Savor Rewards from Capital One Credit Card Review
January 6, 2020
Get rewarded with the Savor Rewards from Capital One
If you love exploring new restaurants, meeting friends at local cafes or even having pizza delivered when you don’t feel like leaving home, the Savor Rewards from Capital One is perfect for you. Built for those who love being out on the town, this card offers some serious rewards on dining and entertainment.
How serious, you ask? You’ll earn unlimited 4% cash back on dining and entertainment, plus 2% back at grocery stores and 1% back on all other purchases, putting more money in your wallet for your next night-out adventure.
What to expect from the Savor Rewards from Capital One
- APR: 0% Intro APR on purchases for the first 12 months. After the intro period, the standard variable rate APR will start at either 16.24%, 21.74% or 25.24%.
- Annual Fee: $0 for the first year, then $95 every year after.
- Reward Rates: Earn unlimited 4% cash back on dining and entertainment, 2% back on grocery stores and 1% on all other purchases.
- Intro Offer: Earn a one-time $300 cash bonus once you spend $3,000 on purchases within three months from account opening.
- Bonus offers: The Savor Rewards card often includes bonus reward offers like 8% cash back on tickets at Vivid Seats (through May 2020).
- Redeeming rewards: Rewards don’t expire for the life of the account, and you can redeem for cash back for any amount.
- Foreign transactions: No foreign transaction fee on purchases made outside the United States.
- Premium access: Capital One cardholders can get premium access to exclusive events sponsored by Capital One. Perks include pre-sale tickets for concerts and music festivals, access to cardholder-only events and the opportunity to purchase a Capital One Access Pass with event-specific benefits.
- Complimentary concierge service: You’ll have access to assistance for dining, entertainment and travel all day, every day.
- Travel accident insurance: You’ll get automatic insurance for covered loss at no extra charge when you use your credit card to purchase your fare.
- Protection: Savor Rewards keeps your credit safe with features like virtual card numbers from Eno, card lock and credit report monitoring with CreditWise.
But keep your eyes open for pitfalls
While the rewards from Savor are fantastic, you should keep a few things in mind before you apply. First, the $95 annual fee is waived the first year, but it will be automatically charged to your account after your first year is over. If you want to avoid the annual fee, you should consider the SavorOne Rewards by Capital One. The cash back rewards are a bit lower — 3% back on dining and entertainment, 2% at grocery stores and 1% on all other purchases — but the benefits are still great.
If your idea of a great night involves watching movies at home more than trying the new restaurant around the corner, the Savor Rewards card probably won’t be your best option because it rewards those who spend more on restaurants and entertainment. You’ll be better off with a total cash back card like Quicksilver from Capital One, which earns 1.5% cash back on all purchases with no annual fee.
How to maximize your Savor Rewards from Capital One rewards
Sprinkle in a few health food stops in your dining and entertainment adventures to make sure you take full advantage of everything your Savor Rewards card has to offer. You should follow these three steps to fully feast on Savor’s rewards.
First, Don’t miss the new cardmember bonus reward. After you spend $3,000 in the first three months you’ll earn an extra $300 cash bonus that you can use to treat yourself to an extra-special meal or two (and maybe even a few drinks)! Don’t get caught at home while the opportunity to earn this big bonus passes you by.
Second, prioritize dining and entertainment. There are plenty of great cash back rewards cards that give you at least 1% cash back for everyday purchases. So, if all you’re buying is shampoo, ramen noodles and a tank of gas from time to time, you’d be better off skipping Savor Rewards. Savor’s biggest draw is the unlimited 4% cash back on dining and entertainment — a perk you’ll find hard to beat in those categories!
Third, have a great time with friends! Getting out of your home and spending time with people you care about is the best way to take full advantage of Savor Rewards. You’ll build relationships, explore new restaurants and take new adventures — all while earning 4% back on every dollar you spend on dining and entertainment.
If you’re someone who has at least three restaurants in mind when asked, “What should we do for dinner?”, Savor Rewards from Capital One could be the cash back rewards card for you. Its 4% cash back on dining and entertainment serves up huge rewards for breakfast, lunch and dinner.
You’ll have even more cash to spend at your favorite dive bar or music hall once you earn the new cardmember bonus of $300 after you spend $3,000 on purchases within the first three months. Pair your rewards with special offers like 8% cash back from Vivid Seats (through May 2020) and you’ll earn even more cash while doing things that you love.
If you’re someone who prefers a quiet night in with a home-cooked meal, you might prefer a flat-rate cash back card like Quicksilver from Capital One, where you can earn 1.5% cash back on every purchase with no annual fee.
Capital One says Savor is only for those with excellent credit, so if you’re rebuilding your credit or have a credit history of fewer than three years, you should check out QuicksilverOne from Capital One to still reap the benefits of cash back rewards.