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Savor℠ Cash Rewards Credit Card

Our Two Cents: Capital One® Savor℠ Cash Rewards Credit Card Review

Capital One's newly launched Savor card looks pretty tasty for the casual foodie. Offering unlimited 3% cash back on dining out and 2% cash back on groceries, this no annual fee card has a niche place in the market. But, like escargot it won't be for everyone. Let's take a closer look to figure out if this is the right card for you.


Counting Your Pennies - How To Earn Rewards with the Capital One® Savor℠ Cash Rewards Credit Card

The earning structure is pretty straightforward on this card. You'll earn 3% cash back on all dining purchases, 2% on groceries, and 1% on everything else. There is also a welcome bonus for new customers. You'll receive a $150 bonus after spending $500 in the first 3 months of account opening. Rewards can be redeemed at any time. There is no minimum to redeem, which is a nice plus. This card does also offer some unique savings opportunities. For example, it doesn't charge a foreign transaction fee, which is somewhat rare for a no annual fee card. Capital One also offers Second Look, a free alert service that will notify you of unusual spending patterns. This could include a repeating charge that goes up from one month to the next, a double charge in close proximity, or a high dollar charge outside of your normal spending habits. 


Who Should Get It?

People that dine locally and don't do much travel. We'd also recommend that you have a flat rate 2% earning card in your wallet if you're going to carry this card. 1% different might not seem like a ton, but if you're spending a $100 a month on dining out, you're looking at an extra $12 a year in rewards without paying an annual fee. Not huge, but smart. You'll also start building a relationship with Capital One, which could come in handy later if you decide to purchase a home or a new car. Capital One is a major player in the financial lending space and it never hurts to have an existing relationship.


Who Shouldn’t Get it?

We wouldn't recommend using this for everyday purchases that are not food related. There are a handful of cards that offer 2% or more on your everyday spend. If you have access to a PNC branch, they also have a great no annual fee card that offers 3% on dining, but also offers 4% back on gas. The trouble with that card is that rewards are capped at your first $8,000 in spend. You also may want to consider a premium card if you travel frequently. For example, the Chase Sapphire Reserve will get you 4.5 cents per dollar spent (when you redeem your points for travel), but you're also going to pay a $450 annual fee.


Final Thoughts

The Savor card is kind of interesting for those that do a fair amount of dining out and are looking for a no annual fee card. We probably wouldn't recommend this as a standalone product, but coupled with a flat 2% earning rate card you might be okay.


Capital One® Savor℠ Cash Rewards Credit Card Highlights

  • Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back on dining, 2% on groceries and 1% on all other purchases
  • 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
  • 0% intro APR on purchases for 9 months; 16.24% - 24.99% variable APR after that
  • 0% intro APR on balance transfers for 9 months; 16.24% - 24.99% variable APR after that; 3% fee on the amounts transferred within the first 9 months
  • No annual fee
  • No foreign transaction fees


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