Capital One has had a fraught history with the various “flavors” of the Savor card. There were originally two fairly interesting versions: the Savor and the SavorOne. Evidently, the original Savor card was a little too flavorful, because it was discontinued…kind of. What really happened was that the (slightly less rewarding) SavorOne card was renamed the Savor, and then the original Savor went the way of the dodo. Got it?
But now, the SavorOne is back again. Sort of.
Capital One has “relaunched” the SavorOne card, but, for almost anyone reading this post, there’s absolutely no reason to give it a taste.
Key Card Details
| Card Offer and Details |
|---|
 ⓘ $-39 1st Yr Value EstimateClick to learn about first year value estimates No welcome Offer Non-AffiliateThis is NOT an affiliate offer. We always present the best offer even when it means less revenue for Frequent Miler None$39 Annual Fee Information about this card has been collected independently by Frequent Miler. The issuer did not provide the details, nor is it responsible for their accuracy. Earning rate: 3% on dining, entertainment, select streaming services, and purchases at grocery stores (excluding superstores like Walmart® and Target®) ✦ 8% cash back on Capital One Entertainment purchases ✦ 5% on hotels and rental cars booked via Capital One Travel (terms apply) ✦ 1% everywhere else Base: 1% Portal Hotels: 5% Grocery: 3% Dine: 3% Card Info: Mastercard issued by Capital One. This card has no foreign currency conversion fees. Noteworthy perks: No foreign transaction fees |
Quick Thoughts
It’s essentially the exact same card as the regular Savor, with the same bonus categories of 3% back on dining, entertainment, select streaming services, and purchases at grocery stores, as well as 5% for Capital One Travel purchases and 8% when booking experiences through Capital One Entertainment.
However, in lieu of the Savor card’s $0 annual fee, the SavorOne is $39/year. And instead of the Savor’s welcome offer that provides ~$300 in value, the SavorOne has nothing.
So, why does it exist? Because the SavorOne is for people with “fair” credit. If you can’t get approved for the (no-annual-fee) Savor card, maybe you can pay for a similar version with no welcome offer.
I suppose that there are worse options when you’re trying to build (or rebuild) your credit, but for everyone else, there are much better options out there…like the Savor Card.
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This feels eerily similar to the bait and switch savings account scandal that Capital One is paying a $425MM settlement for.
It’s another case of two “different” products with identical features and nearly identical names, but one offers worse terms. I’m fascinated to see how this plays out with existing SavorOne cardholders that were not previously paying an annual fee. I can’t think of any other issuers that are blatantly charging people with lower credit scores a higher annual fee for the same product.
I’ve learned that they converted SavorOne cardholders to Savor. That feels like a good move on C1’s part because it will reduce the number of people claiming that they applied for the SavorOne without knowing that the Savor offered better terms.
Something tells me that there will still be complaints about this though.