Capital One SavorOne Cash Rewards Credit Card review
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 can also earn equal cash back on popular streaming services and grocery store purchases.
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What are the advantages and disadvantages?
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; 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: N/A
- Regular APR: 15.49 percent to 25.49 percent variable
Capital One SavorOne 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
Earning cash back
Capital One recently upgraded the SavorOne card’s cash back categories so that it now earns 3 percent on all bonus category purchases beginning May 18, 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* (until January 2023).
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 (until January 2023)
- 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
Redeeming cash back
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.
Capital One SavorOne: Benefits
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 $0 fee if transferring at the balance transfer APR 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 (15.49 percent to 25.49 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.
For instance, the Citi Double Cash Card offers a 0 percent intro APR period for 18 months on balance transfers (not including the balance transfer fee of $5 or 3 percent, whichever is greater), followed by a variable APR of 13.99 percent to 23.99 percent. However, it has no introductory APR for purchases. It also gives you 1 percent cash back on purchases and 1 percent cash back when you pay for the purchases. This flat earning rate might appeal more to those who don’t spend heavily in the SavorOne’s bonus categories.
Alternatively, the Chase Freedom Unlimited has a welcome offer of $200 (after $500 spend in first three months). The card comes with the same 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.
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.
|Card name||Rewards rate||Annual fee||Sign-up bonus|
|Citi® Double Cash Card||
|Chase Freedom Unlimited®||
|Capital One Savor Cash Rewards Credit Card||
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.
|This review is verified by Bankrate credit card expert Nouri Zarrugh, a real SavorOne cardholder.|
As a credit card expert with first-hand experience with the Capital One SavorOne, Nouri can pull back the curtain and answer a few of the most commonly asked questions that come up about the card:
Is the Capital One SavorOne a Visa or Mastercard?
The SavorOne is a Mastercard, so it should be accepted almost anywhere credit cards are accepted. As a Mastercard, the SavorOne also comes with some decent perks like extended warranty and price protection.
Capital One Savor vs. SavorOne—Is the annual fee worth it?
It really depends on how much you spend on dining, entertainment and streaming services, but unless you spend a ton in these categories, you’ll probably be better off with the SavorOne.
Here’s a quick example to keep things simple: If you only spent $200 per month on the Capital One Savor in these three categories each year, your cash back earnings ($96) would barely cover the Capital One Savor card’s annual fee, leaving you up just $1 overall. That same spend with the SavorOne would earn you $72 in cash back with no annual fee to worry about.
Personally, I’ve stuck with the SavorOne over the Savor since it offers one of the best rewards rates out there on dining and I don’t have to stress about covering the cost. I can just use it when I eat out and let my cash back balance grow over time.
Does the Capital One SavorOne earn cash back at all grocery stores?
The SavorOne earns cash back at nearly all major grocery stores — places like H-E-B, Kroger, Albertsons, Harris-Teeter, Publix and more — but it won’t earn more than 1 percent back at superstores like Walmart and Target or wholesale clubs like BJs and Sam’s Club, as these are typically not counted as traditional grocery stores by Mastercard.
Ultimately, the amount of cash back you earn depends on how the issuer assigns merchant category codes (MCCs). Mastercard offers a quick reference guide on MCCs, but to see exactly how an individual store codes, you may want to make a small purchase and see how it appears in your Capital One account.
Is the Capital One SavorOne card metal?
No, the SavorOne is not a metal card, just a run-of-the-mill plastic card. If you’re interested in a metal card that earns rewards on dining but don’t want to pay an annual fee for the Savor card, the Amazon Prime Rewards Visa Signature Card is one good option — it gets you 2 percent back at restaurants with no annual fee ($119 Amazon Prime subscription required). You’ll also get 5 percent back on Amazon, Amazon Fresh and Whole Foods purchases (Amazon Prime membership required).
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.