Financial services firm Capital One has been
applauded for its ‘Journey’ student rewards credit card with the
product being touted as a role-model for similar products.
Capital One uses rewards in its aim to get
students using credit in a confident and responsible manner. The
card offers cash rewards with 1% cash back on all purchases and an
additional 25% bonus on the cash earned each month if cardholders
pay their bill on time.
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An initial low credit limit will be set on the
card to allow new cardholders time to familiarise themselves with
how credit works. It also claims that tools such as free
customisable text and email alerts help students manage their
credit by keeping track of their spending and payment due
dates.
“Capital One’s new Journey card is a role
model for student credit cards,” said Dr Mary Ann Campbell,
spokeswoman for IndexCreditCards.com.
“With its low initial limit, text and email
payment reminders, and rewards for good credit behaviour, it is
like giving young adults a credit card with training wheels that
will prevent them from falling into bad credit card habits. I
applaud Capital One for taking a very holistic approach to help
college students manage credit responsibly and build a good credit
score.”
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By GlobalData
