Capital One SavorOne® Cash Rewards Credit Card review: No annual fees and easy-to-earn rewards for foodies
Capital One® SavorOne® Cash Rewards Credit Card
CardRatings Editor's Analysis: Pros & Cons
- Not only is there no annual fee and no foreign transaction fees, but there is an introductory 0% interest rate on all purchases and balance transfers for the first 15 months (then, 15.49% - 25.49% (Variable)).
- The cash-back rewards can add up fairly quickly without too much effort. The rewards won't expire for the life of the account, and there is no cap on how much you can earn.
- You can earn a tasty $150 cash bonus after spending just $500 in the first three months after opening your account.
- This is an excellent no-annual-fee card for people whose spending is largely on food, whether dining out or shopping at grocery stores. If that isn't you, you'll want to search for a cash-back card with higher earn rates in other categories.
TABLE OF CONTENTS
- CAPITAL ONE® SAVOR ONE® REWARDS
- CAPITAL ONE® SAVOR ONE® CREDIT SCORE
- CAPITAL ONE® SAVOR ONE® ANNUAL FEE
- CAPITAL ONE® SAVOR ONE® FOREIGN TRANSACTION FEE
- CAPITAL ONE® SAVOR ONE® POTENTIAL DOWNSIDES
- HOW CAPITAL ONE® SAVOR ONE® COMPARES TO OTHER CARDS
- IS THE CAPITAL ONE® SAVOR ONE® A GOOD CARD?
If you love food (and admit it, you know you do), the Capital One® SavorOne® Cash Rewards Credit Card is a card you could really sink your teeth into.
This new card was designed with foodies and people with hefty grocery bills in mind with rewards earned on dining out, entertainment, and grocery purchases, and is a great no annual fee alternative to sister card, Capital One® Savor® Cash Rewards Credit Card, which has similar rewards, but a $95 annual fee (waived the first year).
With the Capital One® SavorOne® Cash Rewards Credit Card you'll earn 3% cash back on dining and entertainment purchases, 2% at grocery stores and 1% on all other purchases. You'll also earn 5% cash back on Uber Eats until January 31, 2021. As an added sweetener, there is no expiration on your rewards as long as your account is open and there's no limit on how much you can earn!
The Capital One® SavorOne® Cash Rewards Credit Card even offers an appetizer in the form of a $150 cash-back bonus when you spend just $500 in the first three months after you open your account. Anyone with children, in particular, knows how quickly you can spend $500 at grocery stores or on restaurant outings alone. Or if you just love dining out or have a taste for gourmet foods, the cash-back rewards can add up in a hurry.
If you like your rewards in the form of merchandise or travel miles, you may want to look at other card options; however, if you like cold, hard cash, this is a nice addition to your wallet.
When it comes to redeeming your rewards, the Capital One® SavorOne® Cash Rewards Credit Card makes it mouthwateringly simple. There is no enrollment needed and no rotating categories to keep track of. Best of all, you can set your account so that you automatically redeem your cash reward once a year or when it hits a certain threshold (as low as $25). Or just redeem your rewards on a whim in any amount you’d like as a statement credit or check.
The Capital One® SavorOne® Cash Rewards Credit Card has a $0 annual fee and 0% introductory APR for all purchases and balance transfers for the first 15 months (then, 15.49% - 25.49% (Variable)). Keep in mind though that there is a 3% fee on all balance transfers made during the promotional period.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- No annual fee
- No minimum to redeem for cash back
- Cash Back rewards do not expire as long as your account is open
According to Capital One, you'll need excellent credit to be approved for the Capital One® SavorOne® Cash Rewards Credit Card. Definitions of excellent credit can vary, but credit agency Experian says those with excellent credit usually have FICO scores of at least 800. Please note that this number can vary between different bureaus.
However, your credit score isn't necessarily the only thing being considered during an application review. Capital One defines excellent credit as never declaring bankruptcy, defaulting on a loan or being more than 60 days late on a payment. What's more, the company is looking to see if applicants have had a loan or credit card with at least a $5,000 credit limit for three years or more.
Have we mentioned the Capital One® SavorOne® Cash Rewards Credit Card annual fee yet? No? That's because there isn't one. That's right. Unlike other rewards cards which charge annual fees for the privilege of being a cardholder, Capital One isn't going to make you pay just to have this card in your wallet.
However, don't confuse the Capital One® SavorOne® Cash Rewards Credit Card with the Capital One® Savor®. There is an annual fee for the Savor® card after the first year, although you get enhanced benefits in exchange for the fee. We have more about how these cards stack up to each other in the comparison section below.
One valuable perk of the Capital One® SavorOne® Cash Rewards Credit Card is that it doesn't charge foreign transaction fees. Other cards may assess a fee that can tack on as much as 3% to your total bill if you pay in a foreign currency. However, foreign transactions come at no additional cost with this card.
While you can find plenty of other cards offering this benefit, many of those charge annual fees. The Capital One® SavorOne® card is notable because it doesn't charge an annual fee and still allows customers to make foreign transactions without it costing extra. That means foodie travelers can enjoy biryani in India, pastries in France and kimchi in Korea without supplmental fees. Plus, with the card's rewards program, there’s cash back earned on every meal.
