Capital One SavorOne Cash Rewards Credit Card Review 2024
Unlocking the Power of Cash Back with Capital One SavorOne Cash Rewards Credit Card
Overview of Capital One SavorOne Cash Rewards Credit Card
Card Basics
Annual Fee: $0
Sign-up Bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.
Rewards Rate:
- 8% back on Capital One Entertainment purchases
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 3% back on dining, eligible streaming services, grocery stores, and entertainment
- 1% cash back on all other purchases
Intro APR: 0% intro APR for 15 months on purchases and balance transfers; balance transfer fee applies
Regular APR: 19.99%-29.99% Variable APR
Foreign Transaction Fees: None
Recommended Credit Score: 690-850 (Good – Excellent)
Detailed Review
Rewards and Benefits
The Capital One SavorOne Cash Rewards Credit Card is designed with food and entertainment lovers in mind. With no annual fee, this card offers significant cash-back opportunities in several key spending categories. Whether you’re dining out, ordering in, shopping for groceries, or enjoying your favorite streaming service, you can earn substantial rewards.
Rewards Breakdown
| Category | Cash Back Rate |
|---|---|
| Capital One Entertainment purchases | 8% |
| Hotels and rental cars through Capital One Travel | 5% |
| Dining, eligible streaming services, grocery stores, and entertainment | 3% |
| All other purchases | 1% |
The ability to earn 3% back on both dining and groceries sets this card apart from many competitors, which typically focus on one category over the other. Additionally, the 0% intro APR on purchases and balance transfers for 15 months can be a significant benefit for those looking to finance larger purchases or consolidate existing debt.
Pros and Cons
Pros
- No annual fee: Enjoy the card’s benefits without worrying about a yearly cost.
- Generous rewards categories: Earn cash back on dining, groceries, entertainment, and more.
- Intro APR period: 0% intro APR for 15 months on purchases and balance transfers.
- No foreign transaction fees: Ideal for international travel and spending.
- Sign-up bonus: Earn $200 after spending $500 in the first three months.
Cons
- Requires good/excellent credit: Applicants need a credit score of at least 690.
- Lower cash back rate on all other purchases: Only 1% cash back on purchases outside of the bonus categories.
Comparison with Other Cards
Capital One SavorOne vs. Capital One Savor
While the SavorOne offers no annual fee, the original Capital One Savor Cash Rewards Credit Card has a $95 annual fee but provides higher rewards rates in certain categories.
| Feature | Capital One SavorOne | Capital One Savor |
|---|---|---|
| Annual Fee | $0 | $95 |
| Sign-up Bonus | $200 after $500 spend in 3 months | $300 after $3,000 spend in 3 months |
| Dining, Streaming, Entertainment | 3% | 4% |
| Grocery Stores | 3% | 3% |
| Capital One Entertainment | 8% | 8% |
| Hotels and Rental Cars | 5% | 5% |
| All Other Purchases | 1% | 1% |
| Intro APR | 0% for 15 months | N/A |
| Regular APR | 19.99%-29.99% Variable APR | 19.99%-29.99% Variable APR |
The choice between these two cards depends on your spending habits and whether you can justify the annual fee with higher rewards.
Comparison with Other Cash-Back Cards
Let’s see how the Capital One SavorOne compares with other popular cash-back cards like the Chase Freedom Unlimited® and the Wells Fargo Active Cash® Card.
