Capital One made a huge splash this summer with the release of the Capital One Savor Card. For the first time, consumers were able to earn an unlimited 4% cash back rewards for dining and entertainment. The first year’s annual fee is waived, but should you keep the credit card in year two? Or does it make more sense to downgrade to the Capital One SavorOne Card? In this guide, we perform a detailed review of the Capital One Savor vs SavorOne. Our goal is to help you decide which Savor card is the best Capital One credit card for your wallet.
This article will cover
- Who Should Apply for a Capital One Savor Card?
- What are the Differences between Capital One Savor and SavorOne?
- Additional perks of the Capital One Savor Card
- Capital One Realizes That Cash is King
- Before you apply for a Capital One Credit Card
- What Card is Best For You: Capital One Savor or SavorOne?
- Which Savor Card is Right For You?
Who Should Apply for a Capital One Savor Card?
Capital One is targeting people who love to go out to eat and have fun. With an unlimited 4% cash back rewards for dining and entertainment, these Capital One cash back rewards credit cards are perfect for:
- Foodies that love trying new restaurants
- Travelers who dine out while on vacation
- Single people who go on dates
- Business travelers that entertain clients
- Busy families that need one card for food and groceries
According to the Bureau of Labor Statistics, Americans spent almost $55 billion at bars and restaurants and $52 billion at grocery stores in 2016. Just imagine how much cash back everyone would have if they used the Capital One Savor card!
Before you apply for the Capital One credit card, know this. The Capital One credit score recommended is in the Good to Excellent range. This means that applications should have a credit score of at least 670 if they hope to be approved. Keep reading to learn my secret trick to reducing credit card application declines.
What are the Differences Between Capital One Savor and SavorOne?
Both Capital One cards offer excellent benefits for consumers focused on cash back. Each Capital One cash back card offers unlimited cash back with bonuses for purchases on dining, entertainment, and at grocery stores. There are some differences in these Capital One credit card offers, though, so let’s compare the Capital One Savor vs SavorOne.
The Biggest Differences Between These Credit Cards
There are four main differences between the Capital One Savor and the Capital One SavorOne credit cards:
- Sign-up bonus
- Minimum spend to earn the bonus
- Bonus points for dining and entertainment
- Annual fee
Capital One® Savor® Cash Rewards Credit Card
- Earn a one-time $500 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
- Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
- Receive a monthly statement credit for a Postmates Unlimited monthly membership through Dec. 2019 with the Capital One Savor Card
- 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
- No foreign transaction fees
- Capital One cardholders get access to premium experiences in dining, entertainment and more
- $0 intro annual fee for the first year, $95 after that
Capital One® SavorOne℠ Cash Rewards Credit Card
- Earn a one-time $150 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; 16.24% - 26.24% variable APR after that
- 0% intro APR on balance transfers for 15 months; 16.24% - 26.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fees
- No annual fee
Capital One Savor vs. SavorOne Benefits
When you apply for a Capital One credit card mentioned in this article, you’ll be rewarded with a sign-up bonus. Both Capital One credit card offers have a nice sign-up bonus and excellent cash back rewards on categories people spend the most money. The sign-up bonus for the Capital One Savor Card is $500, while the SavorOne Card’s bonus is $150. To earn the Savor bonus, you’ll need to spend $3,000 within three months of opening your account. Although the SavorOne has a smaller bonus, you’ll only need to spend $500 within three months to earn that bonus.
I love that both Capital One cards offer unlimited cash back on bonus categories of dining, entertainment, and grocery stores. However, the Capital One Savor Card earns 4% rewards for dining and entertainment. The SavorOne Card only earns 3%. Both Capital One cash back credit cards earn an unlimited 2% cash back at grocery stores.
Capital One Savor vs. SavorOne fees
The Savor Card has an annual fee of $95, which is waived the first year. The SavorOne Card does not have an annual fee.
You can take both of these Capital One cash back cards with you on international travel because neither of them charges foreign transaction fees.
Additional Perks of the Capital One Savor Card
Capital One offers additional perks that often go unused. When used consistently, these additional benefits can be worth far more than the welcome bonus!
Special Access to Private Events
Capital One has launched a series of special events that are exclusive to Capital One cardholders. The events range from premier culinary experiences to big-time sports events to must-see music events.