If you are a person who tends to carry a substantial balance on your card, remember that the APR will jump to 15.49% - 25.49% (Variable) after the 15-month 0% interest intro period; paying interest at that rate will dull the flavor of your cash-back rewards for sure.
Additionally, if you like to accumulate miles for travel or like to redeem your rewards for merchandise, the Capital One® SavorOne® Cash Rewards Credit Card is likely not the card for you. It's technically possible to redeem your rewards for things like gift cards, but it's really designed as a cash-back card and the value of redemption changes when you start looking at other redemption options.
Lastly, if you tend to spend quite a lot dining out or at the grocery store, paying the annual fee for the Savor® card might be worth it given that you’ll earn 4% back on your dining and entertainment purchases.
Capital One® SavorOne® Cash Rewards Credit Card vs. Chase Freedom Unlimited®
If straightforward rewards earning is your forte, the Chase Freedom Unlimited® is worth your consideration. With no tiered rewards or quarterly bonus categories, this card earns unlimited 1.5% cash back on every purchase, everywhere; plus, new cardholder earn 5% cash back on grocery store purchases (excluding Target and Walmart) up to $12,000 spent during your first year. Paired with the current $200 bonus after spending $500 on purchases during the first three months of card membership, you can unlock a massive amount of value and by earning the same flat rate on all of your purchases. And the Freedom Unlimited® card is able to provide all of this value with no annual fee.
However, the 1.5% rewards rate, while straightforward, is lower compared to the Capital One® SavorOne® Cash Rewards Credit Card. The SavorOne® card earns tiered rewards at a rate of 3% cash back on dining and entertainment, 2% cash back on grocery purchases, and 1% on all other purchases. There's no annual fee, but the welcome bonus is the lower than that offered by Freedom Unlimited® offer — $200 cash back once spending $500 within the first three months of opening an account.
Both cards offer intro 0% APR on purchases for 15 months (then regular APR applies - 14.99 - 23.74% Variable for Freedom Unlimited® and 15.49% - 25.49% (Variable) for SavorOne®) but the SavorOne® card also extends this offer to balance transfers.
Capital One® SavorOne® Cash Rewards Credit Card vs. Capital One® Savor® Cash Rewards Credit Card
(This card is not currently available on CardRatings)
If you prefer a no annual fee card that offers excellent cash back for dining, the Capital One® SavorOne® Cash Rewards Credit Card is a good option. Unlike the Capital One® Savor® Cash Rewards Credit Card, which has a $95 annual fee (the fee is waived in the first year of card membership), the SavorOne® card has no annual fee. The SavorOne® card earns 3% cash back on dining and entertainment purchases, 2% at grocery stores and 1% on all other purchases. With a new cardmember bonus of $150 cash back after you spend $500 on purchases within the first three months from account opening, the SavorOne® offers a lot of value for a no annual fee card.
On the other hand, the cash-back earning potential of the SavorOne® on dining and entertainment is less than the Savor® card which earns 4% on these purchases, as well as 2% on groceries and 1% on all other purchases. The new cardmember bonus offered by the Savor® card is also higher than the SavorOne®, with a one-time $300 cash bonus after you spend $3,000 on purchases within the first three months from account opening. For higher cash back earning potential and a larger new cardmember bonus, the Savor® card has the advantage.
Capital One® SavorOne® Cash Rewards Credit Card vs. Capital One® Venture® Rewards Credit Card
(This card is not currently available on CardRatings)
If you have constant wanderlust and are looking for a card to help you to achieve your next dream vacation, the Capital One® Venture® Rewards Credit Card could be just the right credit card for you. The Venture® earns two miles on every purchase and has a new cardmember bonus of 50,000 miles, earned once you spend $3,000 on purchases within three months from account opening. There's also the added travel perk of a $100 credit towards Global Entry or TSA PRE✓® membership when you use your Venture® card to make the purchase. With all of the miles and perks offered by the Venture® card, you can practically feel the tropical sand between your toes.
Unlike the Capital One® SavorOne® Cash Rewards Credit Card, the Venture® card has a $95 annual fee (waived the first year), but it has no foreign transaction fees. Where SavorOne® sets itself apart from Venture® is in the dining and entertainment cash-back category. With 3% cash back earned on all dining and entertainment purchases, the SavorOne® card has an edge if you're someone who goes out often. If you are more of a foodie and less of a traveler, the SavorOne® card may be the better fit for you.
The Capital One® SavorOne® Cash Rewards Credit Card is designed for people who spend a good deal of money on food, either dining out or at the grocery store. If you dine out frequently, have a big family or enjoy gourmet foods, this is the card for you. That said, if you’re someone who REALLY likes to dine out, you could likely offset the annual fee of the Savor® card pretty quickly and earn at a higher rate while you do it.
But if you’re looking for a great no-annual-fee option and if you can see yourself spending at least $500 in the first three months, you can start to think about how you'd like to spend your one-time $150 cash bonus.
The Capital One® SavorOne® Cash Rewards Credit Card is well suited for people who like their rewards programs to be as simple as possible. There is no enrollment process and no rotating categories or complicated redemption process. Just set your account to your desired redemption preferences and start earning your rewards with each purchase.