Capital One Savor One Cash Rewards Credit Card Review

Unleash the power of rewards with The Capital One Savor One Cash Rewards Credit Card! This card boasts a welcome bonus of $200 cash back when you spend $500 within the first 3 months, setting the stage for a lifetime of earning potential.

Complete your cravings and entertainment desires with unlimited 3% cash back on dining, entertainment, streaming services, and groceries. Plus, earn 10% cash back on Uber & Uber Eats purchases, complete with a complimentary Uber One membership until November 14th, 2024.

Travel enthusiasts rejoice! Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, and enjoy 8% cash back on Capital One Entertainment purchases. But the benefits don’t stop there! This card offers no annual fee, no foreign transaction fees, and a 0% intro APR on purchases and balance transfers for 15 months.

Quick Highlights

• Enjoy $200 just for spending $500 in the first 3 months.
• Earn 3% cash back on dining, entertainment, streaming, and groceries (excluding Walmart & Target) and 1% back on everything else.
• Enjoy 10% cash back on Uber & Uber Eats and a complimentary Uber One membership until November 14, 2024.
• Earn 8% cash back on Capital One Entertainment purchases.
• Book hotels and rental cars through Capital One Travel for 5% cash back and access to their best prices.
• No need to chase categories or sign up for anything, and your cash back never expires!
• Enjoy a 0% intro APR on purchases and balance transfers for 15 months, then a variable APR of 199%-29.99%.
• Use your card abroad without any foreign transaction fees.
• And best of all, there’s no annual fee!

The Capital One Savor One Cash Rewards Credit Card Rewards and Benefits

Rewards

• 5% cash back on hotels and rental cars booked through Capital One Travel.
• 3% cash back on dining, entertainment, and popular streaming services.
• 3% cash back at grocery stores (excluding superstores like Walmart and Target).
• 8% cash back on Capital One Entertainment purchases.
• 1% cash back on all other purchases.

Benefits

A few of the benefits are:

• No foreign transaction fees: Enjoy using your card abroad without worrying about additional charges on international purchases.
• Extended warranty: Get additional coverage on your purchases, extending the manufacturer’s warranty for eligible items.
• Travel accident insurance: Receive automatic travel accident insurance when you book your trip with your SavorOne card.
• Complimentary concierge service: Benefit from 24/7 access to a dedicated concierge who can help you with dining, entertainment, and travel arrangements.

Rates and Fees of The Capital One Savor One Cash Rewards Credit Card

• Intro APR: 0% intro purchase APR for 15 months from account opening (after that, the
• Regular APR:  19.99%–29.99% (variable).
• Purchase APR: 19.99%–29.99%.
• APR for Cash Advances: 29.99%.
• Cash Advance Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater.
• Late payments up to $40
• Annual fee: $0
• Foreign transaction fee: 0%

Rewards Redemption

Capital One SavorOne rewards never expire, offering endless possibilities to use them for your needs. Here are the exciting ways to turn your rewards into something valuable:

Get Cash Back

• Direct Deposit: Redeem your rewards for a physical check delivered straight to your address.
• Automatic Redemption: Set up a program to automatically receive checks at a specific time each year or when you reach a desired rewards balance.

Reduce Your Balance

• Statement Credit: Apply your rewards directly towards your outstanding balance, lowering your monthly payment.
• Automatic Statement Credit: Similar to checks, set up automatic redemption to have rewards applied to your statement at predetermined intervals or when you reach a specific rewards balance.

Explore Other Options

• Travel: Redeem your rewards for exciting travel experiences through the Capital One Travel portal.
• Gift Cards: Treat yourself or someone special with gift cards from various popular retailers and restaurants.
• Shopping with Points: Though offering a lower value, you can use your rewards to purchase items directly through Capital One’s shopping portal.

Is the Capital One SavorOne Cash Rewards Card a Good Fit For You?

With no annual fee, it’s a tempting option. The card shines for frequent diners, grocery shoppers, and entertainment or streaming service users, as these purchases earn a generous 3% cash back. However, its appeal might fade if these categories don’t make up a significant portion of your spending. While it boasts travel perks like no foreign transaction fees and 5% rewards on hotels and car rentals through Capital One Travel, all other purchases earn just 1% back. This might be a point to consider, as other cards with no annual fee offer a flat rate that applies to all your spending.

Application process

Here’s a breakdown of the Capital One SavorOne Cash Rewards card application process:

Pre-qualification (Optional):

• Visit Capital One’s pre-approval page
• Enter your basic information like name, date of birth, and Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
• This step won’t impact your credit score but can give you an idea of your chances of approval without a hard inquiry.

Application:

• Navigate to the SavorOne Cash Rewards card page on Capital One’s website
• Click on “Apply Now.”
• Provide your personal information, including:
  • Name
  • Date of birth
  • Address
  • Phone number
  • Email address
  • Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
  • Employment information (employer, income)

Verification and review

• Capital One will verify your information and review your credit report. This will likely involve a hard inquiry on your credit report, which might slightly lower your credit score.

Approval notification

• You’ll receive notification of the application decision within minutes.
• If approved, you’ll receive your card within 7-10 business days.

Conclusion

The Capital One Savor One Cash Rewards card offers compelling benefits for individuals who spend regularly on dining, groceries, entertainment, and streaming services. With its $0 annual fee, unlimited 3% cash back in those categories, and additional bonus opportunities like the current 10% cash back on Uber and Uber Eats, it can be a rewarding choice for everyday spending. However, it’s important to remember the card’s variable APR, which can be high, and the exclusion of superstores like Walmart and Target from the 3% bonus category. If you have good credit and prioritize cash back on everyday purchases, the Capital One SavorOne Cash Rewards card is worth considering.

Customer Service

• Customer care: 1-877-383-4802
• Official website: Capital One