Capital One SavorOne Credit Card Review

Cash back credit cards that offer substantial rewards, generous sign-on bonuses, and simple rewards redemption opportunities are front and center in the personal finance market.

While there are plenty of cards that focus on groceries and essentials, shoppers who spend a lot in the entertainment category tend to not have a lucrative way to generate rewards for their spending.

Until Capital One debuted the SavorOne Cash Rewards Credit Card, which offers unlimited 3% cash back on dining and entertainment, 2% on groceries, and 1% on all other purchases.

Not only does the Capital One SavorOne Cash Rewards offer a lucrative rewards system for consumers who enjoy dining and entertainment, but new cardholders also receive a $200 sign-on bonus with a $0 annual fee.

Read on to see if the Capital One SavorOne Cash Rewards card is a good fit for you.

Capital One SavorOne Cash Rewards Credit Card Pros and Cons

Pros:

• Excellent $200 sign-on bonus for relatively low spending threshold.
• Powerful rewards potential for $0 annual fee.
• No foreign transaction fees make this an accessible traveling card.

Cons:

• Lack of introductory balance transfer APR makes this card not ideal for large balance transfers.
• Cash back categories can be limiting if you don’t spend a lot on dining and entertainment.

What Is the Capital One SavorOne Cash Rewards Credit Card?

The Capital One SavorOne Cash Rewards Credit Card is Capital One’s foray into the specialized cash back card with a $0 annual fee category.

While the market for these cards bounces between rewards for essentials like groceries and online shopping, the Capital

One SavorOne Cash Rewards breathes new life by focusing on the consumer who prefers to eat out, go to the movies, and entertaining.

Furthermore, cardholders can be confident if they want to save their points because they do not expire as long as the account remains open.

Capital One SavorOne Cash Rewards Details:

• Annual fee: $0
• Balance Transfer Fee: 3% of the transferred amount for promotional APRs; None for balances transferred at the Transfer APR.
• Foreign Transaction Fee: There is no foreign transaction fee for the Capital One SavorOne Cash Rewards.
• Cash Advance: Either $10 or 3% of the cash advance amount – whichever is greater.
• Regular APR: 15.49%, 21.49%, or 25.49% depending on creditworthiness.
• Purchase Intro APR: 0% introductory APR for the first 15 months of the account’s life.

Capital One SavorOne Cash Rewards

Whether you want to earn rewards on takeout, restaurants, theater performances, movies, or sporting events, the Capital One SavorOne Cash Rewards delivers.

Cardholders receive:

• Unlimited 3% cash back on all dining and entertainment purchases (collegiate events excluded).
• Unlimited 2% cash back on all grocery and supermarket purchases (superstores such as Walmart® and Target® excluded).
• Unlimited 1% cash back on all other purchases.

Since there are no limits to how much cash back you can earn on the Capital One SavorOne Cash Rewards, it is easy to take advantage of the 3% categories since the dining and entertainment categories are broadly defined.

Dining includes restaurants, smaller cafes, lounges, fast-food locations, bakeries, and bars. Entertainment includes ticket purchases from sports promoters, amusement parks, record stores, and much more.

Finally, all grocery store shopping earns 2% cash back except at superstores, so keep that in mind if you want to maximize your rewards.

Capital One SavorOne Cash Rewards Card Features & Benefits

The Capital One SavorOne Cash Rewards is packed with additional features that protect and amplify cardholders’ lifestyles along with a generous reward earning structure.

This card provides an immense value with a $0 annual fee, from a solid sign-up bonus to huge shopping discounts.

Decent Sign-Up Bonus

Lucrative sign-up bonuses are par for the course when it comes to incentives for new cardholders. The specialized rewards cards with a $0 annual fee category are incredibly competitive with their bonuses because there are so many potential customers in the market.

The Capital One SavorOne Cash Rewards offers a $200 cash bonus after spending the first $500 on the card within 90 days of opening the account.

Compared to other cards, this is a generous bonus since it only requires $167 in monthly spending. Comparable cards with similar bonuses often need over $1,000 in initial expenditures to achieve the same rewards.

Although some cards have higher bonuses if you are willing to spend more, the Capital One SavorOne Cash Rewards bonus is nothing to ignore.

No Annual Fee

Financially savvy customers seeking to maximize their return on spending and minimize extra expenses will love the Capital One SavorOne Cash Rewards because it offers all its value with a $0 annual fee.

Not only do they receive the $200 sign-on bonus without an annual fee, but they also have the potential to earn unlimited 3% cash back on dining and entertainment purchases.

Rewards Are Easy to Earn

Some credit cards make it difficult to earn a lot of cash back by imposing limits on how much the card can generate with spending caps or maximums.

This is not the case with the Capital One SavorOne Cash Rewards; in fact, cardholders can earn unlimited cash back. This even applies to the 3% dining and entertainment categories, which is an incredible value for a card with no annual fee.

Since Capital One defines dining and entertainment very broadly, cardholders can easily earn 3% on a wide variety of purchases, including coffee shops, bars, aquariums, theater performances, and more.

The same logic applies to the 2% cash back on grocery and supermarket purchases. Cardholders can earn an unlimited 2% back on all their grocery spending, with the notable exception of superstores such as Walmart® and Target®; otherwise, it is very easy to maximize this benefit and earn the 2%.

No Foreign Transaction Fee

The Capital One SavorOne Cash Rewards does not charge any foreign transaction fees, making it a suitable option for international travelers.

Coupled with its travel assistance services, the Capital One SavorOne Cash Rewards can save travelers some serious cash abroad.

