Capital One SavorOne Cash Rewards Credit Card Review

Capital One® SavorOne® Credit Card Review

The Capital One® SavorOne® Credit Card offers you unlimited 5% Cash Back on hotels and rental cars booked through Capital One Travel. Earn 3% cash back on dining and entertainment, popular streaming services and at grocery stores and 1% on all other purchases. Its simple rewards system is ideal for people with excellent credit score who frequently spend in the previously mentioned categories. There is also an attractive sign-up bonus and 0% intro APR period on purchases and transfers for the first 15 months that your account is open (after that, your APR will be 19.99% - 29.99% Variable). When you take into account that you get so many perks for no annual fee, this is definitely a card that is worth considering.

Capital One® SavorOne® Cash Rewards: pros and cons

Rewards system in a nutshell

The main feature of the Capital One® SavorOne® Credit Card rewards system is the high rate of cash back in the dining out and entertainment categories. Additionally, you can earn some extra cash back in grocery stores. The rewards program has the following cash back rates:

• 3% cash back on dining, entertainment, popular streaming services and at grocery stores
• 1% on all other purchase categories

It is worth mentioning what exactly the card defines as “dining” and “entertainment”. Basically, it all boils down to the merchant classification code of the business where you make the purchase. The definition is fairly broad, so it doesn’t matter if you prefer take-outs from McDonald’s or enjoy dining at high-end restaurants you will earn a 3% cash back at most restaurants, cafes, bars, lounges, and bakeries.

Ticket purchases at cinemas, professional sporting events, theme parks, zoos, and other amusement attractions all qualify as entertainment purchases. While the grocery stores category includes many supermarkets and other food stores, it excludes Walmart® and Target®.

Note that things like food trucks, hotel restaurants, college sporting events, country clubs, and others don’t qualify for the higher rewards rate. Instead, the 1% rate will be applied.

There is no minimum redemption amount and no limit to the cash back amount you can redeem. Automatic redemptions are also an option here and they can be on a certain date every month or year, or at a threshold amount.

The rewards do not expire for the life of the account and the options to redeem them are the following:

• Redeem for cash – you can either apply your rewards as a statement credit or request a check.
• PayPal – link your card to your PayPal account and use your rewards to shop online.
• Shopping at Amazon – you can use your rewards to pay for your purchases on Amazon.com
• Gift cards – you can use your rewards to buy gift cards and their value will be in the amount of the rewards you used to buy it.

Finally, let’s not forget about the one-time bonus offer, $200 for new card members. The $500 spending condition is easily reachable within three months ($167 per month).

Who can benefit from getting the Capital One® SavorOne® Cash Rewards Credit Card?

It is clear by now that the people who will benefit from the Capital One® SavorOne® Credit Card the most are foodies and people who often dine out or order take-out.

This card is also suitable for people who are regular visitors to the movie theaters or enjoy other entertainment activities. The 3% rewards rate is also applied to record stores and video rentals for people who prefer old-style entertainment.

Moderate spenders, whose main categories are dining and entertainment, will be very satisfied with the SavorOne® Credit Card. While the big spenders might want to think about its sister card, the Savor® Credit Card. It offers a 4% rewards rate for an annual fee, which will be set off if yearly you spend more than $9,500 in those categories.

Last, but not least, those who are planning a big payment in the near future (within 15 months) can take advantage of the 0% intro APR (19.99% - 29.99% Variable after that).

Are there any other benefits?

Of course. Some of the extra benefits you get include:

• Complimentary 24/7 concierge service – you get assistance in dining, entertainment, and travel which you can use any time of the day and year.
• Capital One Shopping – handy tool for those who like to shop online, it automatically applies coupon codes for you, so you always get the best prices.
• Travel Accident Insurance – if you pay for your trip with the Capital One® SavorOne® Credit Card, you are insured for any accidents that happen during your travel.
• Access to premium experiences – this includes exclusive tickets for entertainment events and five-star meals.
• Extended warranty protection – additional warranty (at no extra charge) on some items you purchased with the card.
• $0 fraud liability – in case your card gets stolen, you won’t be held responsible for any charges that you didn’t authorize.

Conclusion

The bottom line is that the Capital One® SavorOne® Credit Card is a great card for those who like spending money on entertainment and dining, but are not sure whether their spending will justify an annual fee. Its rates in those two categories are hardly equaled by any other cash rewards credit card. Those who offer the same rewards usually come with a fee.

In case your spending is evenly distributed in many categories or you’d rather use one card for it, flat-rate cash back cards might be more suitable for you, as most of them offer a rate higher than 1% on all purchases. Or if you are an avid traveler, cards that earn you points and miles will be a better fit.

Overall, the Capital One® SavorOne® Credit Card is certainly one worth considering if you spend a lot of money on dining or take-out. Together with the cash back on entertainment too and the travel benefits it will enable you to live your best life without worrying about an annual fee.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply