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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 those who spend a lot on dining, entertainment and grocery shopping. The Capital One SavorOne card has an appealing cash back rewards structure, no annual fee and a longer-than-usual 0 percent introductory APR for purchases and balance transfers, plus some other useful benefits for cardholders.

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

Capital One SavorOne card benefits

Earning rate

The Capital One SavorOne card offers 3 percent cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®). Cardholders will also get 1 percent back on all other purchases. Plus, until January 2023, cardholders will get a boosted rewards rate of 8 percent back on purchases from the online ticket marketplace Vivid Seats.

Welcome bonus

Another benefit of the Capital One SavorOne card is the $200 sign-up bonus after spending $500 within three months of account opening. This welcome bonus has a very easy minimum spending limit to meet, and the bonus can be used to offset purchases on your card, buy gift cards or for whatever you want.

No annual fee

The fact that the Capital One SavorOne comes with no annual fee is a major benefit considering that the card comes with a 3 percent rewards rate on select category purchases like grocery spending, entertainment and dining.

Intro APR offers

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 purchases and balance transfers (15.24 percent to 25.24 percent variable APR thereafter).

If you’ve got a large purchase planned in the near future, this feature could help. Paying for 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 Capital One 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 variable APR kicks in and you’ll be charged interest fees on your balance.

Lastly, if you need to transfer a balance, this card is a good option to consider since you’ll have 15 months to pay down debt interest-free. Note that, for all balance transfers, customers will pay a fee of 3 percent or $10 (whichever is greater).

Travel benefits

This card is a great companion when traveling abroad because there are no foreign transaction fees. Capital One 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 Capital One SavorOne card to purchase their tickets.

Shopping perks

Capital One 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 to make sure you score the best deal.

Since the Capital One SavorOne is a Mastercard, it comes with extended warranties and price protection, too.

Redemption options

Redeeming cash back with this card is simple. There’s no minimum amount you need to meet in order to redeem cash back and you can request cash back in the form of a statement credit, check or gift card. You can also “Pay with Points” when you are shopping with PayPal or use “Shop with Points” at Amazon.com.

Another important note: Rewards don’t expire as long as your Capital One SavorOne account is open and stays in good standing.

How to maximize the Capital One SavorOne card

To maximize Capital One SavorOne card benefits, make sure to earn the sign-up bonus, use the card in all of the boosted rewards categories (such as entertainment, dining and grocery shopping) and take advantage of boosted rewards through the Capital One Shopping portal.

Additionally, The Points Guy reported in 2021 that Capital One allows cardholders to share rewards between cards, including ones that accrue miles. For instance, you can pair your Capital One SavorOne card with the Capital One Venture Rewards Credit Card. As you earn rewards with Capital One SavorOne, you could move them to your Capital One 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. You’ll get the most value out of your rewards when redeemed in this way.

The bottom line

If you are new to rewards cards and love spending on dining, entertainment and grocery stores, the Capital One SavorOne card could be a good fit for you. With no annual fee and a solid welcome bonus, this card could be worth it as long as you take advantage of the card’s benefits and use it responsibly.

Plus, starting with the Capital One SavorOne can show you the ropes of earning and redeeming rewards. Once you get the hang of racking up and redeeming rewards, you might find that you can graduate to a better rewards credit card that offers even more benefits. Of course, a premium rewards card will likely have an annual fee, but you should be able to easily recoup the fee with all of the additional benefits and credits offered.

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
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