New Capital One SavorOne Cash Rewards Credit Card cardholders can earn a one-time $200 cash bonus after spending $500 on purchases with the card during the first three months of account opening.
If you’re looking for a cash-back credit card with no annual fee that features bonus rewards for dining, entertainment and groceries, you should know about the Capital One SavorOne Cash Rewards Credit Card.
After a significant update in May 2021, this credit card gives you 3% bonus cash back on dining, entertainment, grocery store, and popular streaming service purchases and 1% on all other purchases.
With no annual fee and no limit to what you can earn, this credit card may be ideal for you. Keep reading to learn more about the Capital One SavorOne Cash Rewards Credit Card, what it costs and how the rewards can easily add up to hundreds of dollars per year.
Why We Like It
Annual Fee: $0
Bonus: $200 ⓘ
APR: Variable APR Between 17.99% – 27.99% After Intro 0% APR Period ⓘ
Rewards Rate: 1%-5% Cash Back
- Rewards Rate
- Redeeming Rewards
- Intro 0% APR
- Annual Fee
- Credit Score
Capital One SavorOne Cash Rewards Credit Card Review
There is no single cash-back credit card that’s perfect for everyone. If you’re someone who spends the most on dining, entertainment, groceries and video streaming, and you want to avoid an annual fee, this card could be a great fit for your needs.
The bonus cash-back rates for those spending categories aren’t the best around, but this card is a leading choice among cash-back cards with no annual fee.
If you’re a high spender who’s willing to pay a yearly fee for a higher bonus rewards rate, consider the Capital One Savor Cash Rewards Credit Card. But, depending on your spending habits and annual fee preferences, the Capital One SavorOne Cash Rewards Credit Card could be the perfect fit.
New users can earn a one-time $200 cash bonus after spending $500 on the card in the first three months of account opening. Considering there’s no annual fee, that’s a great sign-up bonus to get you started. If you spend an average of just $167 per month on groceries, you’ll spend enough to earn the cash bonus.
That sign-up bonus is on top of the card’s standard and bonus rewards. If you spend the first $500 entirely on groceries, you will get the $200 bonus plus another $15 in cash back from shopping.
You may not want to sign up for the bonus alone, as it’s only a one-time deal. But a cash bonus is a great way to get started with this credit card that will keep on paying you as long as you use it regularly.
The Capital One SavorOne Cash Rewards Credit Card awards 3% cash back for every dollar spent at restaurants, grocery stores, entertainment venues and eligible streaming services, including Netflix, Disney+ and Hulu. Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024. Also, earn 8% cash back on Capital One Entertainment purchases. Additionally, it awards 5% cash back per dollar on hotels and rental cars booked through Capital One Travel and 1% back for each dollar spent on all other purchases.
It features unlimited rewards in the following categories:
|Bonus Category||Rewards Rate||Limit|
|Hotels and Rental Cars Booked Through Capital One Travel||5%||None|
|Popular Streaming Services (Netflix, Disney+ and Hulu)||3%||None|
|All Other Purchases||1%||None|
If you’re a foodie who spends a lot on groceries and restaurants (or takeout and delivery services), you are in a great position to rack up cash back with the Capital One SavorOne Cash Rewards Credit Card’s rewards. If you’re sitting at home and dreaming about movies, concerts and other entertainment that will return as it’s safe to do so, you’ll earn a lot of cash back with this spending category as well.
The only big limit to note is that grocery stores do not include big retailers like Walmart and Target. Only dedicated supermarket chains get you the 3% cash-back rate. You’ll earn the standard 1% rate when you shop at big-box retailers. Depending on where you do most of your grocery shopping, this limitation could influence your decision.
What Is Eligible for 3% Cash Back?
To get the top 3% back rate, you’ll need to shop with a merchant that is considered a dining, entertainment, or grocery outlet by the credit card processor. That typically includes restaurants, bars, fast food, cafes, bakeries, most grocery stores and eligible food delivery services.
