Credit Card Review: Capital One SavorOne

·5 min read
Courtesy of Capital One
Courtesy of Capital One

There’s a lot of Americans that are still traveling much less than they used to, or not all. If this sounds like you, then you’re probably interested in earning cash back from your credit card, and you don’t want much to do with airline miles or hotel points. The SavorOne Rewards card from Capital One offers you the chance to earn bonus rewards from your most common purchases, and has no annual fee. And if you’re credit score isn’t as high as it could be, it even comes in a version designed just for your needs.

  • Welcome Bonus: The standard version of this card offers a $200 cash bonus after you spend $500 on purchases within three months of account opening. The SavorOne Rewards for Good Credit doesn’t offer a new account bonus.

  • Rewards: Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores, plus 1% on all other purchases.

  • Annual Fee: None

  • APR: 14.99% to 24.99%, for the standard card, 26.99% APR for the SavorOne Rewards for Good Credit.

  • Promotional Financing Offer: For the standard card, 0% APR for 15 months for both new purchases and balance transfers, with a 3% fee balance transfer fee. There’s no promotional financing offer for the SavorOne Rewards for Good Credit.

How this card works

This card comes in two different versions. There’s the standard SavorOne Rewards card, and a version called the SavorOne Rewards for Good Credit. This is an uncommon arrangement that allows people with a wider range of credit scores to become cardmembers.

With both cards, you’ll enjoy unlimited 3% cash back on all dining and entertainment purchases. You also get 3% cash back at grocery stores and for purchases from popular streaming services and 1% cash back on all other purchases.

There are just a few differences between the standard offer and the SavorOne Rewards for Good Credit, other than the credit requirements. The standard card’s offer features a $200 cash bonus when new applicants use the card to make $500 in purchases within three months of account opening. The standard version also includes 15 months of 0% APR financing on both new purchases and balance transfers, with a 3% balance transfer fee. Also, the APR is 14.99% to 24.99% (based on your creditworthiness) for the standard card, but it’s 26.99% for the SavorOne Rewards for Good Credit.

Otherwise, both cards have no annual fee and no foreign transaction fees. And they both come with benefits like an extended warranty policy, travel accident insurance and 24-hour travel assistance services.

Advantages

It’s great that this card comes in a version for those with credit scores that are not quite considered to be excellent. Normally, those with just good credit are restricted to using cards that offer minimal cash back, or none at all.

And the cash back offered by these card is very competitive for cards with no annual fee: 3% cash back is an excellent rate of return, and is offered on some of the most popular spending categories including dining, groceries and entertainment. In fact, Capital One counts all sorts of businesses as entertainment including movie theaters, amusement parks, sports and concert venues and bowling alleys.

There’s also a lot to like about cards that have no annual fees and no foreign transaction fees.

Disadvantages

These cards only offer 1% cash back on purchases that don’t qualify for a bonus. This is pretty standard among cash back cards, but you need to keep in mind that these cards will be best for those who spend significantly in the categories that are eligible for a bonus.

And like all reward credit cards, these cards have higher interest rates than similar cards that don’t offer rewards. If you’re not avoiding interest by paying your statement balances in full, then you should consider another card that has a lower interest rate, and doesn’t offer rewards.

Alternatives

Capital One Savor. This is another card in the same family, but the Capital One Savor card offers more benefits and it has an annual fee. It features a $300 cash bonus after new cardholders spent $3,000 within three months of account opening. It also offers 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases. There’s a $95 annual fee for this card.

Chase Freedom Unlimited. This card offers 5% cash back on travel booked through Chase, and 3% cash back on dining and drug store purchases. You also receive 1.5% cash back on all other purchases. New accounts receive 15 months of 0% APR financing on both new purchases and balance transfers, with a 3% balance transfer fee. New applicants also earn a $200 bonus after spending $500 on purchases within three months of account opening, and earn 5% cash back on gas station purchases on up to $6,000 spent in the first year. There’s no annual fee for this card.

Blue Cash Everyday® Card from American Express. The Blue Cash Everyday card offers 3% cash back on up to $6,000 spent each year at U.S. supermarkets and 2% cash back at select U.S. Department stores. You earn 1% cash back on all other purchases. New applicants earn $200 cash back after spending $2,000 within six months of account opening. There’s no annual fee for this card.

Bottom Line

The Capital One Savor Rewards and Savor Rewards for Good Credit both offer strong rewards for your most frequent purchases. If these rewards are what you’re looking for, then you’ll just need to choose the right version for your credit profile.

Daily Money

Every day we publish the latest news, stories, and content on the financial topics that matter. This is your daily guide to all things personal finance.

Sign Up

More From Money:

Best Rewards Credit Cards

Why I’m Keeping My Chase Sapphire Reserve Card, Even Though It Costs $550 a Year and I Can’t Use Travel Rewards Right Now

Best Cash Back Credit Cards

© Copyright 2021 Ad Practitioners, LLC. All Rights Reserved.
This article originally appeared on Money.com and may contain affiliate links for which Money receives compensation. Opinions expressed in this article are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Money’s full disclaimer.