Capital One SavorOne Cash Rewards Credit Card Review
Do you remember the first time you heard the term “celebrity chef?” It doesn’t feel like it was that long ago, but for many people, some of their favorite celebrities are chefs. Whether you think of yourself as a foodie or not, millions of Americans are taking what they eat more seriously — and they're spending more to enjoy the most memorable dining experiences at home and when they go out. Capital One has introduced the Capital One SavorOne Cash Rewards Credit Card, which rewards you the most when you dine out and shop at grocery stores.
How This Card Works
New applicants can receive a one-time $200 cash bonus once they spend $500 on purchases within three months of account opening. This card also offers you 3% cash back on all your dining and entertainment purchases, with no limits. You also receive 3% cash back from popular streaming services and at grocery stores, and 1% cash back elsewhere. The card also earns unlimited 5% cash back when you book hotels and rental cars through Capital One Travel. You can also earn 8% cash back on Capital One Entertainment purchases. There are no limits to the amount of rewards that you can earn from any of these categories, and your rewards will never expire so long as your account is open. When it comes time to redeem your rewards, you can receive your cash back in any amount.
As part of the World Elite Mastercard program, this card comes with numerous travel insurance and shopping protection policies. It comes with MasterRental worldwide rental car insurance, a travel accident policy and baggage delay coverage. You also receive trip cancellation and trip interruption insurance that covers you when the unexpected derails your plans.
When shopping, your purchases are protected with a price protection policy and extended warranty coverage. The World Elite Mastercard program also includes numerous travel and shopping discounts including elite rental car status with Avis, National, Budget and Sixt car rentals. Mastercard even provides you with a 24/7 concierge service and identity theft resolution services.
New accounts receive 15 months 0% APR financing on new purchases and balance transfers, followed by a standard interest rate of 19.24% to 29.24%, based on your creditworthiness when you applied. Like most credit cards, this is a variable rate that can change with the prime rate. While there is a 3% fee on transfers made within the first 15 months of card membership, there’s no annual fee for this card, and as with all other Capital One cards, you’ll never be charged a foreign transaction fee.
If you dine out often, it will be difficult to beat earning 3% cash back on all of your dining. These rewards apply at any business coded as a restaurant, so you should receive them whether you are enjoying a meal at the latest new restaurant or just picking up some takeout from your favorite local dive. Earning 3% cash back at grocery stores is also very competitive, though there are other cards that can offer more rewards at supermarkets, albeit with annual limits.
This card is also one of the rare cards that’s part of the World Elite Mastercard program but doesn’t have an annual fee. This can offer some very valuable shopping and travel discounts, especially on airfare. For example, you can receive a business class upgrade with the purchase of a qualifying Economy Class fare on Lufthansa group, flights which include Swiss, Austrian, Brussels and others.
The 15 months of 0% APR financing on new purchases and balance transfers is a valuable offer, but it’s certainly not the longest offer of its type. Finally, it’s always nice to find a good rewards card that has no annual fee and no foreign transaction fees.
As with any rewards card, you can’t expect to receive a standard interest rate that’s competitive with a similar non-rewards card. If you tend to carry a balance on your credit cards, then you should avoid using rewards cards and focus on finding a card with the lowest possible interest rate while you repay your debt.
Like many reward cards with strong bonus categories, it only offers a nominal 1% cash back for non-bonus purchases. For a higher rate of cash back on purchases that don’t qualify for a bonus, you can use one of many cards that offer a higher cash-back rate but lack other bonus categories.
Capital One used to shy away from offering so-called tiered reward cards with special bonuses for certain purchases, but it now seems to be diving into that market. The Capital One SavorOne Cash Rewards Credit Card is a strong product designed to reward those who spend significantly on dining and at grocery stores. If food is a major part of your life, then the SavorOne card may be right for you.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.