Capital One Savor Credit Card Review
In 2018, there were quite a few new credit cards introduced into the marketplace. But occasionally, banks also like to update their current cards with new perks and rewards. And this is just what Capital One did this year with their Savor card.
The Capital One Savor Cash Rewards credit card is the newest card to be updated and relaunched this year. It now offers a $500 cash back bonus after customers spend $3,000 in three months. Plus, customers can earn 4% cash back on entertainment and eating out.
This article will explain what the Capital One Savor Cash Rewards credit card is, what the terms and fees are, and how to apply for it. It will also explain some of the biggest perks and benefits of the and why it might be a good option for you.
About the Capital One Savor Card
The Capital One Savor Cash Rewards credit card is ideal for anyone who eats out frequently. The sign-up bonus alone makes this card worth applying for.
Anyone who spends $3,000 within 3 months of opening the card will earn a one-time $500 cash bonus. This is a much higher bonus than what most cards will offer.
But even after you earn the bonus, there are plenty of other reasons to continue using the card. Users can enjoy 4% cash back on eating out and entertainment, 2% back at the grocery store, and 1% back on everything else.
There is no annual fee for the first year and past that, it’s $95 a year. And there are no foreign transaction fees and no minimum redemption requirements.
Terms and Fees
Here is an outline of the terms and fees that come with the Savor card.
Purchase APR: 19.74%, 24.24%, or 27.74% based on a borrower’s credit history
Balance transfer info: 19.74%-27.74% APR range with no transfer fee
Cash advance APR: 27.74%
Annual fee: $0 the first year, $95 per year after that
Foreign transaction fee: $0
Balance transfer fee: 0%
Cash advance fee: 3% with a $10 minimum
Late fee: Up to $38
Minimum credit limit: $5,000
Key Features and Benefits
The Capital One Savor card comes with many cash back and cardholder benefits. Users can take advantage of a number of travel and entertainment perks including:
A one-time $500 cash bonus after you spend $3,000 within 3 months of opening the account
4% cash back rewards on eating out
2% cash back rewards on grocery shopping
1% cash back rewards on all other purchases
The cash back rewards never expire and there is no limit to how many rewards you can earn
$0 annual fee for the first year, $95 per year after that
Extended 24-month warranty coverage on purchases
Access to a concierge service
No foreign transaction fees
Credit monitoring and fraud alerts
There are a few drawbacks to using the Capital One Savor card. The standard variable interest rate is 19.74%, 24.24%, or 27.74% based on the cardholder’s credit history. So users are agreeing to a potentially high interest rate.
And Capital One looks for users with a good to excellent credit score so it may be difficult for borrowers with lower credit scores to get approved.
World Elite Mastercard Benefits
One of the unique things about this card is that users receive benefits from both Capital One and Mastercard. Cardholders receive access to the World Elite Mastercard Benefits, which is a must-have for frequent travelers.
For a complete list of benefits, feel free to check out the Mastercard World Elite Guide to Benefits. But here are a few of the benefits cardholders will have access to:
Free travel planning: Cardholders can contact a free concierge service at any time to request complimentary travel planning. Professional trip advisors will help them arrange their next trip or vacation.
World Elite Hotels and Resorts Portfolio:
Cardholders will gain access to discounts and benefits at hundreds of premier hotel properties. These benefits include things like:
Early or late check-in
A complimentary breakfast for two
However, the availability of these amenities will vary depending on the property.
Airport concierge: Cardholders will receive a 15% discount on airport meet and greet services. This includes things like:
Guest services when you arrive at the airport
Expedited check-in and security screenings
Additional help with visas, documentation, or transportation within the terminal
An escort to assist you to the gate or terminal
Additional services that can be added on for a fee
Shopping and travel protections: Mastercard offers a number of shopping and travel protections. This includes things like:
Purchase protection against damage and theft
A 24-month extended warranty on all purchases
Trip cancellation insurance that will reimburse you up to $1,500 if your trip is canceled
Travel accident insurance
24/7 Concierge Services: Cardholders receive unlimited access to a concierge service that can help with non-urgent issues as they arise. This includes things like:
Finding interesting dining and shopping experiences
Finding local experts that can assist with travel plans
Providing pre-travel services and planning
Capital One CreditWise
Another unique benefit to choosing Capital One is you gain access to CreditWise, a credit monitoring service. Most credit cards offer this service but CreditWise is one of the best.
