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Do you consider yourself a foodie? Do you like eating out or buying ingredients at the grocery store to make delicious home-cooked meals? With its recent launch of the SavorOne Cash Rewards Credit Card, Capital One has made a card catered to (pun intended) all food-lovers.
Most credit cards aren’t specifically geared toward rewards for dining, but the Capital One SavorOne Card is. With SavorOne, you won’t have to keep track of revolving spending categories that may include restaurants for a brief period, and you get more than the standard 1% or 2% cash back rate on dining out. If food is your thing, the Savor Card offers 3% on dining out at your favorite restaurants—and the total cash back you earn is unlimited.
What makes this card even better for foodies is that stay-at-home chefs can earn 2% cash back at grocery stores and 1% cash back on all other purchases. Plus, there’s no annual fee, making your earnings even more delicious.
What’s the Current Sign-Up Bonus?
New cardmembers earn $150 cash back if they spend $500 within the first three months of opening their account.
What Are the Benefits of the Capital One® SavorOne® Card?
If you frequently eat out, this card will give you a high return rate on your purchases. The 3% cash back also applies to entertainment. If you spend a lot on groceries, the amount of cash back you earn will also be quite high, especially if you like to go to different grocery stores. The SavorOne Card does not limit where you can shop, unlike co-branded credit cards that offer rewards for shopping only at certain places. Additionally, there’s no cap on the amount you can earn, which sets the SavorOne Card apart from other rewards cards that have tiered cash back categories.
Since the card has no revolving categories to keep track of, you know you’ll always get the same cash back rate by eating at the places you love. The SavorOne Card has an introductory 0% APR on purchases and balance transfers for the first 15 months that the account is open, then an APR of 14.74% - 24.74% (Variable), based on creditworthiness. The Savor Card also comes with travel assistance services, travel accident insurance, and baggage delay insurance.
What Are the Drawbacks of the Capital One® SavorOne® Card?
Even though 3% on dining out and 2% back on groceries is pretty sweet, some rewards cards do offer more cash back—such as the American Express Blue Cash Preferred Card, which offers 6% cash back on up to $6,000 in purchases made at US supermarkets. That 6% is especially impressive, but keep in mind that the card doesn’t offer extra cash back for purchases made at restaurants.
If you don’t frequently eat out or do much grocery shopping, your cash back earnings won’t be as high—Savor offers only 1% cash back on other types of purchases. Other cards, like the Chase Sapphire Preferred Card, have broader rewards programs that may be a better option if dining out isn’t a priority for you.
You can only redeem your points for cash back with the Savor Card, while most other credit cards allow you more redemption options, such as on travel, hotels, and gift cards. SavorOne also has a 3% balance transfer fee, so if you’re planning on paying off some debt, you’ll have to consider whether the balance transfer fee is worth paying. Other cards like Citi Simplicity offer a longer interest-free period on balance transfers.
How Do I Qualify for the Capital One® SavorOne® Card?
In order to qualify for the Capital One SavorOne Cash Rewards Credit Card, you need excellent credit. You’ll want to make sure your credit is in tip-top shape before you apply. Remember, you can check your credit score for free here.
At publishing time, the Capital One SavorOne Cash Rewards Credit Card, the Blue Cash Preferred Card from American Express, the Chase Sapphire Preferred Card, and the Citi Simplicity Card are offered through Credit.com product pages, and Credit.com is compensated if our users apply for and ultimately sign up for any of these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved, or otherwise endorsed by the issuer(s).
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