24/7 Travel Assistance Services

The Capital One SavorOne Cash Rewards offers both travel accident insurance and 24-hour travel assistance services.

If you pay for a trip with your Capital One SavorOne Cash Rewards, you will receive free travel coverage for covered losses, which can include lost baggage, emergency evacuation, or trip delay expenses.

On the chance your card is lost or stolen, Capital One will send you an emergency replacement and a cash advance to cover expenses.

Rewards Do Not Expire

If you want to save your cash back rewards for large purchases or offset the cost of a trip, you can do so with confidence because rewards do not expire during the life of the account.

Robust Security

Capital One is famous for its enhanced security features, and the Capital One Savor One Cash Rewards offers security alerts, $0 fraud liability, digital card lock, and more.

Capital One Shopping and Extended Warranties

As we all know, online shopping is immensely popular, but it can be expensive if you aren’t careful. Capital One alleviates some of the expense of shopping on the web with a tool called Capital One Shopping which cardholders can add to their internet browser as an extension.

Capital One Shopping will automatically apply any available discount codes to your cart at checkout, and if there are multiple codes available, it will choose the one with the most significant savings. This can be a great way to save money while enjoying your online shopping.

Eligible items purchased with the Capital One SavorOne Cash Rewards also receive extended warranties at no charge.

Promotional 0% APR Offer

New cardholders are eligible for 15 months of 0% introductory APR; after that, the rate will fall between 15.49%-25.49%.

How Do I Redeem Capital One SavorOne Cash Rewards?

Redeeming rewards with the Capital One SavorOne Cash Rewards is flexible and easy. Cardholders can redeem any amount of accrued rewards for statement credits, gift cards, Amazon purchases, or through PayPal.

How Does the Capital One SavorOne Cash Rewards Card Compare to Other Credit Cards? (Alternatives)

If you like the idea of a robust cash back credit card, but you are not sure if you can maximize the categories offered by the SavorOne, check out these alternatives:

#1. Capital One SavorOne Cash Rewards Credit Card vs Citi® Double Cash Card

The Capital One SavorOne Cash Rewards offers excellent value on dining and entertainment, decent value at grocery stores, and 1% on everything else.

However, if you are not committed to one spending category and want to earn consistent rewards across the board, the Citi® Double Cash Card may be a worthy alternative.

The Citi® Double Cash Card offers unlimited 2% cash back on all purchases. Cardholders earn 1% when they make a purchase and another 1% when they pay their balance.

#2. Capital One SavorOne Cash Rewards Credit Card vs Savor® Rewards from Capital One®

While the Capital One SavorOne Cash Rewards is a powerful card, its older sibling, Savor® Rewards from Capital One®, offers 4% on dining and entertainment, 2% on groceries, and 1% on all other purchases.

The Savor® Rewards from Capital One® also offers a $300 bonus instead of the $200 on the Capital One SavorOne Cash Rewards.

However, the Savor® Rewards from Capital One® comes with a $95 annual fee which can offset the additional rewards it can earn.

Since the rewards structure is similar, spending habits should be the deciding factor. If you spend a lot on dining and entertainment, the Savor® Rewards from Capital One® may make sense, even with its fee.

However, if you want powerful rewards without an annual fee, the Capital One SavorOne Cash Rewards is an excellent choice.

#3. Discover it® cash Back vs Capital One SavorOne Cash Rewards Card

If you are in the market for a robust cash back card but don’t spend too much on dining and entertainment, the Discover it® Cash Back is worth considering in lieu of the Capital One SavorOne Cash Rewards.

The Discover it® Cash Back offers 5% bonus cash back on broad, rotating categories, which include online shopping at Amazon, grocery stores, gas stations, restaurants, and more.

The Discover it® Cash Back also offers a generous bonus by doubling the cash back you earn in your first year, which means if you earned $200, they would give you another $200, bringing your total cash back to $400.

Since the Discover it® Cash Back doesn’t charge an annual fee and may offer more flexibility to general spenders, it is certainly worth considering.

Frequently Asked Questions

Is the Capital One SavorOne Cash Rewards a Good Credit Card?

With unlimited cash back potential, a lucrative sign-on bonus, and a slew of other benefits, the Capital One SavorOne Cash Rewards is a great credit card if it matches your spending habits.

However, most consumers can still find a lot of value with this card since the 3% dining, and entertainment categories are broadly defined.

What Kind of Card is Capital One SavorOne Cash Rewards?

The Capital One SavorOne Cash Rewards is a Mastercard.

Is Capital One SavorOne Cash Rewards Card Metal?

The Capital One SavorOne Cash Rewards card is not made of metal, but its beefier sibling, the Savor® Rewards from Capital One®, is.

What Credit Score Do I Need to Qualify for the Capital One SavorOne Credit Card?

Since the Capital One SavorOne Cash Rewards is such a rewarding credit card, applicants should have a good to excellent (690-850) credit score when applying for this card. The higher score, the better because this card has a maximum interest rate of 25.49%, which is relatively high if you plan on carrying a balance.

Bottom Line: Capital One SavorOne Cash Rewards Review

With the potential for unlimited 3% cash back on dining and entertainment, 2% on groceries, and 1% on all other purchases, the Capital One SavorOne Cash Rewards is a powerful contender and an excellent choice for consumers who can maximize the bonus categories.

The $200 sign-on bonus, travel benefits, and absence of a foreign transaction fee sweeten the deal and make this an excellent card near the top of its market in the $0 annual fee cash back credit card category.

Other Noteworthy Credit Cards:

• Chase Sapphire Preferred®
• Platinum Card® from American Express
• Costco Anywhere Visa® Card by Citi