Capital One SavorOne benefits guide

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The Capital One SavorOne Cash Rewards Credit Card is arguably one of the best entry-level reward cards for lovers of leisure who enjoy dining, entertainment and spending at grocery stores. The SavorOne card has an appealing unlimited cash back structure with no annual fee and a longer-than-usual 0 percent introductory APR for purchases, plus some other useful benefits for cardholders.

If you’d like to know more about the SavorOne card, here’s a guide to help you navigate some of its features and benefits. From here, you can decide if this is the best credit card for your current spending habits and financial goals.

SavorOne card rewards structure

The SavorOne card offers cash back for dining, entertainment and popular streaming services. Until 2023, cardholders will also get a boosted rewards rate on purchases from the online ticket marketplace Vivid Seats.

  • Rewards rate: 3 percent on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart and Target) plus 1 percent on all other purchases; 8 percent cash back on purchases from Vivid Seats (until January 2023)
  • 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: 0 percent for the first 15 months
  • Regular APR: 14.99 percent to 24.99 percent variable

Redeeming cash back with this card is relatively simple. There’s no minimum amount you need to redeem and you can request it in the form of a statement credit, check or gift card. Another redemption option is “Pay with Points” when you are shopping with PayPal or at Rewards don’t expire as long as your SavorOne account is open and stays in good standing.

SavorOne card intro APR

In addition to getting cash back for your spending in eligible categories, you’ll also get a lengthy 0 percent APR period of 15 months for new purchases (variable 14.99 percent to 24.99 percent APR thereafter).

If you’ve got a large purchase planned in the near future, this feature could help. Paying on your purchase over time with no interest charged can be a great opportunity to preserve cash. Plus, if your large purchase fits into one of the cash back categories, you can save just by putting it on your SavorOne card.

Even if you don’t have a large purchase to make, you can still take advantage of the intro APR for multiple, smaller purchases. Just be mindful that when the intro APR period is over, your regular APR kicks in and you’ll be charged interest fees on your balance.

SavorOne card welcome bonus

Another benefit of the SavorOne card is the $200 cash bonus after spending $500 within three months of account opening. This extra cash can be used to offset purchases on your card or can be spent as you choose.

Other SavorOne benefits

This card is a great companion when traveling abroad because there are no foreign transaction fees. SavorOne cardholders also get access to a 24-hour travel assistance service that delivers an emergency replacement card should you lose yours. In addition, cardholders qualify for travel accident insurance when they use the SavorOne card to purchase their tickets. Since the SavorOne is a Mastercard, it comes with extended warranty and price protection, too.

Capital One also offers its cardholders discounted shopping through the Capital One shopping portal. When you make an eligible purchase at a participating merchant, you could earn as much as 10 percent back. Participating brands and offers change regularly, so keep an eye on current promotions to find the best savings. You can even add items to your watch list to track price fluctuations and make sure you score the best deal.

Recently, The Points Guy reported that Capital One now makes it possible for cardholders to share rewards between cards—including ones that accrue miles. For instance, you can pair your SavorOne card with the Capital One Venture Rewards Credit Card. As you earn rewards with SavorOne, you could move them to your Venture Rewards card as miles using the “Share My Rewards” feature under the rewards tab. You can then redeem the miles with transfer partners in the Capital One travel portal.

The bottom line

If you are new to rewards cards and find yourself spending a lot on dining, entertainment and grocery stores, the SavorOne card could be a great one to cut your teeth on. With no annual fee and a welcome bonus, you really don’t stand to lose much as long as you take advantage of the card’s benefits and use it responsibly.

Once you get the hang of racking up and redeeming rewards, you might find that you can graduate to another premium card that offers even more rewards and benefits. Of course, you’ll likely have an annual fee with a more extensive rewards card, but starting with the SavorOne can definitely show you the ropes of rewards.

Written by
Aja McClanahan
Personal Finance Writer
Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter."
Edited by
Senior Editor, Credit Card Product News