| Feature | Capital One SavorOne | Chase Freedom Unlimited® | Wells Fargo Active Cash® Card |
|---|---|---|---|
| Annual Fee | $0 | $0 | $0 |
| Sign-up Bonus | $200 after $500 spend in 3 months | $200 after $500 spend in 3 months | $200 after $1,000 spend in 3 months |
| Dining, Streaming, Entertainment | 3% | 3% on dining and drugstores | N/A |
| Grocery Stores | 3% | 3% on drugstores | N/A |
| Capital One Entertainment | 8% | N/A | N/A |
| Hotels and Rental Cars | 5% through Capital One Travel | 5% on travel purchased through Chase | N/A |
| All Other Purchases | 1% | 1.5% | 2% |
| Intro APR | 0% for 15 months | 0% for 15 months | 0% for 15 months |
| Regular APR | 19.99%-29.99% Variable APR | 20.49%-29.24% Variable APR | 20.24%-29.99% Variable APR |
The Wells Fargo Active Cash® Card offers a flat 2% cash back on all purchases, which can be more beneficial for those with varied spending. The Chase Freedom Unlimited® offers 1.5% cash back on all purchases and additional rewards for dining and travel, making it a versatile option.
Benefits and Perks
The Capital One SavorOne Cash Rewards Credit Card offers a range of benefits beyond its rewards structure:
- Broad Definitions: The card has broad definitions of dining and entertainment, including restaurants, fast-food places, coffee shops, cafes, bars, nightclubs, and more. Entertainment includes movie tickets, concert tickets, sporting events, and theme parks.
- No Caps on Rewards: Unlike some competitors, this card does not cap how much spending is eligible for its higher rewards rates.
- No Minimum Redemption: There’s no minimum amount required to redeem your cash back.
- Travel Perks: No foreign transaction fees make this card a good choice for travelers.
Drawbacks and Considerations
Bigger Spenders Can Earn More Elsewhere
If your annual spending on dining, streaming, and entertainment exceeds $9,500, the Capital One Savor Cash Rewards Credit Card with its $95 annual fee may offer better value, especially in the first year with its larger sign-up bonus.
Focus on Specific Spending Categories
For those who spend significantly on dining out, the U.S. Bank Altitude® Go Visa Signature® Card offers 4X points on dining purchases with no annual fee. For heavy grocery spenders, the Blue Cash Preferred® Card from American Express provides 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
Costco Shoppers
The Costco Anywhere Visa® Card by Citi provides unlimited 3% cash back at restaurants and on eligible travel purchases, making it an excellent choice for Costco members. However, it requires a Costco membership, which has its own annual fee.
Frequently Asked Questions (FAQ)
What is the Capital One SavorOne Cash Rewards Credit Card?
The Capital One SavorOne Cash Rewards Credit Card is a cash-back credit card that offers rewards on dining, groceries, entertainment, and more, without an annual fee.
What are the main benefits of the SavorOne card?
The main benefits include 3% cash back on dining, groceries, entertainment, and eligible streaming services, 8% back on Capital One Entertainment purchases, 5% back on hotels and rental cars through Capital One Travel, and 1% on all other purchases. It also offers a $200 sign-up bonus and a 0% intro APR for 15 months.
Are there any foreign transaction fees?
No, the SavorOne card does not charge foreign transaction fees, making it a good option for international travel.
What credit score is needed to qualify for the SavorOne card?
You typically need a credit score of at least 690, which is considered good to excellent credit.
How does the SavorOne card compare to the Capital One Savor card?
The main difference is the annual fee and rewards rate. The SavorOne has no annual fee and offers 3% back on dining, groceries, entertainment, and streaming, while the Savor has a $95 annual fee but offers 4% back in those categories.
Can I redeem my rewards for travel?
Yes, you can redeem your cash back for travel, as well as statement credits, checks, or gift cards.
Is there a minimum redemption amount?
No, there is no minimum amount required to redeem your rewards with the SavorOne card.
The Bottom Line
The Capital One SavorOne Cash Rewards Credit Card stands out as a top choice for foodies and entertainment enthusiasts who want to earn significant cash back without paying an annual fee. With broad definitions of dining and entertainment, generous rewards rates, and additional travel perks, this card offers substantial value. However, those with specific spending habits may find more rewarding options elsewhere, particularly if they are willing to pay an annual fee. Overall, the SavorOne card’s balance of rewards and no-fee structure makes it a compelling option for many consumers.
