Savor℠Credit Card from Capital One
More and more rewards credit cards have been springing up recently, and there’s a new one from Capital One—the Savor card. This cashback card earns an unlimited 3.0 percent back on dining, 2.0 percent back on groceries and 1.0 percent back on all other purchases.
New cardholders can earn a one-time cash bonus of $150 after spending $500 within three months of account opening. And because the card doesn’t charge an annual fee, that bonus is free money. Rewards earned with this card do not expire as long as the account is open and in good standing, and there are no redemption limits.
The Savor dining and grocery rewards card is a decent option for those consumers who prefer simplicity when it comes to both earning and redeeming rewards. It is an especially good choice for those who spend a lot at restaurants and grocery stores.
Bonuses and Benefits
Knowing what benefits come with a credit card can help you decide if it’s a good fit for you. Here we cover the bonuses and perks that the Savor℠Credit Card from Capital One offers and the value of the Capital One Capital One® Cash Back Rewards cashback you earn.
Cardholders who spend at least $500 on their new Capital One Savor card will earn $150 cash back. The bonus can be redeemed toward a statement credit on your bill. Because there’s no annual fee, you’re earning free money just for signing up for this credit card and meeting the low minimum-spending requirement.
What You Get
- $150 after spending $500 within the first 3 months
- 3.0% back at restaurants
- 2.0% back at grocery stores
- 0% APR for 9 months on purchases and balance transfers
- No annual fee
The cashback rewards you earn with the Savor credit card do not expire as long as the account is open and in good standing. Rewards are not capped or limited in any way. If you decide to close the account for any reason, make sure to cash out all the remaining rewards before doing so.
What is the value of the Capital One® Cash Back Rewards Cashback?
The rewards you earn with the Capital One Savor card have a fixed value of one cent each when redeemed for cash back. You can either redeem rewards as credits against your bill, gift cards or a check in the mail. Either way, they have the same value.
The Best Ways to Redeem Savor Rewards
No-fee cashback cards shine when it comes to simplicity of earning and redeeming rewards, but not necessarily when it comes to value. Rewards earned with the Savor dining rewards card are as good as cash. You can redeem the earnings toward anything you purchase in any amount with no caps or limits.
You can even choose a redemption threshold, and the credits will apply automatically once that amount is reached. For example, you can set $25, $50 or $100, and that amount will be credited to your account every time you earn 2,500, 5,000 or 10,000 points.
Other ways you can redeem cashback
While you can’t transfer points directly to hotel loyalty programs, you can use the cash back you earn to pay for stays at any hotel, motel, resort or Airbnb you want. There are no restrictions.
Car Rental3 partners3 part.
Like hotels, there are not car rental transfer partners, but you can use cash back to rent from any agency you want.
You can use the rewards you earn toward gift cards, though the redemption rate is the same as it is for getting cash back.
Everyday Earnings with Savor℠Credit Card from Capital One
The Savor credit card earns 3.0 percent cash back on dining, 2.0 percent back on groceries and 1.0 percent back on everything else. You might wonder how this card is different from the older Premier Dining Rewards card from Capital One, which has the same bonus categories. The answer is that it’s essentially the same card but rebranded and with a slightly bigger sign-up bonus. In fact, current Premier Dining Rewards cardholders will receive the Savor card as a replacement.
- Car Rental
- All Other Purchases
No Foreign Transaction Fee
You will never be charged additional fees for using this card while traveling abroad.
Fees: the cost of Having Savor℠Credit Card from Capital One
The Savor card doesn’t charge annual fees, and the price for being a cardholder is just potentially lost opportunities. In other words, other cards may offer more rewards for your particular spending patterns, and you must identify those patterns before choosing the right card for you. Other than that, you don’t have to spend a particular amount on the card every year to come out ahead. That’s more money you’ll keep in your wallet.
- Annual Fee
- Balance Transfer Fee
- 3% of the amount of each transfer that posts to your account within the first 9 months
- Foreign Transaction Fee
- Late Payment Fee
- Up to $35
Savor from Capital One is a no-fee card. You do not have to earn a certain amount of rewards in order to cover the cost since it’s free. It’s still good to know roughly how much you’ll be earning, though. We’ve broken out our estimates for the first- and second-year net earnings.
These estimates are based on an annual monthly spend of $2,000
Top 5 Benefits of the Savor Card
The Savor card comes with several perks for cardholders. Let’s review some of the best benefits.
- Great Earning Potential: You’ll earn bonus points at restaurants and grocery stores. You’ll get 3.0 and 2.0 percent cash back, respectively, by spending in those categories.
- No Annual Fee: There’s no risk involved with the Savor card, and all the rewards you earn cost you nothing to keep.
- Hassle-Free Redemptions: Rewards can be used for statement credits toward any expense. Redeem cash back at any time, in any amount and toward any purchase.
- Sign-Up Bonus: Spending just $500 on the card in the first 3 months will net you $ 150 straight in your pocket. What’s better than free money?
- No Foreign Transaction Fees: Travel without worries and save between 1.0 and 3.0 percent on every transaction made outside of the United States.
The Savor card from Capital One is a decent option for consumers who spend a lot on dining and at grocery stores. The card costs nothing and earns 3.0 percent cash back at restaurants and 2.0 percent cash back on groceries. Being awarded $150 after spending $500 in three months makes the card even more appealing.
However, and this applies to all cashback cards, the rewards are limited. Why? Because the points are worth one cent each no matter how you redeem them. There isn’t a way to increase this value by, for instance, booking travel or transferring points to partners.
Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.
