Capital One SavorOne Cash Rewards Credit Card review
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Capital One SavorOne Cash Rewards Overview
The Capital One SavorOne Cash Rewards credit card is the ultimate cash back card companion for the consummate host. It allows high cash back earnings on dining and entertainment, plus an inviting cash rewards offer for those who spend at least $500 within the first three months of opening the account. And starting May 18, 2021, in-home hosts also earn equal cash back on popular streaming services and grocery store purchases.
Low fees and a lengthy intro APR offer further sweeten the deal, but it’s worth noting that this Capital One credit card requires applicants to at least have a good credit score to apply for this card.
What are the pros and cons?
- Low travel rewards
- Relatively high ongoing regular APR
A deeper look into the current card offer
- 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; 5 percent cash back on hotel and rental car bookings through Capital One Travel; 8 percent cash back on purchases from Vivid Seats.
- 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: 15.24 percent to 25.24 percent (variable)
Current welcome bonus
You’ll get $200 in cash back after spending $500 on qualifying purchases within the first three months. While this is not a massive sign-up bonus, the spending threshold is low enough to make it easily accessible.
Cash back details
How you earn
Capital One upgraded the SavorOne card’s cash back categories so that it now earns 3 percent on all bonus category purchases (began on May 18, 2021), bumping up the grocery store rewards from 2 percent. Plus, your SavorOne can now earn unlimited 3 percent cash back on a variety of popular streaming services. But make sure you look through Capital One’s list of eligible streaming services beforehand since it excludes a few major services like Prime Video, as well as some popular audiobook and fitness programming subscriptions.
SavorOne’s recent update also added the same 8 percent cash back rate on ticket purchases made through Vivid Seats you’ll find on the Capital One Savor Cash Rewards Credit Card*.
Simply swiping the card for qualifying purchases will allow cardholders to earn unlimited cash back at the following rates:
- 8 percent cash back on Vivid Seats purchases
- 5 percent cash back on hotel and rental car bookings through Capital One Travel
- 3 percent on dining
- 3 percent on entertainment
- 3 percent at grocery stores (excluding large retailers such as Walmart and Target)
- 3 percent on popular streaming services
- 1 percent on all other purchases
How to redeem
Cash back can be claimed for any amount, at any time, for a statement credit, check or gift card. You’re also able to pay with your rewards at the checkout screen on PayPal (select “Pay with Points”) and Amazon.com (select “Shop with Points”), but you may be better off pocketing the cash back since there may be restrictions on what you can buy. For example, Amazon has a list of restricted items you can’t use rewards on, including digital music, Kindle eBooks, Prime Video titles and other digital downloads that small sums of cash back are perfect for.
Your rewards also don’t ever expire as long as your account remains open and in good standing.
Other cardholder perks
The Capital One SavorOne Cash Rewards credit card is a great option for that empty slot in your wallet because of its many benefits.
Cardholders who travel outside of the United States don’t have to worry about foreign transaction fees, making this card a great travel companion. Additionally, there is a 24-hour travel assistance service that delivers an emergency replacement card. Cardholders also qualify for travel accident insurance when they use their credit card to purchase their tickets.
Cardholders can find extra discounts on online shopping through the Capital One Shopping portal.
Rates and fees
The Capital One SavorOne Cash Rewards card is pretty low on fees, considering that there is no annual fee.
Still, customers can expect to pay a 3 percent balance transfer fee and cash advance fees of 3 percent or $10, whichever is greater. A late payment fee of up to $40 is also levied when cardholders pay after the agreed due date.
The SavorOne comes with a generous period for saving interest on new purchases too: You’ll get a 0 percent intro APR for the first 15 months of account opening (15.24 percent to 25.24 percent variable APR thereafter).
How the Capital One SavorOne compares to other cash back cards
The Capital One SavorOne Cash Rewards card slots in nicely between two industry heavyweights: the Citi® Double Cash Card and the Chase Freedom Unlimited®. While there are some standard items across the board for all three, such as the $0 annual fee and great rewards, there are also some areas where each card excels.
Capital One SavorOne Cash Rewards vs. Citi Double Cash
The Citi Double Cash Card offers a 0 percent intro APR period for 18 months on balance transfers (there is an intro balance transfer fee on transfers completed in the first four months of $5 or 3 percent, whichever is greater; after that, the balance transfer fee is 5 percent or $5, whichever is greater), followed by a variable APR of 14.74 percent to 24.74 percent. However, it has no introductory APR for purchases.
The card also gives you 1 percent cash back on purchases and 1 percent cash back when you pay for the purchases, so this flat earning rate might appeal more to those who don’t spend heavily in the SavorOne’s bonus categories.
Capital One SavorOne Cash Rewards vs. Chase Freedom Unlimited
The Chase Freedom Unlimited has a great welcome offer and rewards rates. The card comes with 3 percent cash back on dining at restaurants but combines that with great rates on travel (5 percent back via Chase Ultimate Rewards) and drugstore purchases (3 percent back) rather than entertainment. Plus, you’ll earn 1.5 percent cash back on general purchases instead of the standard 1 percent. However, if you spend more than $264 across dining, entertainment, or streaming services per month, you might want to consider upgrading to the Capital One Savor Cash Rewards card since you’ll easily offset the $95 annual fee with its stronger cash back rates.
Best cards to pair with the Capital One SavorOne
While dining and entertainment are two of the biggest cash back earners on the SavorOne, these are not the biggest credit expenditures for everyone.
If you want to stick with the issuer, Capital One has some other great credit cards in its product range. For those who have to travel a lot, the Capital One Venture Rewards Credit Card is a great option if you want to earn miles. The annual fee is only $95, which is standard in the travel card category. The Venture card has a very inviting welcome offer, and cardholders earn unlimited 2X miles on all purchases.
Bankrate’s Take: Is the Capital One SavorOne worth it?
The Capital One SavorOne Cash Rewards credit card is one of the best cash back cards on the market, especially for foodies. The sheer variety of the card’s bonus cash back categories is perhaps most impressive, allowing you to earn cash back at a generous rate on a wide variety of purchases, all while paying no annual fee and enjoying a generous introductory offer on new purchases.
*All information about the Capital One Savor Cash Rewards Credit Card and Amazon Prime Rewards Visa Signature Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.