Capital One SavorOne Card vs. Capital One Savor Rewards Card
If you’re intrigued by the Capital One SavorOne card, you may also want to consider its older brother, the Capital One Savor Rewards Credit Card.
| Capital One SavorOne Rewards Credit Card | Capital One Savor Rewards Credit Card | |
|---|---|---|
| Credit required | Excellent, Good | Excellent |
| Annual fee | $0 | $95 |
| Intro APR | 0% intro APR on purchases and balance transfers for the first 15 months of account opening (16.49% – 26.49% (Variable) APR afterwards) | None |
| Regular APR | 16.49% to 26.49%, based on your creditworthiness | 16.24% to 24.24%, based on your creditworthiness |
| Signup bonus | $200 after spending $500 or more in the first three months of account opening | $300 after spending $3,000 or more in the first three months of account opening |
| Rewards | 3% cash back on dining, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®); 1% back on all other purchases | 4% cash back on dining, entertainment, and popular streaming services; 3% back on grocery stores (excluding superstores like Walmart® and Target®); 1% cash back on all other purchases |
| Perks and benefits | Extended Warranty, Travel Accident Insurance, No Foreign Transaction Fees | Extended Warranty, Travel Accident Insurance, No Foreign Transaction Fees |
The Savor offers greater cash back potential than the SavorOne in the long run. However, it also comes with a $95 annual fee.
Additionally, new applicants of the Savor will earn $300 cash back after $3,000 or more spent in the first three months of account opening. While the Savor comes with a bigger payout, the minimum spend requirement is much higher.
Wondering if the Savor is worth the $95 annual fee? If you expect to spend $9,500 (or more) on dining, entertainment, and popular streaming services in a year, the annual fee on the Savor becomes worth it for the greater 4% earning potential (1% higher than the SavorOne in those spending categories).
Read more: Should you ever pay a credit card annual fee?
Who should apply for the Capital One SavorOne Card?
The SavorOne is a terrific no-annual-fee card for those with busy lifestyles. It’s an especially compelling card if you live in a big city with tons of events, as the SavorOne will help you earn and redeem rewards for tickets and experiences.
Ultimately, you should estimate your average spending habits each month. It helps to know roughly where your money goes. If your top spend categories are groceries and restaurants, the SavorOne is truly one of the best cash back cards to help maximize that spend.
Read more: How to choose a cash back credit card
How to apply for the Capital One SavorOne Card
If you’re ready to apply for the Capital One SavorOne, you’ll want to gather the necessary information. The first step of the application will ask for your name, date of birth, Social Security Number, and U.S. citizenship status.
Then, you’ll need to provide your contact information, including your home address, phone number, and email address.
Finally, the application will ask for your financial picture, including your employment status and monthly income. Once you press submit, Capital One will analyze the data provided to approve or deny you. In some instances, the issuer cannot provide an instant outcome and may need more time to come to a decision.
FAQs
How does cash back work for the Capital One SavorOne?
When you use your credit card for a purchase within the SavorOne’s bonus categories, you’ll earn unlimited 3% cash back. However, merchants are assigned a category code. If the code does not fall under the card’s four bonus categories — dining, entertainment, popular streaming services, and grocery stores — then you won’t earn at the 3% rewards rate. Still, you’ll earn 1% cash back on non-bonus purchases.
How to redeem Capital One SavorOne rewards?
On your Capital One online account, you’ll find your statement balance and earned rewards. You can redeem your cash back at any time (and for any amount) for more than a handful of options, whether that’s for a statement credit or toward gift cards. Rewards never expire as long as you keep your credit card open and in good standing.
What are the Capital One SavorOne’s terms for balance transfers?
The Capital One SavorOne offers a 0% intro APR for purchases and balance transfers in the first 15 months of account opening. During this period, a 3% balance transfer fee will still apply. After the introductory period, there’s a balance transfer APR of 16.49% to 26.49% (based on your creditworthiness), but no balance transfer fee.
Summary
The Capital One SavorOne allows you to earn 3% cash back rewards while you’re out on the town, making it one of the top no-annual-fee options available. It’s a particularly good card for those in their 20s to 30s thanks to its lucrative rewards potential without an annual fee.
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