Savor Rewards from Capital One review | finder.com

Savor® Rewards from Capital One® review – November 2018

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Get high cash back on dining and a generous signup bonus.

  • Get this card if you want excellent cash back on dining.
  • Pick something else if you’re looking for a high cash back across other purchase categories, or if you want an intro APR period.
  • Apply with a good to excellent credit score of 680 or higher.
Product NameSavor® Rewards from Capital One®
Card TypeMastercard
Annual Fee$0 annual fee for the first year ($95 thereafter)
APR (Annual Percentage Rate) for Purchases16.24%, 21.74% or 25.24% variable
Balance Transfer APR16.24%, 21.74% or 25.24% variable
Balance Transfer Fee3%
Cash Advance Rate25.24% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Minimum Age18 years of age
Welcome OfferSpend $3,000 within the first 3 months of opening your card to score a quick $500 cash bonus.
Reward Value per Dollar1% cash back
Rewards Points ExpiryNever

The basics

True to its name, the Savor® Rewards from Capital One® is a solid choice for foodies. That’s because it offers a strong cash back on dining — in fact, it’s a top-of-the-line rewards rate among competitors. Also, if you love going to sporting events, movies, concerts, theme parks, dance clubs and bowling alleys among others, you’ll earn high cash back on the tickets.

The perks

  • Signup bonus.
    Spend $3,000 within the first 3 months of opening your card to score a quick $500 cash bonus. On similar cards, you need to spend from $1,000 to $1,500 to clear a bonus of the same size.
  • Cash back.

    Get unlimited 4% back on dining and entertainment purchases, 2% on groceries and 1% back on everything else you buy.

How much cash back rewards can I earn with the Savor® Rewards from Capital One®?

Where you spend: The amount you spend: Cash back earned:
Dining $5,000 $200
Entertainment $2,000 $80
Groceries $4,000 $80
Everything else $7,000 $70
Total $18,000 $430

Suppose your annual spending looks similar to our example. You would earn $430. If you clear the signup bonus, you would earn a total of $930 during your first year.

How much do I have to spend to make the annual fee worth it?

The card has an annual fee of $95 starting from your second year. You need to spend $2,400 on dining and entertainment annually just to break even. Everything above that goes as a reward to your account.

You’ll also like …

  • No foreign transaction fees.

    When you pay abroad with this card, you won’t pay any fees. Other cards have up to 3% fee for each transaction.

  • Capital One security features.

    Get security alerts by email, text or phone, lock your card in case it’s lost or stolen and unlock it when you’re ready, $0 fraud liability coverage and more.

  • Travel insurance.

    Fare purchased with your card gives you automatic travel insurance. Pay your car rental with your card and get insurance against theft and collision damage.

  • No penalty APR.

    If you pay late, you’ll only pay a late payment penalty fee. Other cards have a penalty APR that may apply after a single late payment that you could be stuck with indefinitely.

  • High minimum credit line.

    Your credit line depends on multiple factors determined by Capital One. But know that the minimum credit line you can receive is $5,000.

What to watch out for

  • Annual fee.

    The card comes with a $95 annual fee, which is waived for the first year.

  • High APR.

    The card has many cool perks and features, but it has a relatively high APR on purchases and balance transfers of up to 25.24% variable.

Consider other cards if …

  • You want a similar card from another bank.

    Consider the Uber Visa Card from Barclays, which lets you earn 4% back on dining, 3% back on travel, 2% back on online purchases and 1% back on everything else.

    A similar card is the AARP® Credit Card from Chase where you get 3% back on dining and gas stations, and 1% back on everything else.

  • You want higher cash back on all purchases.

    The Citi® Double Cash Card lets you earn cash back twice — 1% unlimited on purchases and an additional 1% when you pay for those purchases.

    Alternatively, consider the PenFed Power Cash Rewards Visa Signature® Card where you get 1.5% back on all purchases — 2% back if you’re a PenFed Honors Advantage member.

