Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card
  • On Capital One's Secure Website
Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card
  • On Capital One's Secure Website

Capital One SavorOne Cash Rewards Credit Card Review: Should You Apply?

Capital One SavorOne Cash Rewards Credit Card Review: Should You Apply?

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Editor's Rating

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  • On Capital One's Secure Website

Editor's Rating

?

  • On Capital One's Secure Website

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The Capital One SavorOne Cash Rewards Credit Card is an entertainment and dining focused rewards card that offers some favorable perks — for the right customer — and some so-so ones. It offers 3% Cash Back on dining; 3% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Those cashback rewards are unlimited, and they don’t expire as long as you have an open account. There’s also a promotional APR of 0% intro on purchases for 15 months (then 15.49% - 25.49% (Variable)), as well as a small cash bonus to new customers.

Limited-time offer. Cardholders can continue to earn 3% cash back on streaming service subscriptions (through April 30, 2021).

Capital One SavorOne Cash Rewards Credit Card Review: Good for social people looking to save

Capital One SavorOne Cash Rewards Credit Card

  • On Capital One's Secure Website

$0

15.49% - 25.49% (Variable)

Excellent/Good

  • Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 15.49% - 25.49% variable APR after that
  • No foreign transaction fee
  • No annual fee

The Capital One SavorOne Cash Rewards Credit Card gives unlimited 3% Cash Back on dining; 3% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases and has a $0 annual fee. The Capital One SavorOne Cash Rewards Credit Card also comes with a promotional APR of 0% intro on purchases for 15 months. After that, you'll receive an APR of 15.49% - 25.49% (Variable). And you may be able to Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening. Keep in mind, however, that if you have had this card in the past, you will not qualify for the bonus.

Promotional 0% APR offer

This card does come with a promotional APR for new purchases, and it is comparable to other cashback cards. The Chase Freedom®, for example, offers 0% Intro APR on Purchases for 15 months on new purchases and 0% Intro APR on Balance Transfers for 15 months on balance transfers, then a 14.99% to 23.74% Variable and 14.99% to 23.74% Variable respectively. The Citi® Double Cash Card – 18 month BT offer, on the other hand, comes with an intro APR of 0% for 18 months on Balance Transfers, then 13.99% – 23.99% (Variable). So while this offer is considered a perk for the Capital One SavorOne Cash Rewards Credit Card, if you’re looking for an extended 0% interest-free deal, there are better offers out there.

And remember that this intro 0% APR offer only applies to new purchases, not balance transfers. So if you’re looking for a balance-transfer friendly card, it’s best to look elsewhere since this would cost you $0, plus the usual interest if you don’t pay it off before your next bill.

Solid cash bonus for new cardholders

While other cards may require $1,000 in purchases to earn the same bonus that this card offers ($150), the Capital One SavorOne Cash Rewards Credit Card only requires a lower spend for it's welcome bonus in the time period: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening That makes it a much more accessible offer. So while the bonus itself isn’t exceptional, it’s worth noting that you’d only need to spend about $167 a month on that card to earn it.

Generous fee structure

Unlike some other credit cards, this one has $0 annual fee. The foreign transaction fee for purchases made outside of the U.S -- None. Those are both valuable assets to have in a card, particularly for those who travel a lot. There is however, a late fee, as is common for credit cards, which can be up to $40 (and for those who might be concerned, your rate wouldn’t be impacted by a late payment, those are solely determined by the market). So, it’s best to automate your payments, if possible, to avoid late payments.

Good cashback rewards for social butterflies

While some other cards may put a limit on the amount you can earn in cashback rewards, this one does not. The rewards on this card don’t expire as long as your account is open. And no matter what you use this card for, you’ll always earn at least 1% back on those purchases. While that can be lower than the cashback rewards you might see with some other cards that focus on more general purchases, it may be worth the trade if you spend a lot of money on dining and entertainment.

There are a few notable exceptions to the cashback rewards program, however, when it comes to what Capital One considers as non-qualifying entertainment purchases. Those are: "purchases made at golf courses, country clubs (including membership fees), collegiate sporting events categorized as "universities", charitable organizations that provide live entertainment, amusement park tickets purchased on third-party sites or on entertainment and resort packages categorized as "travel" or "hotel," according to Capital One.

Available to those with good credit

To qualify for this card, you have to have good to excellent credit. For Capital One, "excellent credit" means you’ve never declared bankruptcy or defaulted on a loan, and haven’t been more than 60 days late on any credit card, medical bill or loan in the last year. You should also have had a loan or credit card for at least three years with a credit limit above $5,000. Because of these potentially strict qualifications, it’s worth considering that even those whose credit qualifies may end up on the higher end of the APR scale after the promotional period ends. However, keep in mind that any consumer may qualify even with a fair/average score.

ValuePenguin's verdict: A solid entertainment-focused cashback card

For those who can qualify for this card and don’t plan on carrying a balance, the Capital One SavorOne Cash Rewards Credit Card provides some really good features that can help entertainment and dining spenders save a bit of money, to the tune of 3% on those qualifying purchase. The main draw here is that those rewards are unlimited and do not expire, as long as the account is open. That, paired with the general lack of fees, excluding a late fee, make the card a great option for those who already charge a lot of those types of expenses and want to start getting rewarded for their purchasing habits.

However, the cash bonus and 0% promotional APR offers seem to be there more for show, and are generally not as competitive with other cashback cards. So you’ll have to weigh those against your needs and desires for a cashback card to make sure you’re getting the best bang for your buck.

Alternatives to the Capital One SavorOne Cash Rewards Credit Card

While the Capital One SavorOne Cash Rewards Credit Card provides some notable perks for those who spend a lot on dining and entertainment, the limited introductory APR and cash bonus may give you pause. And if you aren’t sure if the rewards system is best suited to your spending habits, you may wish to look elsewhere to make sure you’re getting the most rewards. Here are a few other cards you may wish to consider:

Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website

For those whose spending habits may fluctuate a bit more from month to month, the Citi® Double Cash Card – 18 month BT offer could provide a good alternative. It lets you Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. That’s double what you would get with the Capital One® Savor® Cash Rewards Credit Card on purchases outside of the bonus categories. And you’d still have no limits on how much you could earn and have a $0 annual fee. As noted above, the introductory 0% APR is longer too (N/A), after which the APR goes to 13.99% – 23.99% (Variable). So this will be a better card if you’re looking to transfer existing credit card debt while still earning rewards on new purchases.

Capital One VentureOne Rewards Credit Card

  • On Capital One's Secure Website

The annual-fee free Capital One VentureOne Rewards Credit Card is tailored to those who want to get rewards back in the form of travel miles. It gives you 1.25 Miles per dollar on every purchase, every day. It also has a 0% intro on purchases for 12 months, after which the rate would increase to 15.49% - 25.49% (Variable), depending on your credit. So if you’re looking for a card with a more generous APR, this could be a good bet.

Capital One® Savor® Cash Rewards Credit Card

Compared to the Capital One SavorOne Cash Rewards Credit Card, the Capital One® Savor® Cash Rewards Credit Card card provides a more favorable cashback reward structure for those who spend a lot on dining and entertainment: Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. And, this is still unlimited.

The main trade-offs here are the higher spending requirement to earn the bonus (which is paired with a higher potential bonus of $300) as well as the annual fee of $95, which kicks in after the first year. It’s also worth noting that the base APR is slightly higher (15.49% - 25.49% (Variable)) than that of the Capital One SavorOne Cash Rewards Credit Card, but the APR cap is a bit lower, so you’ll have to weigh your options carefully if you’re stuck between these two cards.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

  • On Capital One's Secure Website