Are you a foodie who loves to dine out and enjoy entertainment activities? If so, the Capital One SavorOne Cash Rewards Credit Card might be the perfect fit for you. In this comprehensive review, we will explore the features, benefits, and rewards of this no-annual-fee credit card, as well as how it compares to other similar options in the market.
Overview of the Capital One SavorOne Credit Card
The Capital One SavorOne Cash Rewards Credit Card is a no-annual-fee credit card that offers an attractive rewards program for individuals who frequently spend on dining and entertainment. It stands out among its competitors by providing bonus rewards on dining, entertainment, popular streaming services, and grocery store purchases. With this card, you can earn cash back on your everyday expenses and enjoy a range of valuable perks.
Key Features and Benefits
Generous Cash Back Categories
The Capital One SavorOne Credit Card offers an impressive cash back structure that rivals even some cards with annual fees. With this card, you can earn:
- 8% cash back on Capital One Entertainment purchases
- 5% cash back on hotels and rental cars booked through Capital One Travel
- 3% cash back on dining, entertainment, popular streaming services, and grocery store purchases
- 1% cash back on all other purchases
These bonus categories make the card particularly appealing to those who frequently spend on dining, entertainment, and groceries.
No Annual Fee and Foreign Transaction Fees
Unlike its higher-tier counterpart, the Capital One Savor Credit Card, the SavorOne comes with no annual fee. This makes it an excellent choice for individuals who want to enjoy the benefits of a rewards credit card without paying an annual fee. Additionally, the card has no foreign transaction fees, making it a suitable companion for international travelers.
Welcome Bonus
The SavorOne Credit Card currently offers a welcome bonus of a one-time $200 cash bonus after spending $500 on purchases within the first three months of account opening. This bonus represents a 40% return on your initial spending and is a great way to kickstart your cash back earnings.
Additional Perks and Protections
In addition to its rewards program, the Capital One SavorOne Credit Card provides several valuable perks and protections. These include:
- Travel accident insurance
- Roadside assistance
- Secondary car rental insurance
- Extended warranty protection
- Capital One Shopping
- Complimentary Concierge Service
Moreover, cardholders have access to a 24/7 concierge service, allowing them to receive assistance with restaurant reservations, concert ticket purchases, and travel planning.
Security Features
The SavorOne Credit Card offers a range of security features to protect cardholders’ information and provide peace of mind. These features include virtual card numbers, which allow users to generate one-time-use card numbers for online purchases, minimizing the risk of fraud. Additionally, the card can be locked through the Capital One mobile app, providing temporary security in case of a misplaced or lost card.
Earning and Redeeming Cash Back
Earning Cash Back
The Capital One SavorOne Credit Card’s cash back program is designed to reward cardholders for their everyday spending habits. While the highest cash back rates are offered in the dining and entertainment categories, there are also opportunities to earn cash back on hotel and rental car bookings made through Capital One Travel, as well as at grocery stores.
It’s important to note that certain exclusions apply. For example, purchases made at Target and Walmart are not eligible for the 3% cash back in the grocery store category. Additionally, specific streaming services may be excluded from earning cash back.
Redeeming Cash Back
Redeeming cash back with the Capital One SavorOne Credit Card is simple and flexible. Cardholders can choose to receive their cash back as a statement credit, a check, or as a gift card. The redemption process can be initiated through the Capital One mobile app or the online account management portal.
Furthermore, if you also hold a Capital One credit card that earns miles, such as the Capital One Venture X Rewards Credit Card, you have the option to convert your cash back into miles at a 1:1 ratio. This provides the opportunity to transfer your rewards to Capital One’s airline and hotel partners, potentially increasing their value when used for travel.
How the Capital One SavorOne Compares to Other Credit Cards
When considering a cash back credit card, it’s essential to compare the benefits and features with other available options. Here are a few alternatives worth considering:
Capital One Quicksilver Cash Rewards Credit Card
If you prefer a simpler earning structure and want to earn cash back on all purchases, the Capital One Quicksilver Cash Rewards Credit Card might be a better fit for you. This card offers unlimited 1.5% cash back on all purchases with no annual fee. It’s an excellent choice for individuals who want straightforward cash back rewards without the need to track bonus categories.
Chase Freedom Flex
The Chase Freedom Flex is another competitive option for cash back enthusiasts. With this card, you can earn 5% back on travel booked through Chase Ultimate Rewards, 3% back on dining and drugstore purchases, and up to 5% back on rotating bonus categories each quarter. Although the bonus categories change, this card offers the opportunity to earn higher cash back rates in various spending categories.
Blue Cash Preferred® Card from American Express
For individuals who prioritize earning cash back on groceries and streaming services, the Blue Cash Preferred® Card from American Express is worth considering. This card offers 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%), 6% on select U.S. streaming subscriptions, 3% on transit, including taxis/rideshare and parking, and 1% on other purchases. While it does have a $95 annual fee, the generous cash back rates can offset this cost for many cardholders.
Is the Capital One SavorOne Credit Card Worth It?
The Capital One SavorOne Cash Rewards Credit Card is an excellent choice for individuals who frequently spend on dining, entertainment, and groceries. The generous cash back rates, combined with the absence of an annual fee, make it a rewarding option for those looking to maximize their everyday spending.
However, if you prefer a flat earning rate on all purchases or have spending habits that don’t align with the bonus categories, other cash back credit cards might better suit your needs. It’s crucial to evaluate your spending patterns and compare the benefits and features of different cards before making a decision.
Conclusion
In summary, the Capital One SavorOne Cash Rewards Credit Card offers a compelling rewards program and valuable perks for individuals who enjoy dining out, entertainment activities, and grocery shopping. With its no-annual-fee structure and flexible redemption options, it provides an accessible way to earn cash back on everyday expenses. Consider your spending habits and preferences to determine if the SavorOne is the right credit card for you.
Remember to review the terms and conditions of the credit card before applying, as eligibility requirements and other factors may apply.
