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Capital One made some changes today in their lineup, creating two versions of Savor card: a Capital One SavorOne Cash Rewards Credit Card and a Capital One Savor Cash Rewards Credit Card. While the SavorOne mantains the previous benefits and structure, the newly refreshed Savor card now comes with a new cardmember bonus of $500 cash back after $3,000 in purchases in the first 3 months, which makes it worth a look.
The Deal
- Get $500 cash back after making $3,000 in purchases in the first 3 months on the newly refreshed Capital One Savor Cash Rewards Credit Card
- Find a link and more card information on our Capital One Savor card page.
Key Card Details
- Earn 4% back on dining and entertainment
- Earn 2% back at grocery stores
- Earn 1% back everywhere else
- World Elite Mastercard
- Comes with price protection, extended warranty coverage, and some other World Elite Mastercard benefits
Quick Thoughts
Getting back $500 after $3,000 in purchases in the first 3 months is a pretty solid deal. It’s not so wild and crazy that it’s worth burning a 5/24 slot if you’re under or within reach of the magic number, but for those who are not concerned with getting or staying below 5/24, this is a respectable bonus.
Four percent back on dining and entertainment is also a pretty good return. In my opinion, it’s not as good as earning 3 Ultimate Rewards points per dollar with the Chase Sapphire Reserve — though with the difference in annual fee, that’s not really a fair comparison. Since the annual fee on the Savor card is only waived for the first year, you would have to spend a lot on dining and entertainment in year 2 and beyond ($9500 or more per year) to earn enough cash back to beat 3% back on those categories with no annual fee on the SavorOne card.
Speaking of entertainment, earning 4% back on “entertainment” could be interesting depending on what codes in that category. Experience with other cards that bonus entertainment spend indicates that it is a category that can be pretty broadly classified, so it would be interesting to see what purchases might code that way here.
While Chase is doing away with benefits like price protection, Capital One includes price protection on both the Savor and SavorOne cards– up to $250 per claim with a maximum of 4 claims per 12-month period.
A further bright spot is that the Savor cards are Mastercards. This means that they should work nicely with the current Plastiq Masterpass promotion, which could make it quite easy to meet minimum spend without any fee. Things like tax payments, mortgage payments, and other things that could be paid $250 at a time would make it easy to spend enough to earn the new cardmember bonus (though keep in mind that promotion is only scheduled to run through September 30th).
Overall, this card doesn’t offer a compelling long-term value, but it offers a nice opening bonus and decent (if not amazing) category bonus spend if you are into cash back on dining and entertainment. That might make it worth test driving it for a year anyway.
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I was instantly denied as well and came to see if any others got this approved. I find the denial odd considering a near perfect credit score and only one new card in the last couple years. I do have a lot of open credit cards, which could be a factor to Capital One since I’ve never had one of their cards before. I was considering applying for my wife but we have similar scores and open credit so I don’t see why she would be approved if I wasn’t. Oh well, I’ll just continue using good products from Chase and Amex!
I applied. Declined. Husband applied. Declined. Called a number from DOC listed as a pseudo reconsideration line. I think the rep was actually laughing at me…said that I could call the credit bureau and they would explain why I was declined! I waited on hold 15 minutes to hear that. Weird. Meanwhile I read up you can only have two cap one cards. I have that. I think my husband has one. I also read that pull from all 3 bureaus! Ugh. So maybe I’ll cancel a card and reapply. But maybe not. I was enticed by the 4% back at theme parks as I will probably be going to Disney for some of the Halloween and Christmas parties soon…and would be a double dip situation to meet the minimum spend.
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For Sporting Event Ticket reselling it would be worth while, 4% is a lot if it codes right.