The Capital One Savor Cash Rewards Credit Card is a cash back credit card designed for consumers who enjoy dining out, entertainment, and streaming services.
This card is perfect for those who want to earn unlimited cash backon their everyday spending, particularly in categories related to restaurants, entertainment, and streaming subscriptions.
With no annual fee for the first year and a strong rewards program, it offers exceptional value to those who frequently dine out or spend on entertainment and digital services.
The card offers 4% cash back on dining, entertainment, and popular streaming services such as Netflix, Hulu, and Disney+, 2% cash back at grocery stores, and 1% cash back on all other purchases.
In addition, cardholders can earn a $300 cash bonus once they spend $3,000 in the first 3 months from account opening.
This card also offers no foreign transaction fees, which makes it a great option for those who travel internationally.
Reasons to Choose the Capital One Savor Cash Rewards Credit Card
- High Cash Back on Dining and Entertainment: The Capital One Savor Cash Rewards Credit Card offers 4% cash back on dining, entertainment, and select streaming services, making it ideal for those who spend frequently in these categories. Whether you’re eating at a restaurant, going to the movies, or subscribing to digital services, this card maximizes rewards in areas where you’re most likely to spend.
- No Annual Fee for the First Year: For those looking for a no-annual-fee card, the Capital One Savor Cash Rewards Credit Card offers no annual fee for the first year. After the first year, the annual fee is $95, which is relatively low for a card offering such generous rewards, especially in dining and entertainment categories.
- Generous Welcome Bonus: The card offers a $300 cash bonus once you spend $3,000 on purchases within the first 3 months from account opening. This bonus can be a great starting point, effectively offsetting the cost of the annual fee in the first year and providing an immediate cash reward.
- Unlimited Rewards: The Capital One Savor Cash Rewards Credit Card offers unlimited cash back on all your purchases. This is especially beneficial for cardholders who regularly make larger purchases, as the card continues to reward you at higher levels without any caps on your earnings.
- No Foreign Transaction Fees: Another benefit of the Capital One Savor Cash Rewards Credit Card is that it charges no foreign transaction fees. This makes it an ideal card for travelers, as you can use it abroad without worrying about additional fees typically associated with international transactions.
- Access to Capital One Dining: Cardholders also gain access to Capital One Dining, an exclusive experience that provides access to special events, premium dining reservations, and experiences, further enhancing the overall value for dining enthusiasts.
Negative Factors of the Capital One Savor Cash Rewards Credit Card
- Annual Fee After the First Year: While the card offers no annual fee for the first year, there is a $95 annual fee after that. For individuals who don’t spend heavily on dining or entertainment, this could make the card less attractive compared to other no-annual-fee cards offering cash back rewards.
- High APR: The Capital One Savor Cash Rewards Credit Card carries a high variable APR, ranging from 19.24% to 29.24% depending on your creditworthiness. This can be a significant drawback if you plan to carry a balance, as interest charges could quickly accumulate, especially if you’re not able to pay off your balance in full each month.
- Limited Bonus Categories: While the card offers generous 4% cash back on dining and entertainment, it does not offer similar high cash back rates on other common spending categories like gas or office supplies. For individuals looking for a broader array of bonus categories, this may not be the best card option.
- Foreign Transaction Fees for Certain Transactions: While the card does not charge foreign transaction fees for most purchases, some foreign currency conversion fees may apply, which could impact travelers making international purchases.
What Are the Requirements to Apply for the Capital One Savor Cash Rewards Credit Card?
To apply for the Capital One Savor Cash Rewards Credit Card, you must meet certain eligibility criteria:
- Good to Excellent Credit: Applicants should typically have a good to excellent credit score (usually 700+) to qualify for the Capital One Savor Cash Rewards Credit Card. Individuals with lower credit scores may still be approved, but the chances of approval are better with higher credit scores.
- Income Verification: Like most credit card applications, you’ll need to provide information about your income. This helps Capital One assess your ability to repay the balance. While there is no minimum income requirement, having a steady income increases your chances of approval.
- U.S. Citizenship or Residency: Applicants must be U.S. citizens or permanent residents, or be able to provide a valid Individual Taxpayer Identification Number (ITIN) for non-citizen applicants.
- Age Requirement: Applicants must be at least 18 years old to apply for a credit card in the U.S. Additionally, applicants must have a valid Social Security Number (SSN) or ITIN.
Fees and Costs
Here’s a breakdown of the fees and costs associated with the Capital One Savor Cash Rewards Credit Card:
- Annual Fee: $0 for the first year, then $95 after that
- Foreign Transaction Fee: $0
- Balance Transfer Fee: 3% of the amount transferred, or $5, whichever is greater
- Cash Advance Fee: 3% of the amount withdrawn, or $10, whichever is greater
- Late Payment Fee: Up to $40
- Returned Payment Fee: Up to $40
- APR: 19.24% to 29.24% variable APR for purchases and balance transfers
It’s important to consider the annual fee after the first year and the APR when deciding whether this card is the right choice, especially if you tend to carry balances month-to-month.
Frequently Asked Questions
1. How do I earn cash back with the Capital One Savor Cash Rewards Credit Card?
You earn 4% cash back on dining, entertainment, and select streaming services, 2% cash back at grocery stores, and 1% cash back on all other purchases.
2. What is the welcome bonus for the Capital One Savor Cash Rewards Credit Card?
You can earn a $300 cash bonus once you spend $3,000 on purchases in the first 3 months from account opening.
3. How do I redeem my cash back?
Cash back can be redeemed as a statement credit, check, or used for purchases through Amazon or PayPal. You can also apply your rewards to Capital One account purchases.
4. Does the Capital One Savor Cash Rewards Credit Card offer travel benefits?
While it doesn’t have extensive travel-specific benefits like some other cards, it offers no foreign transaction fees, making it a good option for international travelers.
5. Is there an annual fee?
The Capital One Savor Cash Rewards Credit Card has no annual fee for the first year. After that, the annual fee is $95.
Conclusion
The Capital One Savor Cash Rewards Credit Card is an excellent choice for individuals who frequently spend on dining, entertainment, and streaming services.
With its high cash back rates in these categories and the $300 welcome bonus, it offers great rewards for those who enjoy food, fun, and entertainment.
The card’s no foreign transaction fees also make it an ideal option for travelers.
