, there is no fee to be paid for the privilege of using it.
- Special APR Offer: You’re given the period of 7 months during which you can focus on paying only the purchases you made. No interest rate applies during this period.
- Standard APR varies from 15.49 to 25.49%. Cash Advance APR amounts to 26.24% but is also a subject to changes. Pay attention to the fact that there is a Penalty APR that can reach up to 29.99%.
- Focus on paying off your purchases only. You’re not required to pay for using the card.
- Special Offer: You have an opportunity to get as many as 2,500 points. If you want to get the sum mentioned, be ready to spend $500 during the first 3 months.
More information on the card:
- The card is great for those who dislike paying the fee for using any of the credit cards.
- There is a good sign-up bonus for you to catch. This is a very rare feature in case of the cards that are meant to be used by students.
- There is a long list of redemption options. We believe that any cardholder will be able to find the option that suits him/her the best.
- Double rewards are promised for the purchases that have to do with either entertainment or eating out.
- All the rest purchases will bring you 1 point for each dollar spent.
- There are no preset limits in terms of how many points you can earn. Besides, your points won’t expire after a certain period of time if not used.
- Due to the fact that there is a chip technology implemented in this card, you will have no problems using the card abroad.
The emitting bank clearly states that only those who are college students are approved for the card. This is actually the card for those students who love entertaining and eating out due to the fact that the reward to be expected for any of such like purchases amounts to 2 points per dollar. All the rest purchases will bring the cardholders 1 points for each dollar they spend. There are no spending limits preset. The card can boast a wide variety of redemption options to choose from. We’ve come to the conclusion that the value you get for the ThankYou points is the same value you get with the Journey card. There is one little thing that doesn’t seem advantageous. The card implies the fee of 3% that you’re charged each time you make a purchase with it abroad. Consequently, this is definitely not the best card for those who are either studying abroad or plan to travel internationally.
All in all, the card issued by Citi is great for those who like having fun and don’t usually spend evenings at home. Besides, you can make a big purchase with it and pay the purchase off within 7 months without any interest on top.
Summary: Is the Journey® Student Rewards from Capital One® the card that you should have in your wallet?
The card seems to be perfect for those looking for simplicity and absence of annual fees. It’s just what students with no credit history need. The only thing you need to remember is that you need to always pay on time. If you do it, you’ll successfully build your score and qualify for other cards with better offers.