- Capital One will not approve you for this particular credit card unless you have an excellent credit score. Around 750 or higher and you have a chance of being approved. For this reason, the Savor dining rewards card might be difficult to obtain for those with just fair or even good credit scores. Note that no credit score guarantees an approval.To find out where you stand with the credit bureaus, check with one of the free services, such as Credit Karma or Credit Sesame. It’s always good to know your credit score before applying for an additional credit line.
- Although it’s not marketed as a travel card, the Savor card waives foreign transaction fees, which makes it useful for those going abroad. Foreign transaction fees apply to purchases made at retailers outside of the United States, and depending on the card issuer and the card network, they can vary between 1 and 3 percent per transaction.Carrying a card that waives foreign transaction fees in your wallet can help save a substantial amount of money on purchases made overseas. The Savor card is also a MasterCard, so you can rest assured that many merchants worldwide would accept it.
- No, there’s no cap imposed. You can earn as much cash back as you want, and there’s no redemption limit, either. Keep in mind that any purchases that were credited or returned are not eligible to earn rewards, and neither are cash advances or balance transfers.Capital One is not responsible for defining a merchant category. Every merchant sets its own category, and that determines the amount of cash back you will receive on every single purchase. As a reminder, the Savor card earns 3.0 percent back on restaurant purchases, 2.0 percent back at grocery stores and 1.0 percent on all other purchases.
Capital One issues several different cashback credit cards with different benefits. Let’s take a look at a couple of options in the Quicksilver lineup.
Other Capital One Cashback cards
QuicksilverOne targets those consumers with an average credit score of about 630 to 689. With this card, you earn 1.5 percent back for all purchases, no matter the category. The card is especially great for consumers who spend mostly in non-traditional categories that don’t earn bonuses on other cards with either rotating or set merchant categories. This credit card charges an annual fee of $39 starting the first year.
The Quicksilver Cash Rewards card also earns 1.5 percent cash back on all purchases. You don’t have to keep track of your bonus categories or worry about caps on your rewards. The higher your credit score, the higher are your odds of approval for this card. It’s a great no-hassle rewards card for those with a good to excellent score. And the best part, there are no annual fees! It’s a good option for those consumers who are not looking for travel rewards specifically. Cash rewards go back in your pocket.
Compare Savor From Capital One to Other Cards
Cashback cards are incredibly popular these days, and many issuers offer a variety of options. Let’s look at some other cards from other banks.
The Blue Cash card from Amex does not offer a sign-up bonus, but it doesn’t charge annual fees, either. The card earns just 1.0 percent back for every purchase, except those made directly with American Express Travel or with Uber. Those purchases earn double points. Blue Cash is a decent option for those applicants looking to build a credit history and potentially apply for a more rewarding card down the road.
Uber Visa Credit Card offers generous cashback bonuses. You can earn 4.0 percent cash back at restaurants, 3.0 percent back for certain major travel expenses, 2.0 percent back on most online and mobile purchases (including Uber rides) and 1.0 percent back everywhere else. Plus, it’s a no-fee card that comes with a $100 sign-up bonus.
The Cash Wise Visa card from Wells Fargo offers customers $200 in cash rewards after they spend $1,000 in the first three months of card membership. The card earns 1.5 percent back on all purchases, no matter the spending category, and costs nothing to keep. It’s worth mentioning that this card offers cell phone insurance for up to $600 against theft or damage to cardholders who use it to pay their cell phone bill.
Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.
Card Terms and Conditions
While it's easy to focus on the rewards offered by Savor from Capital One, it's worth taking a closer look at the terms and conditions. There's a lot to consider as you think about how you're going to use the card. Will you carry a balance, get a cash advance or maybe make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this MasterCard.
- Intro APR:
- 0% introductory APR for the first 9 months that your account is open
- Intro APR for balance transfers:
- 0% introductory APR for the first 9 months that your account is open
- Ongoing APR:
- 15.74% to 24.49% Variable±
- Minimum Grace Period:
- 25 days
- Extended Warranty Protection:
- Doubles the original manufacturer warranty up to a maximum of 24 months on most items.
Cash Advance Features
- Ongoing APR:
- 24.74% Variable±
- Cash Advance Fee:
- Either $10 or 3% of the amount of each cash advance, whichever is greater
Security and Protections
Capital One provides a high level of security when it comes to your information and alerts customers if there’s suspicious activity, such as large transactions. The card also comes with a chip for added protection.
- Account alerts:
- Set up alerts to be notified when large transactions occur, if there’s an unauthorized withdrawal and when your bill’s due.
- EMV Chip Technology:
- Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
- Credit Score Reports:
- Monitor your credit history for unusual activity, including recently opened accounts and inquiries made on your history.
Mobile banking might be the most convenient way to keep track of your transactions in this day and age. Simple, secure access to your account allows you to monitor your credit card activity whenever and wherever there’s data access.
Additional Cardholder Benefits
Master Card Travel Benefits
- Auto Rental Collision Damage Waiver:
- Receive coverage for theft and collision for most rentals in the U.S. and abroad when you pay for the rental with the Savor card. Coverage is secondary to your personal insurance.
- Los Baggage Assistance:
- MasterTrip will assist you with locating a lost piece of luggage, but the benefit does not provide any insurance coverage on missing, lost or stolen bags.
- Roadside Assistance:
- Call 1-800-MC-ASSIST if you ever have a problem with your vehicle, including lockout service, towing, jumpstart and gas delivery. Service charges may apply.
- Travel Accident Insurance:
- Receive accidental loss of life or dismemberment coverage of up to $100,000 for any air, bus, train or cruise ship transportation paid for with your Savor card.
- Travel Assistance Services:
- Travel assistance is a benefit for those traveling 50 miles or more from home. Legal and medical referrals and other travel and emergency assistance are available at 1-800-MC-ASSIST. Service charges apply.