Capital One SavorOne Credit Card review

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If you are looking for a credit card that’s both versatile and flexible, the Capital One® SavorOne® Cash Rewards Credit Card will give you both, and more, with no annual fee.

Most luxury credit cards lure you in with enticing perks and a large annual fee, but there is no catch with the Capital One SavorOne card. In addition to earning 3% cash back on dining and entertainment, 2% back at grocery stores and 1% back on all other purchases, you will also receive a $150 bonus after meeting minimum spending requirements.

Another advantage of the Capital One SavorOne is no foreign transaction fees on purchases made outside of the U.S., which isn’t exactly common for cards with no annual fee.

Here’s our full Capital One SavorOne Credit Card review.

Capital One SavorOne credit card review

Current bonus

Few no annual fee credit cards provide a good cash sign-up bonus, but the Capital One SavorOne makes its fair intro offer easy to earn. You’ll earn a $150 cash bonus when you spend $500 on purchases within the first three months of opening your account.

Essentially, by spending the minimum, you will effectively get 30% back—a sum larger than most average cash-back credit cards with an initial cash bonus offer. The $500 bonus will appear as a statement credit within two months of meeting the spending requirement.

Benefits and perks

Earning rates

With the Capital One SavorOne, you’ll earn:

• 3% cash back on dining (like restaurants, cafes, bars, lounges, fast-food chains and bakeries) and entertainment (including movie theaters, sports promoters (professional and semi-professional live events), theatrical promoters, amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls or bowling alleys)
• 2% cash back at grocery stores (supermarkets, meat lockers, freezers, dairy product stores and specialty markets; superstores like Walmart and Target are excluded)
• 1% cash back on all other purchases

These rates are higher than your average cash-back card, so it’s hard to beat the Capital One SavorOne card, especially when you factor in that it has no annual fee. Another perk to the cash back benefits is that you do not have to choose a category to earn your savings in.

Travel accident insurance

You’ll get automatic insurance for a covered loss at no extra charge when pay your entire fare with the Capital One SavorOne card.

Extended warranty

Purchase an eligible item with your Capital One SavorOne and you’ll get additional warranty protection at no charge.

How to redeem rewards

When it comes time to use your rewards, you can redeem cash back (as a statement credit or check) for any amount you choose, at any time. There’s no minimum redemption amount like some other cards. Or you can set up an automatic redemption when your cash back reaches a certain threshold, for example, $25.

The cash back you earn never expires as long as you are an active cardholder.

Is the annual fee worth it?

The Capital One SavorOne card has no annual fee, so it won’t cost you a thing to keep for the long term.

Who is the Capital One SavorOne for?

Data points suggest that Capital One will only approve one new credit card application every six months (personal or business). As with many banks, Capital One is known to be strict if you’ve opened a lot of credit cards (from any issuer) recently.

Also, to be approved for this card, Capital One suggests you only apply if you have “excellent credit.” Capital One describes excellent credit to be anyone who has:

• Never declared bankruptcy or defaulted on a loan
• Has not been more than 60 days late on a loan in the past year
• Has had a loan or credit card for three years or more with a credit limit of $5,000+

Similar cards to the Capital One SavorOne

The Capital One SavorOne card has a big brother – the Capital One® Savor® Cash Rewards Credit Card. It comes with a $300 cash bonus after spending $3,000 on purchases in the first three months of account opening, and the $95 annual fee is waived the first year. This card makes our list of the best cash back credit cards in 2020. You’ll also earn an improved 4% cash back on dining and entertainment, plus the same 2% cash back on groceries and 1% cash back on everything else. Here’s our review of the Capital One Savor to help you decide which version of the card is best for you.

Another great card option is the Chase Freedom®. This card offers a $150 bonus (15,000 Chase Ultimate Rewards points) after spending $500 on purchases within the first three months of account opening. With the Chase Freedom, you’ll earn 5% cash back (5 Chase Ultimate Rewards points per dollar) on up to $1,500 in combined purchases in categories which rotate each quarter when you activate the bonus, and 1% cash back (1x Chase Ultimate Rewards point per dollar on everything else). Here’s our Chase Freedom review to learn more.

Bottom line

Between 3% cash back on dining and entertainment, 2% back at grocery stores and a $150 bonus with a low minimum spending requirement, the benefits of holding a Capital One SavorOne Cash Rewards Credit Card are tangible. And because it has no annual fee and no foreign transaction fees, it’s a no-brainer to keep forever and use when you travel abroad.

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