For entertainment, you can typically count purchases at movie theaters, live performance venues, concerts, sporting events, tourist attractions, theme parks, aquariums, zoos, bowling alleys, pool halls, record stores and video rentals. (Are there still video rental stores?)
Capital One says popular streaming services are eligible for 3% include Netflix, Disney+ and Hulu. Presumably, the card issuer is onboarding new services into its program, but no specific details have been provided on the Capital One SavorOne Cash Rewards Credit Card landing page.
0% Introductory APR
When you sign up as a new card member, you won’t pay any interest on purchases or balance transfers for the first 15 months, at which point a 17.99% – 27.99% variable APR applies based on creditworthiness. Keep in mind there is a 3% balance transfer fee during the 15-month promotional period.
Having more than a year interest-free can be a handy benefit when you’re looking to make a large purchase or undertake a big project at home.
This 0% rate doesn’t apply cash advances—only standard purchase transactions or balance transfers. If you take advantage of the introductory 0% APR, do your best to pay off the card before interest starts.
Moreover, you never have to pay interest on a credit card if you pay the entire balance by the monthly due date. Keeping your balances low and paying your cards on time are vital steps in building good to excellent credit.
Interest Rates and Fees
If you avoid certain fee-bearing activity and always pay your balance off in full every month, which is a good financial habit anyway, you can use this card without every paying any interest or fees.
The interest rate on the card is variable rate, which means it can change at any time. As of this writing, rates range based on your credit history. Balance transfers charge the same variable interest rate, while cash advances charge the top APR rate.
Other fees may apply for balance transfers, cash advances and late payments. There are no foreign transaction fees.
We already mentioned it above, but it’s important, so we will repeat it: this card has no annual fee. Many other cash-back cards with no annual fee offer lower cash-back rates, fewer benefits and no signup bonus. This card packs a ton of value, considering it doesn’t require any locked-in costs.
Tip: If you want to compare with other no annual fee cash back cards, check out our reviews of the Chase Freedom Flex℠ Credit Card and Chase Freedom Unlimited®, as they could be a good fit and offer a different combination of rewards and benefits.
If you have bad credit or no credit, you may not qualify for this card. Capital One prefers to issue this card exclusively to those with excellent credit. Third-party services like Experian can help you determine your FICO score, while Credit Karma can provide a VantageScore and up-to-date details from both TransUnion and Equifax.
According to Capital One’s guidelines, that means you’ve never had a bankruptcy or defaulted on a loan, never had a payment more than 60 days late on a credit card or medical bill and have one or more credit cards with a limit of at least $5,000 for at least three years. These are not set in stone, so it may be worth a try if you’re close.
For those who are new to credit or have a series of bad marks on their credit reports, they may want to look at options for cards with a more lenient recommended credit score.
The card’s benefits don’t stop with the cash-back rewards. Here are other benefits you can count on when shopping, dealing with emergencies and planning for future shopping:
- No Foreign Transaction Fees: If you ever travel outside of the United States, it’s good to bring along a card that charges no foreign transaction fees. With the Capital One SavorOne Cash Rewards Credit Card, you’ll never have to worry about paying extra for converting to a foreign currency no matter where your travels take you.
- Extended Warranty: When you use this credit card for a purchase, it automatically extends the manufacturer’s warranty where eligible. When your fancy purchase breaks the day after the warranty expires, your Capital One card will pay for a repair or replacement.
- Concierge Service: The complimentary concierge service can help you make dining, travel and entertainment reservations and plans at no extra charge. They can make some reservations and purchases on your behalf using the card with your permission. For those who don’t like doing their own travel research, this is a handy service.
- 24-hour Travel Assistance: The Capital One SavorOne Cash Rewards Credit Card includes a travel assistance service that can help you get an emergency card replacement and access to a cash advance if your card is ever lost or stolen and you’re in a pinch.
The card has additional benefits as well. Check the full benefit details when you sign up to learn about other protections and benefits you can use.
Capital One gives you several options to redeem your rewards. Here are the options you have to cash in:
- Cash Out: If you ask me, the best way to redeem cash-back rewards is for cash. You can log into your Capital One account to initiate a standard cash back withdrawal.