Your Capital One cards are the ticket to access these special events. What’s in your wallet?
The Capital One Savor and SavorOne cash back credit cards include additional benefits that enhance the cardholder experience:
- Extended warranty
- Price protection
- Complimentary concierge service
- 24-hour travel assistance
- Security and account alerts
- Virtual card numbers from Eno
- Card lock
- Fraud coverage
- Auto rental collision damage waiver
- Travel accident insurance
Capital One cards offer tremendous benefits at a time when other banks are cutting back on cardholder benefits.
Capital One Realizes That Cash is King
With the launch of the Capital One Savor and Capital One SavorOne cash back credit cards, Capital One realizes that cash is king. Yes, I definitely love earning airline miles and hotel points with my rewards credit cards, but nobody travels all of the time. And sometimes you are better off paying cash for a plane ticket or hotel room instead of using travel rewards.
The flexibility of cash is a huge advantage of the Capital One cash back credit cards. Cardholders can pay down debt, save for the future, or spend the cash on something special for a loved one. With travel rewards, you are stuck using the airline or hotel where you earned those rewards. Then you’re stuck hoping that award space is available for the dates, times, and locations that you want to travel.
Before You Apply for a Capital One Credit Card
The Capital One credit score required to be approved for a credit card application varies. Before you apply for a Capital One credit card on their website, do this instead. Go to the Capital One pre-approved offers page to see which rewards credit cards you pre-qualify for.
This will save you from applying for credit cards that you don’t qualify for and wasting an inquiry on your credit report. On the flip side, you may qualify for a better rewards credit card than that one you were targeting.
When you apply for better credit cards, you get more rewards! #WINNING!
What Card is Best For You: Capital One Savor or SavorOne?
Either of these Capital One cash back credit cards would be a welcome addition to anyone’s wallet.
Who Benefits Most From The Capital One Savor Card?
During the first year, the Capital One Savor Card is the winner by a longshot. The $95 annual fee is waived, so there is no extra cost to have the premium Savor card. New cardholders receive a $500 welcome bonus and 4% on all dining and entertainment spend on this Capital One cash back card.
In the second year, that’s where the decision needs to be made. The annual fee is $95, so Capital One Savor cardholders will need to earn at least $95 in additional cash back versus the Capital One SavorOne to offset the fee.
The way to do that is by spending on dining and entertainment because all of the other features are the same on these two Capital One cash back cards. The Savor Card earns 4%, while the SavorOne earns 3%.
Spending $9,500 per year on the Capital One Savor card would provide $380 in cash back ($9,500 x 4%). Subtracting the $95 annual fee leaves you with $285, which is the same amount of cash that you’d earn with the SavorOne Card.
You’ll need to spend more than $9500 per year on dining and entertainment (which is $792 per month) on the Capital One Savor Card to make it worth paying the annual fee. Do you spend that much on food and entertainment? If your answer is yes, this is the Capital One cash back card for you.
Who Benefits Most From The Capital One SavorOne Card?
Spending $3,000 within three months can be a lot for some people. The lower required spend of $500 to earn the SavorOne welcome bonus might be right for some people. Bigger bonuses are awesome, but only if you can spend enough to actually earn them. Fall just a couple dollars short and kiss that bonus goodbye.
With no annual fee, the Capital SavorOne Card is a credit card that you can keep in your wallet for years to come. The average age of accounts factors into your credit score, so if you find a no-fee card with good benefits, hang onto it.
If you’re short on cash or need to transfer a balance, the SavorOne is an excellent choice. This Capital One cash back card offers 0% interest on purchases and balance transfers during the first 15 months after opening your account.
Which Savor Card is Right For You?
When you compare the Capital One credit card offers for the Savor vs SavorOne, there are definite positives and negatives for each credit card. But which is the best Capital One credit card for you? To me, it depends on your spending habits. Will you spend enough to make the Savor Card worthwhile in year two and beyond?
Personally, I would apply for the Capital One credit card with the bigger bonus and higher cash back during year one – the Capital One Savor Card. At the end of the year, I would re-evaluate my spending habits to decide if it makes sense to keep the Savor Card for another year or if I should request a downgrade to the SavorOne.
What benefits do you look for in a cash back credit card?
Which Capital One cash back card do you like better – Savor vs. SavorOne?
Let us know in the comment section below.