September 27, 2022

Capital One Savor Cash Rewards Credit Card Review

How to Earn Rewards with the Capital One Savor Cash Rewards Card

Approximate annual rewards value: $420
First-year bonus cash back value: $300
First-year rewards value: $720

The card offers 4% cash back on dining and entertainment, 3% cash back at grocery stores and 1% cash back on all other purchases. Through Jan. 31, 2022, you’ll also earn 8% cash back on tickets purchased through Vivid Seats.

The Capital One Savor Cash Rewards Credit Card has a $95 annual fee. You’ll need to do some math to ensure you’re getting enough value to make the fee worth it.

Also, be sure to pay off your balance in full each month to prevent interest charges from offsetting your cash back rewards.

Based on average spending data from the U.S. Bureau of Labor Statistics, Capital One Savor Cash Rewards Credit Card holders can earn an estimated $420 each year.

Expenditure Annual cost Cash back earning rate Annual cash back earned
Groceries $4,400 3% $88
Dining $3,400 4% $136
Apparel and services $1,800 1% $18
Flights and hotels $1,000 1% $10
Gas $2,000 1% $20
Entertainment $3,000 4% $120
Personal care products and services $800 1% $8
All other expenditures $2,000 1% $20
Total annual cash back $420
Sign-up bonus $300
Total first-year value $720

Values for each spending category are based on average data from the 2017 U.S. Bureau of Labor Statistics Consumer Expenditure Survey. Each category is rounded to the nearest $100.

You can accelerate your cash back rewards by spending $3,000 on purchases within three months from account opening. If you meet the spending requirement, you’ll receive a one-time $300 cash bonus. The incentive covers more than three years’ worth of annual fees on the card.

How to Redeem Rewards with the Capital One Savor Cash Rewards Card

Cardholders can get their cash back in the form of a statement credit or a paper check for any amount and at any time. If you don’t want to keep track of your rewards and decide when to redeem, you can request automatic redemptions at a certain time each year or every time your balance reaches a certain amount, including $25, $50, $100 or $200.

You can also use your rewards to purchase gift cards, statement credits against specific purchases and more.

What is the Capital One Savor Cash Rewards Credit Card’s APR?

The card charges an APR of 15.99%, 21.49% or 24.99% based on your creditworthiness, with no introductory 0% APR promotion on purchases or balance transfers. The APR is above-average, according to U.S. News research, so it’s important to pay your balance in full each month to avoid interest charges.

What Are the Fees Associated with the Capital One Savor Cash Rewards Credit Card?

  • Annual Fee: The card charges an annual fee of $95. Nearly 70% of credit cards don’t charge an annual fee, but of the ones that do, the average annual fee is almost $110, according to U.S. News research.
  • Foreign Transaction Fee: This card doesn’t charge a foreign transaction fee, placing it among the 39% of cards that waive this fee.
  • Balance Transfer Fee: Capital One doesn’t charge a fee for balances transferred at the transfer APR. However, if you receive a promotional APR on your account, the balance transfer fee is 3% of the transfer amount.
  • Late Fee: There is a late fee of up to $40.

Comparison to Other Cards

The Capital One SavorOne Cash Rewards Credit Card might be more attractive to fee-averse consumers, as it does not charge an annual fee. The Capital One Savor Cash Rewards Credit Card has an annual fee of 15.99%, 21.49% or 24.99% based on your creditworthiness.

But the Capital One Savor Cash Rewards Credit Card might be worth the fee if you spend a lot on dining and entertainment. Capital One SavorOne Cash Rewards Credit Card holders can earn unlimited 3% cash back on dining and entertainment, 3% at grocery stores (excluding superstores like Walmart and Target), and 1% on all other purchases. The Capital One Savor Cash Rewards Credit Card holders can earn unlimited 4% cash back on dining and entertainment, 3% at grocery stores (also excluding superstores like Walmart and Target), and 1% on all other purchases.

Both cards earn cash back rewards across a variety of categories. The Capital One Savor Cash Rewards Credit Card earns unlimited 4% cash back on dining and entertainment, 3% at grocery stores (excluding superstores like Walmart and Target), and 1% on all other purchases. Chase Freedom Unlimited earns 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining and drugstore purchases, and 1.5% cash back on all other purchases.

Consumers should weigh their spending habits and potential rewards with the annual fee when determining whether to apply for a credit card. The Capital One Savor Cash Rewards Credit Card has a $95 annual fee, and Chase Freedom Unlimited has a $0 annual fee.

Should You Get the Capital One Savor Cash Rewards Credit Card?

  • Want a big sign-up bonus
  • Spend a lot on dining and entertainment
  • Aren’t concerned about an annual fee
  • Pay off your balance in full each month

Questions About the Capital One SavorOne Cash Rewards Credit Card

Q: Is the Capital One Savor Cash Rewards Credit Card a Good Card?
A: The Capital One Savor Cash Rewards Credit Card can offer good value for cardholders who frequently dine out or spend a lot on entertainment, earning above average rewards in these categories. But there is an annual fee of $95, and the APR is potentially high, so it’s not a great fit for every consumer.

Q: What Credit Score Is Needed for the Capital One Savor Cash Rewards Credit Card?
A: Good or excellent credit is required for the Capital One Savor Cash Rewards Credit Card, so you may not be approved unless you have at least a 670 FICO credit score.

Q: How Do I Redeem My Capital One Savor Cash Rewards Credit Card Points?
A: You can redeem Capital One Savor Cash Rewards Credit Card cash back as a statement credit or check, on request. Or, set up automatic redemptions when your rewards balance reaches a specific threshold or at a certain time each year. Rewards can also be redeemed as gift cards.

Q: Is the Capital One Savor Cash Rewards Credit Card a Visa or Mastercard?
A: The Capital One Savor Cash Rewards Credit Card is a Mastercard.

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