The Capital One Savor Cash Rewards Credit Card is no longer taking new applications as of July 2024, although existing cardholders can still use the card.
Key takeaways
- The Capital One Savor Cash Rewards Credit Card and the Capital One SavorOne Cash Rewards Credit Card both offer rewards rates on dining, entertainment, hotels, car rentals and more, as well as welcome bonuses that depend on your spending.
- The Capital One Savor takes the edge for its higher welcome bonus and rewards that include cash back at grocery stores (excluding superstores like Walmart and Target), which can make the $95 annual fee well worth the cost.
- Yet the SavorOne is right on its tail, offering an intro APR on purchases and balance transfers you won’t find with the Capital One Savor — and with no annual fee to eat into your rewards.
If you’re looking for a rewards credit card that gives you more points on dining and entertainment, then either the Capital One Savor Cash Rewards Credit Card* or the Capital One SavorOne Cash Rewards Credit Card could be an ideal option. Both cards offer similar earning structures and allow you to redeem cash back in similar ways, but one offers a slightly less lucrative rewards structure in exchange for no annual fee.
Should you pay the $95 annual fee for the Capital One Savor in order to score a bigger welcome bonus and more points on your spending, or would you rather skip the fee and earn slightly less in cash back throughout the year? This card comparison should help you decide.
Main details
| Cards | Capital One Savor Cash Rewards Credit Card | Capital One SavorOne Cash Rewards Credit Card |
|---|---|---|
| Welcome bonus | Earn a $300 bonus after spending $3,000 within your first 3 months from account opening | Earn a $200 bonus after spending $500 within your first 3 months from account opening |
| Rewards rate |
|
|
| Intro APR | N/A | 0% intro APR on purchases and balance transfers for 15 months, followed by a variable APR of 19.99% to 29.99%; a 3% fee applies to balance transfers |
| Annual fee | $95 | $0 |
Capital One Savor vs. SavorOne highlights
It’s easy to see why the Capital One Savor or the Capital One SavorOne might make your list, but which one stands out more? We compare these two Capital One cards side by side in several important categories so that potential cardholders can see their differences for themselves.
Welcome bonus winner
-
The Capital One Savor is the clear winner in this category since you have the potential to earn a higher welcome bonus. With the Savor, you can earn a $300 bonus after spending $3,000 within the first three months from account opening. The SavorOne allows you to earn a $200 bonus — $100 less than the Savor — after spending $500 within three months.
Although you’ll need to meet a higher spending requirement of $3,000 on the Savor card, this bonus is worth pursuing if you can charge at least $1,000 per month in regular bills and purchases for three months in a row. If you don’t think you’ll be able to spend that much on the Savor, then you’d likely be better off with the SavorOne’s more attainable welcome bonus.
Rewards rate winner
-
Both the Capital One Savor and the SavorOne earn:
- 10 percent cash back on Uber and Uber Eats purchases (through November 14, 2024)
- 8 percent cash back on Capital One Entertainment purchases
- 5 percent cash back on hotels and rental cars booked through Capital One Travel
- 3 percent back at grocery stores (excluding superstores like Walmart and Target)
- 1 percent back on all other purchases
But the two cards differ in one key area: an additional 4 percent cash back category. The Capital One Savor allows you to earn 4 percent back on dining, entertainment and popular streaming services, instead of just 3 percent back on these purchases with the SavorOne. This means that the Savor comes out slightly ahead of the SavorOne when it comes to rewards rates.
-
The SavorOne wins in this category because it doesn’t charge an annual fee. In contrast, the Savor comes with a $95 annual fee.
Foreign transaction fee winner
-
Neither of these cash back cards charges a foreign transaction fee when making purchases outside of the United States or online with shops that involve a currency exchange. As a result, they tie in this category.
Intro APR offer winner
-
An introductory annual percentage rate (APR) offer can allow you to pay off a large purchase or pay down transferred debt over a set period of time without paying interest while you carry a balance. Since the Savor doesn’t include any introductory APR offers, the SavorOne comes out ahead in this category. The SavorOne offers a 0 percent intro APR on both purchases and balance transfers for 15 months, followed by a variable APR of 19.99 percent to 29.99 percent. All balance transfers completed within the first 15 months from account opening will come with a 3 percent balance transfer fee. After 15 months, that fee rises to 4 percent as part of a promotion that Capital One may offer you at any other time.
Which card earns the most?
To figure out which card will help you earn more rewards, first determine how much you spend on dining, entertainment and streaming services. If you spend a lot in these three categories every month, then paying the $95 annual fee on the Savor could easily put you ahead. If your spending is more balanced, or if you find that you spend a lot more on grocery store purchases, for example, then the SavorOne might be a better choice.
