Capital One SavorOne Cash Rewards Credit Card guide

Got a craving for cash back? The Capital One SavorOne Cash Rewards Credit Card is designed to satisfy your appetite for cash rewards if you regularly spend on dining and groceries.

Rated as one of the best credit cards for restaurants, the Capital One Savor Card benefits foodies and homebodies by also earning cash back on entertainment and streaming. This card offers a generous 3% cash back rewards rate with no annual fee and a low introductory APR.

Here’s what you need to know about Capital One Savor One Credit Card rewards and how you can make the most of them.

What makes the Capital One SavorOne Cash Back Rewards Card good?

Cash back tops the list of Capital One SavorOne Card benefits. You can earn a solid cash back rewards rate on dining, groceries, entertainment and popular streaming services. Cash back rewards are unlimited and you can redeem them in any amount, at any time. If you’re a college student, you can take advantage of the Capital One SavorOne Student Cash Rewards Credit Card.

You can add to your cash back total when you qualify for the introductory welcome bonus. You’ll earn $200 if you spend $500 in the first three months. The Capital One SavorOne Rewards Card also has no annual fee and no foreign transaction fees. There’s a low introductory APR for both purchases and transfers.

If there’s a drawback to this card, it’s that you’re earning more cash back on certain purchases than others. You might prefer a different card if you’d rather earn a flat cash back rewards rate or points on everything you buy.

Capital One SavorOne at a glance

• Unlimited 3% cash back on dining, groceries, entertainment and streaming services
• Unlimited 1% cash back on all other purchases
• 8% cash back on tickets at Vivid Seats through January 2023
• $200 introductory cash back bonus if you spend $500 in the first three months
• VIP access to premier sporting events, culinary events and music events
• No annual fee and no foreign transaction fees
• 0% introductory APR on purchases and balance transfers for the first 15 months (15.24 to 25.24 variable APR thereafter)

Capital One SavorOne Card benefits

Rewards rate

The Capital One SavorOne’s rewards are designed with a particular type of spender in mind. You can earn 3% cash back on dining, entertainment, groceries and popular streaming services. The card also offers unlimited 1% back on all other purchases.

So how much can you earn in cash back with the Capital One SavorOne card each year? It depends on how you spend. If you charge $3,000 in those categories each month, you could earn $1,080 in cash back rewards for those purchases per year. If you also charge $2,000 per month in miscellaneous purchases, you’d earn $240 in rewards, bringing your cash back total for the year to $1,320.

Sign-up bonus

As mentioned, you can increase your SavorOne Credit Card rewards the first year if you’re able to qualify for the introductory welcome bonus. Eligible cardmembers can earn a one-time cash bonus of $200 when they spend $500 within the first three months of account opening. So you’d need to charge $167 per month on average.

The bonus is competitive and the minimum spending requirement is lower than some cash back cards that reward you for dining. For example, the Citi Custom Cash℠ Card offers the same $200 introductory welcome bonus, but you have to spend $750 in the first three months of account opening to qualify for it.

No annual fee

Paying an annual fee to earn cash back rewards could make sense if you’re earning a great rewards rate or you charge enough each year to earn back the fee in rewards. Luckily, the Capital One SavorOne Rewards Credit Card spares you from having to debate whether paying an annual fee is worth it since there isn’t one.

The Capital One Savor Cash Rewards Credit Card* does charge an annual fee. But you could earn a higher cash back rewards rate – 4% versus 3% – which may justify the cost.

No foreign transaction fees

Foreign transaction fees can make international purchases more expensive. The typical fee is around 3%, though some cards may charge more or less. Like other Capital One cards, the SavorOne Card doesn’t charge any foreign transaction fees at all.

Other benefits

Capital One SavorOne card benefits go beyond cash back rewards. You can also take advantage of 24/7 complimentary concierge service if you need help booking reservations at your favorite restaurant, getting concert tickets or booking travel arrangements. Travel assistance services are available 24 hours a day if you run into trouble on a trip and travel accident insurance is also included.

You’re covered by extended warranty protection and you can set up instant notifications to alert you to new purchases. Capital One CreditWise monitoring makes it easy to track your credit score from month to month, and if your card is lost or stolen, you’re covered by $0 liability fraud protection. If you lose your card or it’s stolen, you can lock your card through the Capital One mobile app. Customer service representatives are on hand 24 hours a day, 7 days a week if you have questions or need help with your account.

Maximizing the SavorOne Rewards Card cash back rate

Maximizing cash back rewards with the SavorOne card is as simple as being strategic about how you spend.

First, you’d want to spend at least $500 on eligible purchases in the first three months to qualify for the $200 introductory sign-up bonus. At the same time, you’d want to focus your spending on purchases that earn the 3% cash back rewards rate. And if you need to buy tickets to an event, you can get 8% back if you use your card to purchase them through Vivid Seats.

Setting up automatic payments for streaming services or adding your card as a default payment option in your mobile wallet can make it easier to maximize rewards. You can also boost your rewards through Capital One Shopping. This Chrome browser extension allows you to click and earn rewards online at Walmart, eBay and other top retailers. Capital One Shopping includes built-in price protection so you can get the best deals possible on the things you buy.

How to redeem cash back with the SavorOne card

When choosing a cash back rewards card, it helps to know how you can use the rewards you earn. Redemption is flexible and there are plenty of ways you can put your SavorOne cash back rewards to work, including:

• Cash back
• Statement credit
• Gift cards
• Shopping at Amazon.com
• Pay at checkout with PayPal

Rewards are worth 1 cent each for redemptions. You can redeem rewards at any time, in any amount. If you want to use rewards to pay through PayPal or Amazon, you’ll need a PayPal account or an Amazon account.

If you want to keep things simple, you can set up automatic redemptions once your rewards balance reaches a certain threshold. For example, you could set your rewards to redeem at $25, $50 or $100. You can also transfer your rewards between eligible Capital One credit card accounts.

Bottom line

The Capital One SavorOne card could be a great fit for anyone who wants to earn a competitive rewards rate on dining, entertainment, groceries or streaming without paying an annual fee. You may also consider this card if you’re planning a large purchase or balance transfer and want to take advantage of a 0% APR introductory offer for 15 months (15.24% to 25.24% variable APR thereafter). Calculating your average monthly and yearly purchases can help you decide if the SavorOne card is a good fit for your spending style.

*All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Capital One Savor Credit Card is no longer available through CreditCards.com.