  • You want higher cash back on groceries.

    The Blue Cash Preferred® Card from American Express from American Express offers 6% back on groceries up to $6,000 per year and 1% after that, 3% back at gas stations and select department stores and 1% back on everything else.

  • You want a card with a low APR.

    Consider the Barclaycard Ring® Mastercard®. You get one of the lowest APRs on purchases and balance transfers of 13.74% variable, and you can take advantage of a long intro APR on balance transfers.

Compare other cashback credit cards

    Name Product Filter values Annual Fee APR for Purchases (Purchase Rate) Intro APR for Balance Transfer
    $95
    14.99% to 25.99% variable
    0% for the first 12 months (then 14.99% to 25.99% variable)
    Earn $200 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & Fees
    $0
    14.99% to 25.99% variable
    0% for the first 15 months (then 14.99% to 25.99% variable)
    Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & Fees
    $0
    14.99% to 25.99% variable
    0% for the first 15 months (then 14.99% to 25.99% variable)
    Earn up to $250 back. Earn $150 back after you spend $1,000 or more in purchases with your new card within the first 3 months of Card Membership. Plus, earn an additional $100 back after you spend an additional $6,500 in purchases within your first 12 months. You will receive the cash back in the form of a statement credit. Rates & Fees
    $0
    14.99%, 18.99% or 24.99% variable
    0% for the first 15 months (then 14.99%, 18.99% or 24.99% variable)
    Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees.
    $0 to $99
    19.99% to 25.99% variable
    Get 1% cash back rewards on eligible purchase, terms apply.

    Compare up to 4 providers

    What should I know before I apply?

    To apply for this card, you must be at least 18 years old and a resident of the United States.

    The information you’ll need to provide is:

    • Your full name and contact information.
    • Your date of birth and Social Security number.
    • Financial information including income, employment status and mortgage or rent.

    What credit score do I need?

    You’ll have a better chance of approval for the card if you apply with a good to excellent credit score of 680 or higher. A higher credit score and lower credit utilization will help you on your way to getting a higher credit score and lower APR.

    What do customers say about the Savor® Rewards from Capital One® card?

    Overall, customers like the card’s rewards and think the signup bonus is a nice touch. Also, a number of customers claim they received a high enough credit line to make them happy.

    Accredited by the Better Business Bureau since 1995, Capital One earns an A+ rating from the BBB.

    How to apply for the Savor® Rewards from Capital One® card

    1. Go to the Capital One website and find the Savor® Rewards from Capital One® card from the list of cashback credit cards, then click Apply now.
    2. Complete the application form.
    3. Review and submit your application.

    How long will it take to be approved?

    Due to the automated preapproval process on the website, you’ll often get a decision in under a minute. In some cases, you may need to submit additional information and wait a few business days to a few weeks for a response. After approval, expect your card to arrive in the mail within 7 to 10 business days.

    I got the card. Now what?

    • Download the Captial One® Mobile app. Use it to activate your credit card, to pay your bills, send money to friends and family and more.
    • Pay on time. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
    • Avoid fees. For late payments, you’ll pay up to $38. Balance transfers and cash advances also come with fees.
    • Customer service. If you have questions, contact Capital One credit card support at 1-800-227-4825.

    How do I redeem rewards from Savor® Rewards from Capital One®?

    Get your cash back upon your request in the form of a:

    • Statement credit
    • Check
    • Credits for previous purchases
    • Gift cards

    Visit the Capital One website or contact their rewards center to set up your automatic redemption preference by:

    • A set time each calendar year
    • When a specific threshold — $25, $50, $100 or $200 — is reached.

    If you don’t have an automatic redemption preference, you’ll get your cash back upon your request.

    Bottom line

    This could be a great card for you if you mostly dine out. Additionally, you get a generous signup bonus once you meet certain spending requirements.

    As always, compare your credit card options before deciding on the right one for you.

    Frequently asked questions

    Images: Capital One
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