The search for the best cash back credit card can seem never-ending, especially since consumer credit card spending patterns are constantly changing in the wake of recent lifestyle changes. The good news is that credit card issuers are closely monitoring these changes and adjusting their rewards structures accordingly.
As of late, spending on dining and groceries has increased due to rising food prices and shelter-in-place orders. In this environment, it can make a lot of sense to make these purchases on rewards credit cards.
If you can save money with discounts, cash back or other perks, why leave rewards on the table? This is where increased cash back with the Capital One Savor Cash Rewards Credit Card* and Capital One SavorOne Cash Rewards Credit Card comes in. Check out the updated cash back rates and additional spending categories for both cards below.
Capital One Savor and SavorOne new rewards rates
Beginning May 18, 2021, Savor cardholders will now earn 4 percent cash back on popular streaming services, including Hulu, Disney+ and Netflix. Cardholders can also earn 3 percent cash back at grocery stores (up from 2 percent).
Additionally, the SavorOne Card will now offer 3 percent cash back across each of the following categories:
- Popular streaming services
- Grocery stores
Also, like Savor cardholders, SavorOne customers will also earn 8 percent cash back on Vivid Seats purchases (through Jan. 2023).
Not sure which card you should apply for? Here’s more information about the difference between the Savor card and the SavorOne card.
What are the Capital One Savor and the SavorOne cards?
The Capital One Savor card is a favorite among foodies and lovers of leisure who spend a lot on dining and entertainment. Here’s a look at its rewards structure:
Capital One Savor card details:
- Rewards rate: 8 percent cash back on purchases from Vivid Seats (until Jan. 31, 2023), 4 percent on entertainment, dining and popular streaming services, 3 percent at grocery stores and 1 percent on everything else
- Welcome offer: $300 bonus after spending $3,000 within three months
- Annual fee: $95
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 15.99 percent to 24.99 percent variable
This card is often compared to the SavorOne card, which also offers cash back in similar categories. The biggest difference with the SavorOne card is that it has no annual fee and offers an introductory APR on purchases.
Capital One SavorOne card details:
- Rewards rate: 3 percent cash back on dining, entertainment, select streaming services and grocery store purchases, plus 1 percent on all other purchases
- Welcome offer: $200 cash bonus after spending $500 within three months of account opening
- Annual fee: $0
- Purchase intro APR: 0 percent for the first 15 months
- Balance transfer intro APR: N/A
- Regular APR: 15.49 percent to 25.49 percent variable
What else should I know about the Capital One Savor and SavorOne card?
The Savor card does come with an annual fee, so your spending in its cash back categories would have to be enough to justify this fee. If you spend enough to get the $300 welcome bonus after spending $3,000 within three months, even better.
If you are looking for rewards but without an annual see, the Capital One SavorOne card is best for dining and entertainment spending.
If you are, however, not exactly sure whether you spend enough in a certain cash back category, like entertainment, it’s helpful to know that the definition for entertainment encompasses many activities:
- Ticket purchases made at movie theaters
- Sports promoters (professional and semiprofessional live events)
- Theatrical promoters
- Amusement parks
- Tourist attractions
- Dance halls
- Record stores
- Pool halls or bowling alleys
In addition to having no foreign transaction fees, the Savor card comes with perks like extended warranties, travel accident insurance, 24-hour travel assistance services and other basic cardholder benefits.
Finally, it’s good to know that Capital One offers its cardholders, including Savor cardholders, many flexible ways to redeem rewards:
- Shopping on Amazon.com
- Redeeming for gift cards from dozens of merchants like Walmart, Lowes, Whole Foods and many more
- Redeeming via PayPal with rewards when making purchases with online retailers
The bottom line
If you already have or were seriously considering getting the Capital One Savor or SavorOne, you’ve now got a few more reasons to use it. With the addition of cash back on streaming services and heightened cash back on grocery store spending from the Savor (as well as various new 3 percent cash back categories from the SavorOne), either card could improve your rewards earnings substantially. In a time when many are spending more at grocery stores and dining out, it could certainly be a great help!
*All information about the Capital One Savor card has been collected independently by Bankrate.com. The issuer did not provide the content, nor is it responsible for its accuracy.