Credit card showdown: Capital One Savor vs. Capital One Quicksilver
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Travel rewards credit cards come in many forms. Some are co-branded with a specific airline or hotel loyalty program. Others earn transferable points like American Express Membership Rewards or Chase Ultimate Rewards. Cardholders can then convert them into airline miles or hotel points with a number of different travel partners.
Then there are credit cards that earn cash-back points, which can be redeemed at fixed rates toward travel and other purchases. For many consumers, these are the most useful types of travel credit cards. They take the guesswork out of earning and redeeming, and typically offer a solid return on spending.
Capital One fields several of the best cash-back rewards cards, including the Capital One® Savor® Cash Rewards Credit Card and the Capital One® Quicksilver® Cash Rewards Credit Card (not to be confused with the Capital One SavorOne® Cash Rewards Credit Card and the Capital One® QuickSilverOne® Cash Rewards Credit Card versions). Here is a quick look at their respective benefits:
|Welcome offer||$300 after you spend $3,000 on purchases in the first three months||$150 after you spend $500 on purchases in the first three months|
|Earning||8% on tickets booked through Vivid Seats
4% on dining and entertainment
2% at grocery stores
1% on everything else
|1.5% on everything|
|Additional benefits||Access to premium dining and entertainment experiences
24/7 concierge service
Postmates Unlimited monthly membership (ends December 2019)
Travel accident, rental car insurance, extended warranty
|Access to premium dining and entertainment experiences
24/7 concierge service
Travel accident, rental car insurance, extended warranty
|Annual fee||$95 (waived the first year)||$0|
Now for the details on each, and factors you might want to consider if you are thinking of applying for one of them:
The Quicksilver does not have an annual fee. The Savor Rewards’ annual fee is $95, although it is waived the first year.
The Savor Rewards offers the higher welcome bonus – $300 cash back after you spend $3,000 within the first three months of account opening.
The Quicksilver offers a mere $150 cash back — but you only have to spend $500 in the first three months to qualify. It is also currently offering an intro APR of 0% for purchases and balance transfers for the first 15 months (then a variable APR of 15.74% to 25.74% applies).
If you intend to make one of these cards a primary fixture in your wallet, you might want to go for the higher bonus offer. However, if earning cash-back rewards is just a small part of a larger points strategy, you might be better off with the Quicksilver’s lower spending requirements.
Just beware when applying that Capital One has some potentially confusing application rules that might restrict your eligibility for either card. In general, you can only have two open personal Capital One credit cards at a time. So if you have another one or two open, such as the Capital One® Venture® Rewards Credit Card, your application might be denied. The issuer is also known to restrict consumers to opening just one new card every six months, so if you’ve applied for another product within that time frame, you might want to hold off.
Earning is another area where key differences between these two cards become evident. The Quicksilver earns a flat 1.5% back on all purchases. That is a very decent rate of return, and in line with competitors from other issuers, such as the Chase Freedom Unlimited, though less than you can expect with the Citi® Double Cash Card.
By contrast, the Savor Rewards maintains a tiered earning structure that will most benefit folks whose major spending categories include dining and entertainment. Thanks to a recently-announced partnership, the card now earns 8% back on all purchases made with Vivid Seats through May 2020. Vivid Seats is a marketplace for tickets to concerts, theatrical performances, sporting events and more.
The Savor also earns an impressive 4% back on dining and entertainment. Entertainment includes tickets to movies, plays, concerts, sporting events, tourist attractions, theme parks, aquariums, zoos, dance clubs, pool halls and bowling alleys as well as purchases at record and video stores. Dining applies to a broad range of businesses, including restaurants, cafés, bars, lounges, fast-food chains and bakeries. This benefit is worthwhile worldwide since the card does not charge a foreign transaction fee.
Savor cardholders also earn 2% back at grocery stores, and then 1% back on everything else.
If you dine out a lot and attend live events, or the bulk of your credit card spending is at grocery stores, the Savor’s special earning rates will be much more beneficial. However, if you plan to use your cash-back card for other types of purchases, the Quicksilver might be the better option.
While neither of these cards offers a major slate of other benefits comparable to more premium rewards cards, they do still have a few perks worth taking note of.
Both will also get cardholders access to exclusive events such as pop-up dinners at the James Beard House in New York and concerts and sporting events at the Capital One Arena in Washington, D.C.
The Savor Rewards credit card comes with Postmates Unlimited membership through December 2019. This usually costs $9.99 per month; delivery fees of $1.99-$9.99 on orders of $15 or more are waived.
Which one should you get?
Which of these two cards is right for you depends on your spending habits and rewards goals.
The Quicksilver from Capital One is a great no-annual-fee option for folks who want a simple 1.5% return on their spending and tend to make purchases at a wide variety of merchants.
The Savor Rewards from Capital One is tailor-made for people who tend to spend the most on dining and entertainment — you know, the fun people — since these categories earn a fantastic 4% rate of return.
The card’s 2% back at grocery store bonus is also decent. Of course, its $95 annual fee starting the second year you carry it is a consideration, so before you commit to this card, be sure you will get your value back in terms of return on spending.
While both cards are solid options, you might also want to consider competitors like the Chase Freedom Unlimited, with its universal 1.5% earning rate, or the Chase Freedom, which earns between 1-5% cash back. Likewise, the Citi Double Cash earns 2% back and cardholders can now convert their cash back into ThankYou points if they have a linked account with a card like the Citi Premier℠ Card or Citi Prestige® Card.
The Blue Cash Preferred® Card from American Express earns 6% back at U.S. supermarkets on up to $6,000 per year, then 1%; 6% back on select U.S. streaming subscriptions; 3% back on transit and at U.S. gas stations; and 1% back on everything else.
Both the Savor Rewards and the Quicksilver are strong cash-back options. The former earns up to 8% back on purchases and is a particularly strong choice for consumers whose major spending categories are dining, entertainment and groceries. The latter is a stable, no-annual-fee card with a fixed 1.5% return on spending that makes earning and redeeming easy.
As with any credit card choice, think about where you spend the most money and which card will earn you a better return on that spending. Then weigh that against any costs to carrying it, such as whether it will prevent you from applying for a more lucrative product in the future, or whether you will be able to make up for its annual fee with your savings. By asking a few simple questions like that, you will be able to make your choice quickly and easily.
Featured image by mediaphotos/Getty Images.
This cash back card has a focus on dining and entertainment where you can earn unlimited 4% cash back in those spending categories. You can also earn 2% cash back at grocery stores and 1% cash back on all other purchases.
- Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening
- Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
- 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
- No foreign transaction fees
- Capital One cardholders get access to premium experiences in dining, entertainment and more
- $0 intro annual fee for the first year, $95 after that