Capital One SavorOne Rewards Credit Card Review

Full Review of the Capital One SavorOne Rewards Credit Card

Pros Explained

• Generous cash rewards for dining, entertainment, and groceries: The Capital One SavorOne offers handsome rewards for going out, with its 3% cash back on dining, entertainment, popular streaming services, and groceries, plus 1% on all other purchases. You earn rewards by spending at restaurants, bakeries, movie theaters, concert halls, other entertainment venues, and grocery stores.
• No annual fee: The absence of an annual fee is welcome, especially considering the robust rewards.
• $200 initial cash bonus: Enjoy a $200 bonus if you spend $500 within the first three months of opening your account.
• 0% intro APR: Pay no fees on purchases and balance transfers for the first 15 months.
• Doesn't impose some typical fees: Capital One charges no foreign transaction fee and there's no penalty APR associated with late payments,

Cons Explained

• Excellent credit recommended for approval: Capital One assigns each of its cards a recommended credit level for approval to help applicants select the best card for their circumstances. Capital One SavorOne has a recommended credit level of "Excellent."
• Balance Transfer Fee: Capital One imposes a 3% fee for any balances transferred during the 15- month introductory period.

Who This Card Is Best For

The Capital One SavorOne Rewards card is best suited for someone who wants to earn solid cash-back rewards on dining and entertainment without paying an annual fee. Its introductory $200 cash bonus requires only $500 in purchases within three months from account opening, making it attractive for those who don't plan to charge a lot to the card.

The Capital One SavorOne Rewards card is worth considering, too, by those who prefer to cook at home. The 3% cash back at grocery stores is a very respectable rate, especially for a card with no annual fee. For example, if you spend $4,500 a year on groceries, that alone would yield $135 a year in cash back.

With no foreign transaction fees, this can be a smart card choice if you plan to make purchases outside of the U.S. Foreign transaction fees imposed by other cards can easily add 2% to 3% to the cost of purchases made in foreign currency, either while traveling or when buying online from a retailer based outside the U.S.

Capital One SavorOne Rewards Credit Card One-Time Offer

Earn a $200 statement credit after you make $500 in purchases on the card in the first three months you have the card. That's an average monthly spend of $167.

Rewards Earning Details

You earn 3% cash back on dining, entertainment, popular streaming services, and at grocery stores, plus 1% on all other purchases. Those rewards are unlimited, and your cash back never expires as long as your account remains open and in good standing.

To qualify for the higher reward rate, purchases must be assigned to the proper merchant category by merchants. Capital One notes that purchases at some vendors, such as food trucks, supermarket food counters, and hotel restaurants, may not qualify for the dining rewards rate if the merchant doesn't code them appropriately. 

You also won't earn 3% rewards on purchases made at golf courses, country clubs, college sporting events, charitable organizations that provide live entertainment, amusement park tickets purchased through third-party sites, or resort packages that are categorized as "travel" or "hotel." 

Additionally, not every grocery store or supermarket qualifies for the 3% cash-back rewards rate on groceries. Like some other card issuers, Capital One excludes superstores, such as Walmart and Target, as well as warehouse clubs and convenience stores. If you buy groceries at those store types, you'll earn only 1% cash back on those purchases. 

For an added benefit, you can earn unlimited 5% cash back on rental cars and hotels that you book through Capital One Travel.

Rewards Redemption Details

Rewards can be redeemed for a statement credit, check, gift cards, or merchandise. There's no minimum amount of cash that you have to redeem, and you can redeem at any time. You can also set up automatic redemptions for a specific date or once you reach a certain dollar amount.

Gift cards are issued physically by mail and sold on a 1:1 basis; you receive a card with the same value as the rewards used to buy it. Partners include Amazon, Apple, Bloomingdale's, GAP, Kohl's, and many other notable retailers.

How to Maximize Your Rewards

To get the most from this card, start by qualifying for the introductory $200 offer. The $500 minimum spending requirement should be an easy target to hit within the first three months of your account opening. You can continue maximizing your cash back earnings by using your card wisely, especially for dining, entertainment, and grocery store purchases.

Let's assume your household spends $5,200 per year dining out and $6,000 per year on entertainment. That's about 70% above the norm, according to the Bureau of Labor Statistics. Perhaps you also spend $5,300 per year on groceries (about the average). If this $16,500 in spending is charged to your Capital One SavorOne card, the 3% cash-back rate would net you $495 in savings for the year.

Capital One SavorOne Credit Card's Outstanding Benefits

• Travel accident insurance

Standard Benefits

• Extended warranty protection
  
• 24-hour travel assistance services
• Access to exclusive tickets for entertainment and sporting events
• Concierge for booking event tickets, travel, and other services

Cardholder Experience

Capital One ranked fifth out of 11 national card issuers in J.D. Power's 2022 U.S. Credit Card Satisfaction Study. It gave Capital One a score that was two points below the average.

The company offers a number of fairly standard features that help make managing your account easier, including autopay, 24/7 customer service access, and online and mobile banking access. You can also text Eno, the Capital One Assistant, to get your account balance or pay bills using your card on the go. CreditWise is Capital One's credit monitoring service, which is free to use. You can get regular credit updates based on information in your TransUnion credit report.

If you have questions, you can tweet @AskCapitalOne or call customer service at 1-800-CAPITAL (1-800-227-4825). The company, however, has no chat or email options for customer service, at least as available through its website.

Security Features

Capital One offers a number of standard security services on its cards, including:

• Credit fraud alerts, via text, email, and phone
• Virtual card numbers for online shopping
• Ability to lock your card if it's lost or stolen
• $0 fraud liability protection in the event that your card is used to make unauthorized purchases

Fees to Watch Out For

Luckily, there aren't many fees with the SavorOne Cash Rewards Card. Given that it has such a strong rewards program the lack of an annual fee is a nice benefit. However, if you want to take advantage of the the balance transfer introductory rate, be aware of the 3% fee.

Final Verdict

For a card with no annual fee, the Capital One SavorOne credit card offers outstanding cash back rewards for dining, entertainment, and grocery purchases. Indeed, its rewards are so good that this card may prove more advantageous than others that target the same categories, may have a few more perks, and charge a fee.