Users will receive free access to their TransUnion report and ongoing credit monitoring. This can be a helpful way for users to regularly monitor their credit. And CreditWise tracks your social security number and sends automatic email alerts to help you quickly detect fraud.
And Capital One offers tips for how members can improve their credit score. The CreditWise score simulator helps you see how a decision like paying off a credit card early, taking out a new loan, or other financial decision can affect your credit.
How to Make the Most Out of This Card
The Savor card is one of the best credit cards on the market right now. However, there are several ways you can ensure you’re taking advantage of all the benefits it has to offer:
Earn the $500 cash bonus: This card is ideal for anyone who will be able to maximize the cash back rewards and earn the $500 cash bonus. And it should be easy for anyone who regularly spends a lot on dining and entertainment.
Use your card frequently for dining and entertainment: Use the Savor card anytime you are eating out or heading to the grocery store. You can also use the card for entertainment purposes. For instance, if you regularly go to movies or attend concerts you’ll earn 4% cash back.
Take advantage of the additional perks: The card also comes with World Elite Mastercard benefits which can be very valuable. This includes things like a concierge service, a complimentary breakfast for two, and room upgrades. For frequent travelers, this can be a very useful perk.
No international fees: And for people who regularly travel internationally, you can use your Savor card without worrying about being charged international fees.
How to Redeem Your Benefits
There are several ways you can redeem your benefits. You can request a statement credit to reduce your account balance. Or you can accept a check or gift card.
Statement credits may be the easiest way to redeem your benefits. And you can set up automatic redemption to make this process easier. How Does the Savor Card Match up to the SavorOne Card?
The Savor card also has a “sibling” card; the Capital One SavorOne Cash Rewards credit card. This card is basically a toned down version of the Savor card.
Many people wonder what is the difference between the two cards and whether they should just apply for the SavorOne card instead. Let’s look at some of the biggest differences between the two cards:
Spending rewards: SavorOne cardholders will receive 3% back on dining and entertainment, 2% back on groceries, and 1% back everywhere else.
Meanwhile, Savor cardholders receive 4% back on eating out and entertainment, 3% back on groceries, and 1% back everywhere else.
Sign-up bonus: SavorOne cardholders receive $150 cash back when they spend $500 within the first 3 months of opening the account.
However, Savor cardholders receive $500 cash back when they spend $3,000 within the first 3 months of opening the account.
Terms and fees: The SavorOne card has no annual fee. The Savor card is free for the first year but it does have a $95 annual fee going forward.
The SavorOne card has many great benefits but overall, the updated Savor card is the better option. This is especially true for higher spenders and customers that tend to eat out frequently.
If you tend to spend more on dining and entertainment, then you will definitely want to go with the Savor card. Just make sure you charge at least $2,375 a year to offset the $95 annual fee.
How to Apply
You can easily apply for the Savor card on Capital One’s website. They will usually let you know immediately whether you are approved or not. But they may require some follow-up information to complete the application.
Capital One will check your credit score from all 3 major credit card bureaus. Here are the requirements you must meet to qualify for the Savor card:
Your social security number, address, and phone number
Your yearly income and employment information
Your monthly mortgage or rent payment
You must be at least 18
You can’t have any past due Capital One credit card accounts
You can’t have any unresolved bankruptcies
You must have a good to excellent credit score
The Capital One Savor Cash Rewards Credit Card is a great choice for anyone who regularly spends money on eating out and entertainment. With the holidays quickly approaching, this card is a must-have.
The $95 annual fee is something to consider but with a little planning, you can essentially void out the fee. Make sure you spend a minimum of $2,375 to earn $95 cash back. This will offset the annual fee completely.
The eating out and entertainment rewards are pretty substantial. And the $500 sign-up bonus for spending $3,000 in the first 3 months is much more than most cards offer. And the World Elite Mastercard benefits are something you would normally only receive on a travel card.