Capital One SavorOne Credit Card Review: Unlock Great Cash Back Benefits
2024.10 Update: Capital One has made significant changes, including a $250 welcome offer. They’ve renamed the SavorOne card (previously with no annual fee) to Savor and discontinued the former $95 annual fee Savor card, adding some confusion to the lineup.
2021.5 Update: Enhanced earning structure now offers:
- 3% cashback on dining, groceries, entertainment, and streaming services.
Previously, grocery purchases earned only 2%, and there were no bonuses for entertainment and streaming. This change improves value, alongside improvements made to Capital One’s Miles program in 2021.
2021.4 Update: The link for the $250 offer is broken; the current available offer is $200.
Learn More About the Capital One SavorOne Card
Benefits of the SavorOne Card
- $250 offer: Earn a $250 cash bonus after spending $500 in the first 3 months. This is the top offer for this card.
- 3% cashback on dining, groceries, entertainment, and streaming; 1% cashback on all other purchases.
- Compliments Capital One Miles earning cards (like the Capital One Venture) by allowing cashback to be transferred to Miles, enhancing value.
- No foreign transaction fees.
- No annual fee.
Disadvantages
- Capital One conducts credit checks with all three major bureaus (Experian, TransUnion, Equifax) for one application.
Understanding Capital One (C1) Miles
- Earn C1 Miles with both Miles and cashback earning cards, such as the Capital One Venture Rewards Credit Card and Capital One Savor Cash Rewards Credit Card.
- C1 Miles can be transferred between Miles earning cards and from cashback earning cards to Miles earning cards, though not the reverse.
- C1 Miles do not expire. If you close an account, transfer your C1 Miles to another card to retain them.
- You can transfer C1 Miles to select airline and hotel programs at favorable rates (e.g., Air Canada, Avianca, Asia Miles, British Airways) for approximately 1.6 cents/point value.
- Redeem C1 Miles at a 1.0 cent/point ratio for travel or certain gift cards, or at 0.5 cents/point for statement credits.
- Overall, C1 Miles are valued around 1.6 cents/point.
When to Apply
- It’s best to apply with at least two years of credit history experience.
- [1/6 rule]: Only one Capital One card application every 6 months is allowed. Breaching this rule results in automatic denial without a hard pull.
Summary of Capital One SavorOne Credit Card
The signup bonus is generous for a no-fee card, with standout features like 3% cashback on dining and groceries. Value increases if paired with the Venture card. Consider the Capital One Savor for even higher cashback (4% on dining and entertainment) if dining out frequently, despite its $95 annual fee. Note that applying involves checks from all three major credit bureaus, and numerous recent hard pulls can hinder approval.
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