Capital One Savor Cash Rewards Credit Card review
The Capital One Savor Cash Rewards Credit Card has a generous welcome offer and a high return on entertainment and dining. But it doesn’t have an interest-free period and its APR is on the high side, so you could spend more than you earn in rewards if you carry a balance. Read on to learn more about the Capital One Savor and decide if it’s the best cash back card for you.
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What are the advantages and disadvantages?
A deeper look into the current card offer
- Rewards rate: 8 percent cash back on purchases from Vivid Seats (until January 2023), 4 percent on dining and entertainment plus 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 23.99 percent variable
The Capital One Savor Rewards card is currently offering a $300 cash bonus after spending $3,000 within three months of opening your account. Although this is a generous welcome offer, some cardholders may have trouble hitting the spending threshold.
The Capital One Savor allows you to earn unlimited cash back on everyday purchases like groceries and restaurant meals.
Earning cash back
The Capital One Savor offers a generous 4 percent cash back on entertainment and dining with no cap, which ranks it among the best credit cards for restaurants on the market. What’s more, on May 18, 2021, Capital One boosted its unlimited 2 percent grocery store rewards to 3 percent and added an extra 4 percent cash back category for popular streaming services. However, pay close attention to the Savor card’s list of eligible music and video streaming services since Prime Video, audiobook and fitness programming subscription services are unfortunately excluded.
Capital One has also partnered with Vivid Seats for a limited time, allowing you to rack up even more rewards. You’ll earn 8 percent cash back when you make a purchase through Vivid Seats before Jan. 31, 2023.
Redeeming cash back
Your rewards can be redeemed on the Capital One mobile app for cash in the form of a check or statement credit. Additionally, you can get gift cards or use your cash back to cover past purchases.
If you link your credit card to Amazon.com, you can even shop with your rewards.
Other cardholder perks
One of the main perks of Capital One credit cards is the benefits package. In addition to rewards, this card has exclusive entertainment experiences, travel perks and more. Here are some of the main Capital One Savor card benefits you’ll get as an account holder.
Capital One has a variety of safety features to protect your card, including fraud alerts, virtual card numbers, card lock and zero fraud liability.
Exclusive dining and entertainment experiences
As a cardholder, you’ll get access to presale concert tickets, hard-to-get reservations at top restaurants and exclusive culinary events like benefit dinners.
You’ll also receive discounts on season tickets and merchandise at the Capital One Arena in Washington, D.C.
Online shopping tools
Capital One has two online shopping tools that can help you save money—Paribus and Capital One Shopping.
Paribus monitors the items you’ve bought recently for price changes and alerts you when you might be able to get a refund.
Capital One Shopping is a browser extension that compares prices at major retailers, automatically applies coupons at checkout and allows you to earn credits on your purchases that you can redeem for gift cards.
The Capital One Savor card comes with travel perks like no fees for foreign transactions, travel accident insurance and round-the-clock travel assistance services.
Rates and Fees
The Capital One Savor doesn’t have an interest-free period, so you’ll pay the regular APR on purchases, which can range from 15.99 percent to 23.99 percent variable, depending on your creditworthiness. Considering the current average interest rate, the Savor card’s APR could be anywhere from slightly below average to over 40 percent higher.
Capital One Savor also charges a $95 annual fee and up to a $40 fee for late payments. But on the plus side, there are no foreign transaction fees and no balance transfer fees when transferring at the regular transfer APR.
How the Capital One Savor compares to other rewards cards
Like the Savor Cash Rewards card but wish it had no annual fee? Check out the Capital One SavorOne Cash Rewards Credit Card. It also received a rewards program upgrade on May 18, 2021, meaning you can now earn 3 percent cash back on dining, entertainment, select streaming services and grocery store purchases.
If you want to earn a high rewards rate on travel and don’t mind earning a little less on entertainment and dining, the Chase Freedom Unlimited® is worth considering. It offers 5 percent cash back on travel booked through Chase Ultimate Rewards, 5 percent cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year, 3 percent on dining and drugstore purchases and at least 1.5 percent on everything else. The Chase Freedom Unlimited has no annual fee and a long 15-month interest-free intro period on purchases (then a 14.99 percent to 23.74 percent variable APR). But the welcome bonus is lower—you’ll only get $200 after spending $500 within three months of opening the accounts.
If you want to earn cash back without worrying about spending categories, consider the Citi® Double Cash Card. It offers 1 percent cash back when you make a purchase and another 1 percent when you pay it off. It also has no annual fee and a 0 percent intro APR on balance transfers for 18 months (then a 13.99 percent to 23.99 percent variable APR), which the Capital One Savor doesn’t offer. But the Double Cash doesn’t offer a welcome bonus, which reduces the total amount of rewards you can earn. It can be a good choice if you are looking to transfer a balance from another card, though.
The Savor’s upgraded, unlimited cash back opportunities also make it a solid competitor to the Blue Cash Preferred® Card from American Express if you’re pursuing a credit card for groceries and streaming rewards. Just keep in mind that Capital One’s list of eligible music and video streaming services might be more limited than the Blue Cash Preferred’s and other cards’ lists. You’re rewarded for staples like Netflix, Hulu and Disney Plus, but popular choices, such as Prime Video, and audiobook services, like Audible or Kindle Unlimited, don’t earn 4 percent cash back.
|Card||Rewards rate||Annual fee||Welcome bonus|
|Chase Freedom Unlimited®||
|Citi® Double Cash Card||
|Blue Cash Preferred® Card from American Express||
||$95 ($0 intro annual fee for the first year)||
Best cards to pair the Capital One Savor Cash Rewards Credit Card with
The Capital One Savor card offers a high rewards rate on entertainment and dining, but not travel. If you’re a frequent flyer, you may want to pair it with a travel rewards card like the Delta SkyMiles® Platinum American Express Card. It gives you 3X miles per dollar on purchases made directly with Delta and directly with hotels, 2X miles per dollar at restaurants and U.S. supermarkets and 1X mile per dollar on everything else.
Another drawback of the Capital One Savor card is that it doesn’t have an interest-free period on purchases or balance transfers. To save on interest, consider pairing it with the Citi® Diamond Preferred® Card, which has a 0 percent intro APR on purchases for 12 months and balance transfers for 21 months (then a 13.74 percent to 23.74 percent variable APR applies).
Bankrate’s Take: Is the Capital One Savor Cash Rewards Credit Card worth it?
If you dine out or watch movies in theaters or at home frequently, the Capital One Savor card may be worth it for you. It offers a high rewards rate of 4 percent on entertainment, dining and select popular streaming services. To make up for the $95 annual fee, you’ll only need to spend $2,400 per year.
But if you don’t eat out often, you’ll have a harder time recouping the annual fee. The new 3 percent cash back rate at grocery stores definitely helps, but it may be better to consider other cash back credit cards with no annual fee or categories that better suit your spending.
All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.