Capital One SavorOne Cash Rewards Credit Card review: A social butterfly’s dream card
Foodies and fun lovers, rejoice!
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Capital One SavorOne Cash Rewards Overview
The Capital One SavorOne Cash Rewards credit card may be the ultimate no-annual-fee cash back card for foodies, social explorers and streaming fans alike. It offers a high cash back rate on dining and entertainment, popular streaming services and grocery store purchases, making it one of the most versatile everyday cash back cards on the market.
That said, the SavorOne doesn’t offer the highest rate out there in any of its bonus categories. While this card’s category coverage is impressive, another card may be a better fit if you spend heavily in a specific category like groceries. You’ll also need at least a good credit score (a FICO score of 670 or more) for a chance at approval.
What are the pros and cons?
- The barrier to entry for this card is a bit high, as it’s recommended you have at least good credit.
- If your spending falls outside of these tiered rewards categories, you may not reap the most benefits from this card.
- You must book through Capital One Travel to get the boosted rewards on hotel and rental car bookings.
A deeper look into the current card offer
- Rewards rate: 3 percent cash back 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 (3% fee on the amounts transferred within the first 15 months)
- Regular APR: 16.49 percent to 26.49 percent (variable)
Current welcome offer
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.
For a credit card with no annual fee, the SavorOne offers competitive cash back rates, especially on dining and entertainment purchases. Although there are cards with higher rates, the SavorOne covers several categories with solid rates that just about any cardholder could find value in.
How to earn
The SavorOne earns 3 percent cash back in several key everyday categories, including dining, entertainment, grocery store purchases (excluding Walmart and Target) and popular streaming services.
These categories cover many of the average person’s biggest expenses, making the card a great option for earning everyday cash back. However, keep in mind that superstore and wholesale club purchases will only earn 1 percent back. The card’s list of eligible streaming services also excludes a few major services like Prime Video, as well as some popular audiobook and fitness programming subscriptions.
The SavorOne also earns 8 percent cash back rate on ticket purchases made through Vivid Seats, 5 percent back on hotel and rental car bookings made through Capital One Travel and 1 percent on all other purchases. While 8 percent with Vivid Seats is an incredible cash back rate, you should expect the majority of your rewards to come from your regular expenses, like groceries and dining.
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 a few key benefits. Although some of the best benefits available on credit cards come on cards that have annual fees, the Capital One SavorOne carries a few that make this an all around great card to hold, especially if you’re a first time cardholder or just looking to get started with rewards.
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 there is no annual fee or foreign transaction fees.
Still, customers can expect to pay a cash advance fee of 3 percent or $10, whichever is greater and a late payment fee of up to $40 is also levied when cardholders pay after their due date.
The SavorOne comes with generous, introductory periods for saving on interest: You’ll get a 0 percent intro APR for the first 15 months of account opening (then 16.49 percent to 26.49 percent, variable) on both balance transfers and new purchases. You’ll have to pay a 3% balance transfer fee on amounts transferred within the first 15 months, but this is pretty standard even on cards for balance transfers.
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 some areas where each card excels over its competitors and others where it may fall short.
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 16.24 percent to 26.24 percent. However, unlike the SavorOne, it has no introductory APR for purchases, which could be considered an oversight on a card catered to earning cash back or rewards.
The card also gives you up to 2 percent cash back on all purchases — 1 percent back when you make purchases and 1 percent cash back when you pay off those purchases. This flat earning rate might be a better fit if you don’t spend heavily in the SavorOne’s bonus categories. The Double Cash card also comes with a new welcome offer of $200 cash back after you spend $1,500 on purchases in your first six months. This offer gives the card short-term value compared to the SavorOne card’s, but its spending requirement is three times higher.
Capital One SavorOne Cash Rewards vs. Chase Freedom Unlimited
The Chase Freedom Unlimited earns 5 percent back via Chase Ultimate Rewards, 3 percent cash back on dining and 3 percent back for drugstore purchases. Plus, you’ll earn 1.5 percent cash back on general purchases, beating the 1 percent offered with the SavorOne.
If most of your spending falls outside of the typical credit card bonus categories, the Freedom Unlimited carries more cash back potential than the SavorOne thanks to its base 1.5 percent cash back rate. However, if you typically eat at home, the SavorOne can be the better choice thanks to its 3 percent back for grocery store purchases. The SavorOne card’s cash back rates for streaming services and entertainment may also be more lucrative for the average person than the Freedom Unlimited card’s cash back rate on drugstore purchases.
Best cards to pair with the Capital One SavorOne
While groceries, dining and entertainment are three of the biggest cash back earners on the SavorOne card, 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. For people who want to cast a wider net on what purchases earn rewards, a solid flat-rate rewards card like the Wells Fargo Active Cash® Card may fit the bill, earning unlimited 2 percent cash rewards on 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 allows you to earn cash back at a generous rate on plenty 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.