Capital One has released a new credit card, called the Capital One® SavorOne® Cash Rewards Credit Card. The card comes with no annual fee, earn you 3% back on dining and has a $150 welcome bonus. If it sounds familiar, it is because that’s the Capital One SavorOne Rewards card has the same perks as the Savor Card. However that card has been upgraded with better earning and bonus, and also comes with an annual fee.
Capital One SavorOne Card
The Capital SavorOne Card is product that is likely aiming foodies. It offers unlimited cash back in standard categories like 2% back on groceries and 1% on all other purchases. But it’s the 3% cash back on dining and entertainment that sets it apart from other cash-back rewards cards.
Over the past three years restaurant spending has grown 20% and grocery spending has grown 5%. While the emphasis on dining isn’t new, the card combines growth in that spending category with the preference for cash back over other rewards.
Earn a one-time $150 cash bonus once you spend $500 on purchases within 3 months from account opening.
- Earn 3% cashback on dining and entertainment
- Earn 2% cashback on groceries
- Earn 1% cashback on all other purchases
There’s no limit to the cashback you can earn. Rewards don’t expire for the life of the account, and you can redeem cash back for any amount.
- No Foreign Transaction Fees
- Price Protection – Find a lower price within 120 days and you could be reimbursed for the price difference.
- Additional warranty protection at no charge on eligible items that are purchased with your credit card.
The Capital One SavorOne Card has no annual fee.
Applying for the Card
The biggest issue with Capital One credit cards is that they do a hard pull on all three credit bureaus. You could freeze Experian or Transunion and they will still approve you with only two pulls.
Here’s some other restrictions that apply to Capital One cards:
- You’re limited to two personal Capital One branded cards.
- You’re limited to one new Capital One credit card every 6 months
This is not a very exciting card for most readers but could be a good option to have in your wallet if you spend a lot on dining. You can definitely do better than 3% cash back through the Chase Sapphire Reserve card, which earns 3X Ultimate Rewards, but that card comes a hefty annual fee and not everyone can get it. Even the Chase Sapphire Preferred with 2x on dining could still be a better option for some. On the other hand Capital One Savor Card gives you 3% without an annual fee at all. The welcome bonus is also decent at $150 and there’s no foreign transaction fees, so you can also use the card while traveling.
Is it worth it? Let us know your thoughts.