Capital One SavorOne review: It comes down to 1%

Sep 3, 2019

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

The Capital One® SavorOne® Cash Rewards Credit Card is a decent no-annual-fee card if you spend regularly on dining or entertainment. It offers unlimited 3% cash back on those two categories, plus 2% at grocery stores and 1% on everything else. The card features just an average sign-up bonus and isn’t ideal for spending outside of its bonus categories, but it’s not a bad choice for foodies or regular concertgoers. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

The Capital One SavorOne Cash Rewards Credit Card was introduced in August 2018 as the no annual fee version of its older sibling, the Capital One Savor Cash Rewards Credit Card. While the card doesn’t feature earning rates as high as the annual fee version, you can still savor your meals and entertainment with the SavorOne knowing that you’re earning a decent amount of cash back at an unlimited rate. Let’s dig in and see if this is the card for you.

In This Post

Who Is This Card For?

If you’re a fan of dinner and a movie but not a fan of annual fees, then the no-annual fee Capital One SavorOne is a solid card to consider since it earns 3% cash back on dining and entertainment purchases, which is relatively generous for a no-annual fee cash back card. What’s also generous is the card’s broad definition of dining and entertainment. “Dining” covers restaurants, cafes, bars, lounges, fast-food chains and bakeries, while “entertainment” includes movies, plays, concerts, sporting events, tourist attractions, theme parks, dance clubs, pool halls, bowling alleys and visits to aquariums and zoos. You’re also covered for purchases at record stores and video rental locations (if you can find any), giving you plenty of opportunities to earn top cash back.

It’s only natural that you might also consider the SavorOne’s older sibling, the Capital One Savor, which comes with a $95 annual fee (waived the first year). The $95 Savor comes with an additional 1% cash back on dining and entertainment, bringing the cash back earned to a total of 4% in those categories, along with the same 2% at grocery stores and 1% on everything else. So you’d need to spend an extra $9,500 on dining and entertainment each year to make the annual fee of the Savor card worth it based purely on spending alone.

Further Reading: The Best Cash Back Credit Cards of 2019

Sign-Up Bonus: $150

Capital One is currently offering a bonus of $150 cash back on the Capital One SavorOne after spending $500 within the first three months of account opening, which is typical for no annual fee cash-back cards. It’s nothing special — just some extra cash in your pocket — but the low minimum spend should be achievable for most people. And of course, there’s nothing more flexible than pure cash back — no points or miles to redeem or worry about transferring or converting.

Main Benefits and Perks

For a card with no annual fee, the Capital One SavorOne comes with some nice perks. You won’t pay foreign transaction fees when making a purchase outside of the US. There’s also travel accident insurance, roadside assistance, secondary car rental insurance and extended warranty protection. Also, if you need help making a restaurant reservation, buying concert tickets or planning travel, you can call the card’s concierge service 24 hours a day, 365 days a year.

The SavorOne also features some useful security features, including virtual card numbers, which allows you to generate one-time-use card numbers for online purchases so that you don’t need to provide your actual card number, as well as the ability to lock your card in the Capital One mobile app rather than cancelling it right away if it’s temporarily misplaced or lost.

How to Earn Rewards

The Capital One SavorOne offers generous bonus categories when compared to other no-annual fee cash back cards, and even some cards that do have annual fees. The real highlight is the higher cash back in the dining and entertainment categories, though you can also get some value with extra cash back at grocery stores.

  • 3% cash back on dining and entertainment
  • 2% cash back at grocery stores
  • 1% on all other purchases

Although the definition of dining and entertainment is broad as previously noted, don’t forget to read the card’s fine print. The SavorOne excludes “non-industry entertainment merchant codes like cable, digital streaming and subscription services,” so you should use a different card to maximize your subscriptions to streaming services like Netflix and Hulu.

Further Reading: How Credit Card Issuers Classify Travel and Dining Purchases

Redeeming

It’s simple to redeem cash back with this card by requesting a statement credit, check or gift card, as long as you’ve reached a $25 threshold. All you have to do is initiate the redemption through the Capital One app or through your online account. Since there are no points or miles to deal with, you’ll just be able to redeem as much cash back as you want, up to the amount you’re earned.

Capital One SavorOne Competitors

When it comes to sign-up bonuses, the Chase Freedom and the Capital One Quicksilver Cash Rewards Credit Card both have no-annual fee and offer $150 cash back bonuses after spending $500 in the first three months. However, the Chase Freedom offers 5% cash back only on up to $1,500 in purchases in quarterly rotating categories (activation required), while the Quicksilver earns a flat 1.5% cash back on all purchases with no bonus categories at all. The Chase Freedom Unlimited also earns 1.5% on all purchases, but cash back from the Freedom Unlimited can be converted to Ultimate Rewards travel points if you also have a premium Chase card, such as the Chase Sapphire Preferred Card.

Clearly, what makes the SavorOne different are its bonus earning categories, which are more generous than the other three. In fact, the only credit card with no annual fee that beats the SavorOne on dining is the Uber Visa Card, which offers 4% cash back on dining, but doesn’t feature bonus points for entertainment.

Further Reading: The Best Credit Cards for Restaurants and Dining Out

Bottom Line

If dining and entertainment aren’t major spending categories for you, or if you’d rather earn a flat earning rate on all spending, then there are other cash-back cards that might be better suited for you. On the other hand, if you’re trying to earn points and miles to put toward travel, then you should look into premium cards that offer more lucrative redemption options. But if you spend a lot on dining and entertainment and if you want to earn cash back rather than travel rewards on that spending, the Capital One SavorOne Cash Rewards Credit Card is one to consider, especially when it comes to credit cards with no annual fee.

Apply here for the Capital One SavorOne Cash Rewards Credit Card with a $150 cash back sign-up bonus.

Additional reporting by Benét J. Wilson.

Capital One® SavorOne® Cash Rewards Credit Card

This card offers unlimited 3% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases.

Apply Now
More Things to Know
  • Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 15.74% - 25.74% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 15.74% - 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • No foreign transaction fee
  • No annual fee
Intro APR on Purchases
0% intro on purchases for 15 months
Regular APR
15.74% - 25.74% (Variable)
Annual Fee
$0
Balance Transfer Fee
3%
Recommended Credit
Excellent, Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.