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Although the Capital One SavorOne Cash Rewards Credit Card is often marketed as a beginner card, this card targets the foodie in all of us with 3 percent cash back on dining. Cardholders also get higher-than-usual cash back rates in other popular bonus categories, too. Plus, this card includes no annual fee, no foreign transaction fees and a 0 percent introductory APR on purchases and balance transfers for 15 months (variable rate of 17.99 percent to 27.99 percent after).
There are many other useful benefits as well, plus a few creative and helpful ways to maximize spending with this card. Let’s take a closer look at what the Capital One SavorOne has to offer.
Capital One SavorOne Cash Rewards Credit Card benefits
Excellent earning structure
The Capital One SavorOne card doesn’t have an annual fee, but its cash back earning rates can give some cards with an annual fee a run for their money.
3 percent cash back on dining, entertainment, streaming and groceries
Cardholders get 3 percent cash back on groceries, dining, entertainment and popular streaming services. Note that the 3 percent cash back at grocery stores excludes superstores like Walmart and Target. Eligible streaming purchases include services like Netflix, Hulu and Disney+, but some services are excluded, like Prime Video, AT&T TV, Verizon Fios on Demand, audiobook subscriptions and more.
5 percent cash back on hotel and rental car bookings via Capital One Travel
Capital One SavorOne Cash Rewards cardholders earn 5 percent cash back on hotels and rental cars booked through the Capital One Travel portal. This travel portal is powered by Hopper, which proactively searches for hotel prices and adjusts them to match or beat other online travel agencies like Expedia.
8 percent cash back on Capital One Entertainment purchases
In addition to 3 percent back on general entertainment purchases, you can get a whopping 8 percent cash back on Capital One Entertainment purchases.
1 percent cash back on general purchases
The Capital One SavorOne card also offers 1 percent cash back on all other purchases.
Attainable welcome bonus
New Capital One SavorOne cardholders can get a $200 welcome bonus after spending $500 within three months of account opening. While this bonus won’t shatter any records, it is remarkably easy to earn (since it doesn’t require spending thousands of dollars within a few months, like other top rewards credit cards).
No annual fee
As mentioned, the Capital One SavorOne card comes with no annual fee. Considering its excellent cash back earning rates, it’s arguably one of the best no-annual-fee cards on the market today, especially for people who tend to spend a lot on eating out or cooking in.
0% intro APR offers
This card comes with a 0 percent intro APR offer on balance transfers and purchases for 15 months. That’s an excellent offer if you’re looking to consolidate high-interest debt from other credit cards or if you’re eyeing a new big-ticket purchase. Just make sure you pay anything off before your 0 percent APR period ends and your interest jumps to the regular variable APR of 17.99 percent to 27.99 percent.
Also, keep in mind that, for any balance transfers, you’ll pay a balance transfer fee of 3 percent or $10 (whichever is greater).
In May 2022, Capital One began offering Capital One SavorOne Cash Rewards cardholders access to the Capital One Travel portal, which only used to be available to premium Capital One cards.
In addition to the 5 percent cash back on hotel and car rental bookings, the Capital One Travel portal offers predictive pricing models that help you book your travel when the price is the most favorable. Capital One claims that this feature can help consumers to save, on average, 15 percent per flight.
Plus, through the Capital One Travel portal, you’ll get free price drop protection. When you book a flight the platform recommends, you’ll get a partial refund if the price drops after the booking. Another valuable benefit is the option to freeze a flight price for up to 14 days (for a small fee). In the meantime, you can keep looking for a cheaper option, then come back and finalize your booking if you don’t find a better price.
Other travel perks include no foreign transaction fees, 24-hour travel assistance and travel accident insurance.
Numerous redemption options
The Capital One SavorOne card offers several ways to redeem your cash back, such as:
- Statement credits
- Gift cards
- Travel via Capital One Travel
- Pay with Points via PayPal
- Shop with Points on Amazon
Standard purchase protections
The Capital One SavorOne comes with standard benefits like extended warranty coverage, 24-hour concierge services, $0 fraud liability, virtual card numbers from Eno for online purchases, CreditWise credit monitoring and security alerts, among other benefits.
Shopping and entertainment perks
Capital One SavorOne cardholders also get access to exclusive experiences related to dining, concerts, sporting events and more with Capital One Dining and Capital One Entertainment. Plus, cardholders can use the Capital One Shopping tool, which automatically applies discounts and coupons to any eligible purchases.
How to maximize the Capital One SavorOne Cash Rewards card
The most important way to maximize the Capital One SavorOne card’s value is to use it for bonus category purchases with higher cash back rates. The more you use the card to pay for dining, groceries, travel and entertainment, the more cash back you will accrue. As for redeeming cash back, always try to redeem your points at a 1:1 ratio, or as close to this ratio as possible.
If you carry one of the top Capital One cards for travel—like the Capital One Venture Rewards Credit Card or Capital One Venture X Rewards Credit Card—you can transfer your Capital One SavorOne rewards to one of these cards for more lucrative redemptions options. For example, you could transfer your rewards to one of Capital One’s airline or hotel partners, which could get you a redemption rate well beyond a 1:1 ratio.
The bottom line
The Capital One SavorOne Cash Rewards includes a solid welcome bonus that’s easy to attain, excellent earning rates and a suite of other worthwhile benefits. Plus, this card can work just as well for a beginner as for someone with a thick credit file. Just remember to pay off your monthly bill in full if you want to reap the benefits of any credit card rewards program.