Capital One SavorOne Rewards Credit Card Review 2020

Rating:
4.3/5
4.3 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The Capital One SavorOne Cash Back rewards credit card is a no annual fee card and will help you earn cash back rewards on everyday activities. 

It offers generous cash back for entertainment expenses and eating out at fast food or restaurants as well as a better than average cashback rate for groceries. 

Enjoy the generous 15-month 0% on balance transfers and APR to help you pay down an existing balance you may have or pay off new purchases slowly, as well as a $150 sign up bonus.

On the negative side, this card has higher than average APR and 3% balance transfer fee.

Capital One SavorOne Rewards

On Capital One’s Secure Website

Our Bottom Line

  • Very Attractive If You Don’t Carry Balance

Credit Rating Requirements

  • Good – Excellent

PROS

  • High Cash Back Rate
  • $150 Sign Up Bonus

CONS

  • High APR
  • Redemption Limits

Highlights

  • No foreign transaction fees
  • 0% Intro APR on Purchases for 15 months
  • 0% Intro APR on Balance Transfers for 15 months
  • Tap to pay RFID chip technology

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Capital One SavorOne Rewards Credit Card – Benefits

  • $150 Sign Up Bonus

Receive a $150 sign up bonus once you spend $500 or more in your first 3 months of opening your account. 

This bonus can be redeemed as cash back, statement credit, gift cards, and other reward options Capital One offers.

  • 3% Cash Back Dining & Entertainment

The main perk of this cash back credit card is the 3% reward on purchases made eating out and on entertainment. 

This is a great option for those who like to spend money out frequently or travelers who spend money on entertainment activities and restaurants while on vacation

  • 2% Cash Back on Groceries

If you don’t decide to eat out one night, don’t worry! 

The Capital One SavorOne card is offering 2% cash back on groceries so you can stay in and enjoy eating at home knowing you’re earning double the reward points of most credit cards. 

Additionally, you get 1% cash back on all other purchases.

  • No Annual Fee

If you want to use the Capital One SavorOne card only for dining and entertainment, and use another credit card for another spending, you can. 

There is no annual fee so don’t stress about times you’re not using the credit card.

  • 0% APR Introductory Rate on Balance Transfers and Purchases in the First 15 Months

If you are looking to save money on interest, the Capital One SavorOne Card offers a 0% introductory rate for 15 months on balance transfers. 

If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 15 months. 

You can also charge up the card and pay no interest for 15 months on your purchases. This is great if you have a big purchase in mind and want to pay over time. 

There are cards that offer longer time frames, but Capital One SavorOne Card is one of the longer introductory rates in the market.

  • No Rotating Spending Categories

One feature you’ll enjoy about the Capital One SavorOne card is there are no rotating rewards categories. 

Every month you earn the same 3% back on dining out and entertainment and you earn the same 2% on groceries. 

There also is no maximum reward amount you can earn each quarter so if you happen to spend a lot, you’ll get all those reward points, no caps.

Capital One SavorOne Rewards Credit Card – Drawbacks

Now, let’s review the things you should be aware of when choosing Capital One Savor Reward Card

  • 3% Balance Transfer Fee

While you do get access to the 0% APR introductory rate for 15-months on balance transfers, it comes at a cost of a 3% transfer fee. This can add up if you have a large balance you are transferring over.

  • High APR

With the Capital One SavorOne card, expect to pay a higher than average APR even with good credit. The advertised range is 15.49% – 25.49% so depending on your credit you may fall higher or lower on the rate range.

  • Approval Can Be Strict If You Already Have Capital One Cards

If you already have Capital One credit cards or you plan on getting multiple different cards from them then this drawback applies to you. You’re only allowed two credit cards at a time from Capital One so getting approved for a third could be challenging. 

They also like to see at least 6 months between opening a new Capital One card from the previous so keep this in mind if you’re trying to open multiple Capital One cards within a short time frame.

  • Redemption Limit

Cash back rewards aren’t redeemable for merchandise or airline travel

Alternatives to Capital One SavorOne Rewards Card

Let’s also review some other high cash back rewards credit cards so you can make a comparison to determine if the Capital One SavorOne card is for you or not.

  • Capital One Quicksilver Cash Rewards Credit Card

The Quicklsilver cash rewards card’s earns 1.5% rewards on every dollar spent everywhere. While that’s generally lower than the SavorOne, the Capital One Quicksilver Cash Rewards Credit Card makes up for it with exciting perks. 

In addition to the aforementioned intro 0% APR periods on both balance transfers and purchases, this card offers a sign-up bonus of $150 once you spend $500 in the first three months, as well as a lower variable APR range between 15.49% and 25.49% after the intro period. The Quicksilver cash rewards card does not come with an annual fee.

However, there is 3% fee on the amounts transferred within the first 15 months.

The Chase Sapphire Credit card is in their top spot in regards to the best traveling and dining cards as they offer you 2X more points compared to other cards. In addition, Chase Bank offers a 25% point’s bonus, whenever you redeem the points for travel.

The card offers a sign-up bonus of 60,000 points when you spend more than $4,000 on any purchases in the first 90 days. This is equivalent to $750 in travel costs when you redeem your travel rewards.

You shall also earn 2x points while traveling and dining at a variety of restaurants around the world and one point on the dollar on any other purchases. If you use any Lyft rides from now up to March 2022, you shall earn 5X points.

However, with all of these rewards, you should note that the card has an annual fee of $95. The APR range between 15.99%–22.99%, depends on your credit worthiness. 

The Discover It Cash Back credit card is a great option for someone who wants access to 5% cash back rewards on rotating spending categories each quarter and unlimited 1% cash back on all other purchases.

It also offers 14 months 0% APR intro period on purchases and balance transfers for  giving you time to pay off your balance without interest. Then 11.99% to 22.99% Standard Variable Purchase APR and 5% balance transfer fee.

The discover cash back card  does not come with an annual fee.

Is the Capital One SavorOne Rewards Card Right for You?

If you enjoy the nightlife and getting out to have some fun, then this could be a great credit card option for you. 

Earning high cash back rewards on dining out and entertainment with no annual fee can be a great way to put extra money back into your pocket doing things you already enjoy doing each week. 

It also offers the generous 15-month 0% APR period to help you pay down an existing balance you may have or pay off new purchases slowly, interest-free.