Capital One SavorOne Cash Rewards Credit Card Review
Food lovers and experience seekers appreciate the Capital One SavorOne Cash Rewards credit card for its unlimited cash back opportunities on dining, entertainment, grocery shopping, and everyday purchases. Capital One is also a reputable card issuer, with four out of five stars for the online credit card experience in J.D. Power's online credit card satisfaction study.
While you dont have to worry about annual card fees, Capital One does recommend that you have excellent credit when applying. Those with limited credit histories or late payments on credit cards, medical bills, or loans within the last year may have better chances with other cards like the Discover it Cash Back, our choice for "Best First Credit Card."
Capital One SavorOne Cash Rewards Credit Card Overview
- Card Type: Cash back
- Rewards Rate: 3% on dining and entertainment, 2% on groceries, 1% on all other purchases
- Sign-Up Bonus: $150 cash bonus after spending $500 in the first three months
- Annual Fee: $0
- APR: 15.49% to 25.49% variable APR
- Intro APR: 0% APR for 15 months on purchases and balance transfers
- Recommended Credit Score: Excellent
- Additional Rates & Fees:
- Balance Transfer Fee: 3% in the first 15 months. Afterward, none for transfers at the purchase APR
- Foreign Transaction Fee: N/A
- OpenTable premium access
- Use rewards on Amazon.com
- 3% cash back on dining and entertainment
- Wikibuy shopping tool
- Paribus app for savings on prior purchase
Foodies who love to dine out and those who would like premium access to hard-to-get reservations at some of the top restaurants in town
People with less-than-excellent credit
All information accurate as of February 4, 2020.
No foreign transaction fees or annual fees
If you like to travel frequently, the Capital One SavorOne card is an excellent companion. Not only are there no foreign transaction fees so youll never have to pay more for purchasing outside the country but there are no annual fees either. You get to keep more of your cash back on purchases and avoid pesky international currency exchange fees while traveling abroad.
High cash back on dining and entertainment
If you love to wine and dine and have some fun, the Capital One SavorOne card rewards you for being you. SavorOne gives unlimited 3% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases. With a name like Savor, dining and entertainment are front-and-center rewards, and Capital One makes it easy to earn them by requiring nothing more than swiping your card.
Requires excellent credit
Capital One labels its SavorOne card as being for people with excellent credit. As per Capital Ones guidelines listed on the cards page, users should have no bankruptcies or loan defaults and shouldnt have been more than 60 days late with a credit card, medical bill, or loan payment. However, you can still apply even if you dont meet the criteria, as your application and credit history are also considered during the approval process.
Capital One SavorOne Cash Rewards Credit Card Compared to Costco Anywhere Visa Card by Citi
Costcos company-branded card, the Costco Anywhere Visa Card by Citi, is a worthy rival because it too offers unlimited 3% cash back at restaurants. But with the Costco Anywhere Visa card, you also get a chance to earn 3% cash back on travel, 4% on eligible gas spending, 2% on Costco purchases, and 1% on all other items. If you do most of your grocery shopping at Costco, youll come out ahead with a Costco Anywhere Visa card, since youre awarded 2% cash back versus Capital Ones 1%.
The drawback is that Costcos cash back rewards are only redeemable for cash or merchandise at a Costco, and it only sends out your reward certificate once a year, in February. While neither credit card has an annual fee, Costcos credit card does require an active Costco membership starting at $60 per year. If you already have a Costco membership card, this requirement wont make a difference for you. As a bonus, your new Costco Anywhere Visa card can also serve as your Costco ID.
How to Earn Cash Back
Earning cash back with your Capital One SavorOne Cash Rewards credit card is just a matter of using it to pay for your purchase and watching the dollars rack up in your account. For the biggest returns, youll want to make sure to use your SavorOne card for restaurant and entertainment purchases.
Movies theaters, record stores, tourist attractions, amusement parks, aquariums, and zoos all count as entertainment giving you 3% cash back in those categories. Groceries also have decent returns of 2% cash back, and all other purchases are 1%. If you love to shop at places like Costco or Target, though, know youll only get 1% cash back at warehouse clubs, discount stores, convenience stores, and superstores.
How to Redeem Cash Back
You can see all of your redemption options from your main dashboard, under your SavorOne account. Underneath the account is a clickable reward value that takes you to the My Rewards page. There youll find all your redemption options, including a statement credit or physical check, gift cards, charity donations, and more. You can also set up your account for automatic redemption at a set time each year or when you reach a set threshold for your cash back reward ($25, $50, $100, $200, $500, or $1,500).
If you choose an account credit to redeem your cash back, you can use it to pay for your current statement or apply it to past purchases. For gift cards, youll have a choice of restaurants, retailers, online stores, and more. Youll need at least $10 cash back rewards to redeem a gift card, and some cards have a $25 minimum.
The Bottom Line
If you love to dine out, the Capital One SavorOne Cash Rewards credit card was created with you in mind. It offers an excellent 3% cash back reward on all dining and entertainment purchases and still nets you 2% at grocery stores and 1% on all other purchases. While the dining and entertainment categories are pretty all-inclusive, keep in mind that your favorite warehouse clubs and superstores like BJs and Walmart only earn 1% cash back.