- Statement Credit: Redeeming as a statement credit lowers your next bill for the amount of your redemption. For example, if you have a $200 monthly statement and redeem $50 in rewards, your balance would go down to $150.
- Gift Cards: You can turn your cash back into gift cards at many popular retailers. But as that locks you into specific stores, you may still be better off with one of the above redemption options.
- Amazon.com: Linking your Capital One card to your Amazon.com account gives you the option to pay for purchases on Amazon right from your cash-back balance.
- PayPal: Through a partnership with PayPal, you can redeem your options anywhere that takes PayPal payments once your account is linked.
Rewards never expire as long as you keep the card open. That means you can save up your rewards to treat yourself to a big purchase or regularly redeem to chip away at your credit card balance. If you want, you can even set an automatic redemption when you reach a certain threshold. Capital One gives you plenty of flexibility when it comes to redeeming your cash-back rewards.
Capital One Savor Cash Rewards Credit Card vs. Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card has a sibling, the Capital One Savor Cash Rewards Credit Card. Here’s a look at the major differences between the two cards:
|Capital One SavorOne Cash Rewards Credit Card||Capital One Savor Cash Rewards Credit Card|
|Rewards||5% back on hotels and rental cars booked through Capital One Travel 3% back at restaurants, entertainment, grocery stores and popular streaming services and 1% back on all other purchases||5% back on hotels and rental cars booked through Capital One Travel, 4% back at restaurants, entertainment and popular streaming services, 3% back at grocery stores and 1% back on all other purchases|
|Sign-Up Bonus||$200 after spending $500 in the first 3 months of account opening||$300 after spending $3,000 in the first 3 months of account opening|
|Intro APR||0% APR on purchases and balance transfers for first 15 months (3% balance transfer fee applies and variable APR based on creditworthiness after 15-month period)||None|
|Foreign Transaction Fee||None||None|
As you can see, theses two cash-back credit cards are very similar in many ways. For a $95 annual fee, the Capital One Savor Cash Rewards Credit Card includes a bigger signup bonus and a higher 4% cash-back rate on dining, entertainment and eligible streaming services, such as Netflix, Disney+ and Hulu. But both cards offer the same 3% cash-back rewards on grocery store spending.
Additionally, the Capital One Savor Cash Rewards Credit Card doesn’t include the 0% intro APR that the no-annual-fee Capital One SavorOne Cash Rewards Credit Card offers.
Depending on how much you typically spend on dining and entertainment, one card could make more sense than the other.
To make up a $95 annual fee in cash back, it takes about $9,500 in annual spending on those rewards categories, or about $792 per month. If you spend less, you will likely fare better with the Capital One SavorOne Cash Rewards Credit Card Card.
If you love eating at restaurants (or takeout) and find dining, entertainment and groceries to be among your top spending categories, the Capital One SavorOne Cash Rewards Credit Card is definitely worth considering. As you can see from the math above, it even gives its $95 counterpart a good run for its money when comparing rewards.
If you love to travel or mostly spend outside of dining, entertainment, streaming, and supermarket categories, there are probably better cards available for your needs. If you want to stick with Capital One, the Capital One Venture Rewards Credit Card and Capital One VentureOne Rewards Credit Card offer similar feature sets to the Capital One Savor Cash Rewards Credit Card but give you travel rewards instead of cash back.
If you don’t spend heavily in these categories, the Capital One Quicksilver Cash Rewards Credit Card and Capital One QuicksilverOne Cash Rewards Credit Card are worth checking out.
But for foodies and entertainment aficionados, the Capital One SavorOne Cash Rewards Credit Card may be exactly what you’re looking for.
After all, with no annual fee and the chance to earn a big bonus to get started, there’s plenty to gain and little to lose by trying it out. When you carry a Capital One SavorOne Cash Rewards Credit Card, you’ll earn cash back rewards every time you swipe, dip, tap or click to checkout. As your cash back balance grows, your biggest question will be how to treat yourself when you cash out your rewards.