Capital One Savor vs. SavorOne spending example
Imagine for a moment that you dine out most days of the week, and you frequently spend money on purchases Capital One counts as entertainment. For example, entertainment purchases include:
- Movie tickets
- Theatrical promoters
- Sports promoters
- Amusement parks
- Tourist attractions
- Aquariums
- Zoos
- Dance halls
- Bowling alleys
- Pool halls
- Record stores
In any given month as a frequent spender, say you spend $1,000 on dining, entertainment and streaming services, $400 at grocery stores and $500 on all other spending with your credit card. Here’s what your cash back would look like:
| Spending category | Money spent monthly | Capital One Savor cash back earned | Capital One SavorOne cash back earned |
|---|---|---|---|
| Dining, entertainment & streaming services | $1,000 | $40 | $30 |
| Grocery store purchases | $400 | $12 | $12 |
| Miscellaneous | $500 | $5 | $5 |
| Total per month | $1,900 | $57 | $47 |
At the end of 12 months, you’ll have earned $684 in cash back with the Savor. In the meantime, the SavorOne would leave you with $564 in cash back rewards for this same spending.
When including the welcome bonuses you would earn with that spending, you’re looking at $984 in first-year cash back earned with the Savor and $764 in first-year cash back earned with the SavorOne. Even after paying the Savor’s $95 annual fee — which would drop your first-year Savor yield down to $889 — you would earn $125 more in cash back rewards with the Savor during your first year than with the SavorOne.
But what if you cooked at home more often than you ate out and didn’t make entertainment purchases as frequently? Here’s how your rewards might look:
| Spending category | Money spent monthly | Capital One Savor cash back earned | Capital One SavorOne cash back earned |
|---|---|---|---|
| Dining, entertainment & streaming services | $400 | $16 | $12 |
| Grocery store purchases | $1,000 | $30 | $30 |
| Miscellaneous | $500 | $5 | $5 |
| Total per month | $1,900 | $51 | $47 |
You’d earn $612 in cash back with the Savor after 12 months, and the same $564 in cash back with the SavorOne. Take away the $95 annual fee from the Savor’s earnings, and you’d get $517 in cash back, which is $47 less than the SavorOne.
These examples show that while you’ll likely earn more cash back with the Savor, you still have to consider whether your spending habits justify the annual fee. If you find that you’re not spending as much eating out or taking advantage of Capital One’s robust entertainment category, then you might be better off going with the no-annual-fee SavorOne card. If you find yourself eating out and spending more on entertainment than you do on groceries each month, then the Savor might be a better fit.
Why should you get the Capital One Savor?
If you spend quite a bit on dining, entertainment and streaming services each year, then paying the $95 annual fee could be well worth it. After all, you’d earn considerably more in rewards over time with your spending, which could make the annual fee a good investment. Here are additional factors to consider before you sign up:
Additional benefits
Capital One gives you access to the Capital One Entertainment portal, which provides exclusive tickets to concerts, sports games, comedy shows, plays and more. In addition to earning an unlimited 10 percent cash back on Uber and Uber Eats purchases, you’ll get a complimentary Uber One membership (through November 14, 2024).
You’ll also receive extended warranty coverage, travel accident insurance, 24-hour travel assistance services, complimentary concierge services and other basic cardholder benefits.
Redemption options
A true cash back credit card, the Savor lets you redeem cash back at any time and in any amount you want. You can redeem rewards for:
- Statement credits
- Checks
- Gift cards
- Purchases made on Amazon.com or PayPal
Plus, your rewards won’t expire for the life of the account.
Recommended credit score
Consumers usually need good to excellent credit to qualify for most rewards credit cards, which means having a FICO score of 670 or better. However, you may have a better chance for approval if your credit score is considered very good, or your score is 740 or higher.
That said, Capital One recommends that Savor applicants have excellent credit. According to Capital One’s Credit Level Guidelines, this means that applicants must never have declared bankruptcy, defaulted on a loan or paid a credit card bill, medical bill or loan more than 60 days late within the last year. Additionally, applicants should have a credit card or loan that’s at least three years old and has a credit limit above $5,000.
Why should you get the Capital One SavorOne?
The SavorOne doesn’t have an annual fee, so it’s worth considering if you’re adamant about not paying one. Plus, it offers a rewards structure that’s almost exactly the same as the Savor. Beyond its generous rewards, here are additional reasons to consider signing up for the SavorOne:
Additional benefits
The SavorOne offers almost all of the same benefits as the Savor. Like the Savor, this card gives you extended warranty coverage, travel accident insurance, 24-hour travel assistance services and more.
You can also get the same access to the Capital One Entertainment portal and the same complimentary Uber One membership through Nov. 14, 2024.
Redemption options
Like the Savor, you can redeem your SavorOne rewards for:
- Statement credits
- Checks
- Gift cards
- Purchases made on Amazon.com or via PayPal
Your rewards won’t expire as long as your account is open and in good standing.
Recommended credit score
Like the Capital One Savor, Capital One recommends that SavorOne applicants have excellent credit before applying for this card.
The bottom line
The card that’s best for you really depends on how much you spend on dining, entertainment and streaming services, along with whether or not you’re comfortable paying an annual fee. The Capital One Savor could easily leave you ahead if you spend a lot on these types of purchases and don’t mind paying $95 per year to earn more rewards, but the Capital One SavorOne is still a good option if you don’t want to pay an annual fee, since you’ll earn similar rates in several categories.
Either way, compare both of these cards to the best credit cards on the market today to find an ideal fit with your budget and spending habits. You may find other card options that let you rack up even more cash back in the categories where you spend the most.
*Information about Capital One Savor Cash Rewards Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the card issuer.
Read the full article here
