Capital One® SavorOne℠ Cash Rewards Credit Card
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Are you a restaurant regular or fast food connoisseur? Do you enjoy catching a movie a few times each month? Have you spent a little too much time in your local grocery store? With the Capital One® SavorOne℠ Cash Rewards card, you can easily earn cash back on these kinds of purchases.
Along with a solid unlimited rewards structure, you won’t be charged an annual fee and can enjoy a $150 cash bonus after spending $500 within the first 3 months of account opening.
Here are the details:
With the SavorOne card, you’ll get a stellar 3% cash back on dining and entertainment, 2% back at grocery stores and 1% back on all other purchases.
The rewards structure for the Capital One SavorOne card is pretty simple. There are no rotating categories and you won’t need to sign-up for rewards. All cash back rewards are accrued automatically, your cash back won’t expire for the life of the account and there are no limits on how much you can earn.
You’ll enjoy a 0% APR for 15 months on purchases and balance transfers (16.24-26.24% variable thereafter). Keep in mind that balance transfers are charged a 3% fee on amounts transferred within the first 15 months, so if you’re looking to consolidate debt, the SavorOne may not be your best option.
Is this card right for you?
If you’re thinking of applying for the SavorOne, first make sure you spend enough to fully utilize its spending categories. You’ll receive the most cash back from eating out and spending on entertainment, so if the dining category isn’t particularly exciting for you, it wouldn’t hurt to look for a flat rate cash back card solely focused on grocery store spending.
International travelers will enjoy SavorOne’s lack of foreign transaction fees. This saves you from the 3% fee many cards charge on transactions made abroad. You’ll also get travel protections like travel accident insurance and 24-hour travel assistance services.
How much are the rewards worth?
The average American spends over $200 a month on groceries, meaning you most likely won’t have trouble reaching the qualifying spend needed for the $150 cash bonus.
For instance, if you spend $200 a month on groceries and $250 a month on eating out, attending concerts and going to the movies, you could earn $138 in cash back by the end of the year — not including all other spending.
If you spend $150 a month on miscellaneous items, that would earn you an additional $18 a year.
How this card compares
Blue Cash Everyday® Card from American Express
If your spending is concentrated on grocery stores and you spend heavily on gas, you may find the no-annual-fee Blue Cash Everyday Card from American Express a better fit. For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.
The Blue Cash Everyday card offers cash-back earnings with a rate of 3% at U.S. supermarkets (on up to $6,000 in annual spending, then 1%), 2% at U.S. gas stations and select U.S. department stores and 1% on all other purchases.
Blue Cash Preferred® Card from American Express
Despite the $95 annual fee, the Blue Cash Preferred Card from American Express is a must-have card in the wallet of any big grocery shopper. For rates and fees of the Blue Cash Preferred® Card from American Express, please click here. The 6% cash-back reward at U.S. supermarkets up to $6,000 in spending each year, then 1%, is the most lucrative available in this category.
If you hit the spending cap — which a lot of big grocery spenders probably will — you’ll earn $360 back with the Blue Cash Preferred vs. $180 back with the Blue Cash Everyday. Even with the Preferred’s annual fee, you’ll still come out ahead.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred Card has long been a key player in the travel rewards card game. The card offers a solid sign-up bonus of 60,000 points after spending $4,000 within the first three months of account opening, plus a rewards structure that gives you 2x the rewards on travel and dining. And when you book through the Chase portal, your points take on 25% more value.
Read the full Chase Sapphire Preferred review here.
How to use this card
The SavorOne card comes with contactless technology, meaning you can purchase items using a tap-and-go payment function.
Rewards don’t expire and can be redeemed at any amount. To redeem for cash back or statement credit, simply log into your Capital One account and select “Redeem Rewards”.
You’ll enjoy security features like automatic security alerts, easy card locking and unlocking in case you misplace your wallet and CreditWise®, which monitors your credit without hurting your score.
The bottom line
If you value earning unlimited cash back on dining, entertainment and groceries, consider the SavorOne. Along with a nice cash bonus, you enjoy no annual fee and the simplicity of spending categories that don’t rotate.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.