Card Review: Capital One® Savor® Cash Rewards Credit Card
The Capital One® Savor® Cash Rewards Credit Card offers best-in-market cash back rewards on restaurants and entertainment paired with an attractive signup bonus, making this card a tempting choice for the out-on-the-town cardholder.
$300 Signup Bonus
Like many high-end rewards cards, the Capital One® Savor® Cash Rewards Credit Card offers an attractive sign-up bonus. You’ll earn $300 after spending $3000 on purchases in the first 3 months. The minimum spend averages out to $1,000 a month, which is relatively low for most people who are serious about credit card rewards.
Premium Cash Back Rewards
The main draw of the Capital One® Savor® Cash Rewards Credit Card is the high cash back rate on dining and entertainment – 4% is pretty much as good as it gets. There are no rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn.
“Entertainment” sounds a bit vague but is actually quite inclusive. Capital One defines it as “a purchase made within the categories of movie theaters, record stores, video rentals (excluding digital streaming and subscriptions services), tourist attractions, amusement parks, aquariums, zoos, dance halls, billiard and pool establishments, bowling alleys and ticketed events (e.g., live theater, bands, orchestras and commercial sports operations).” Now that’s entertainment.
You also earn 2% cash back at grocery stores and 1% on all other purchases. In addition, you can earn 8% cash back on tickets at Vivid Seats through May 2020.
The high cash back rates on dining and entertainment make Capital One Savor an appetizing credit card option for frequent diners, foodies, and those with active social lives, which makes us think they’re marketing to millennials.
$95 Annual Fee Waived for the First Year
Nobody likes paying an annual fee, but the cards with the best rewards usually charge them. The good news is that the Capital One® Savor® Cash Rewards Credit Card‘s annual fee is waived for the first year, so you can try the card risk-free. You’ll pay $0 for first year; $95 after that.
Cardholders who spend a lot on going out – to restaurants and/or events – will find the annual fee is justified. Those who don’t might be better off considering the Capital One® SavorOne℠ Cash Rewards Credit Card, which offers 3% cash back on dining and entertainment with a signup bonus of $150 cash rewards after spending $500 in the first 3 months and $0 annual fee.
Flexible Redemption Options
One of the great things about the Capital One® Savor® Cash Rewards Credit Card is its flexibility. Not only is the unlimited cash back structure simple, but so are the redemption options.
You can redeem your cash back anytime as a statement credit or check or use it to purchase a wide selection of gift cards. There’s even an option to set up an automatic redemption schedule. You can get it at a specific time each year or when you’ve accumulated a set amount of cash back ($25, $50, $100, or $200). Isn’t it wonderful when a credit card issuer wants to give you rewards when and how you want them?
The Capital One® Savor® Cash Rewards Credit Card comes with a few valuable benefits and extras that make it even more appealing to in-the-know cardholders who take advantage of them.
- Receive a monthly statement credit for a Postmates Unlimited monthly membership through Dec. 2019 with the Capital One Savor Card.
- No foreign transaction fees – This is a big one for travelers and online shoppers.
- Premier access – Capital One Savor is a card for those who enjoy dining and entertainment, so it makes sense that cardholders get exclusive access to and discounts on culinary experiences and event tickets.
- $0 Fraud liability – You’re never liable for fraudulent transactions.
- Generous sign-up bonus with a reasonable minimum spend
- Highest cash back rate on dining and entertainment in the market
- Rewards never expire
- Unlimited cash back
- The annual fee is $0 for the first year
- Flexible redemption options
- The regular annual fee is $95
- Low cash back rate on any spending that doesn’t fall into the dining, entertainment, or grocery store categories
- You need Excellent/Good credit to qualify
- The 2% cash back at grocery stores excludes superstores like Walmart® and Target®
The Bottom Line
With its generous signup bonus of $300 after spending $3000 on purchases in the first 3 months and best-in-market cash back rewards on dining and entertainment, the Capital One® Savor® Cash Rewards Credit Card is a smart pick for people with above average spending in those categories (and Excellent/Good credit). The suite of extra perks makes it a well-rounded card that’s absolutely worth considering.
The $95 annual fee will give some cause for pause, but Capital One Savor is free for the first year, so there’s little risk in taking the card for a test drive. That said, in the long term, the annual fee means that only people who spend big on dining and entertainment will get maximum value from this card. Homebodies will want to look elsewhere.
Compare our other cash back credit cards to find one with a lower or no annual fee.