Finding a food and entertainment-specific card that does not cost an arm and a leg can be tricky. Most people are on the lookout for a card that offers excellent rewards for the fun categories with clearly defined, low charges.
So, I investigated, and found the best card! Here’s a comprehensive Capital One Savor Rewards credit card review that could end your search for your go-to credit card.
Capital One Savor Rewards Credit Card Overview
The Capital One Savor Rewards credit card is best for people who love enjoying good food and good times. With this card, you get upgraded reward percentages for dining and entertainment and a cascade of credit into your earning pool by spending on select streaming subscriptions.
Even though you pay an annual fee with this card, you do receive a lot of top-tier perks and experiences, like promotion offers, VIP tickets, and exclusive meet-and-greets.
Another plus point is that you don’t have to pay a foreign transaction fee like other Capital One cards. Also, you earn attractive travel and commute rewards that are typical of Capital One cards. However, you need an excellent credit score to get approved for the Savor card, as the bank has a strict selection criteria.
Pros
- You earn unlimited rewards on bonus categories. This means you can spend and earn as much as you want.
- You are exempt from paying a foreign transaction fee, saving you a lot of money during international trips.
- You don’t incur an APR on balance transfers as you don’t get an intro offer for this category.
- You get an excellent welcome offer that can increase your earnings significantly.
- You can redeem your rewards at any time through multiple channels based on your preferences.
Cons
- You don’t get an intro APR period with this card. Your interest starts piling up with your first transaction unless you clear your monthly dues.
- The welcome offer might be less generous due to its spending requirement against the timeline. You may have difficulty spending $3,000 in a short period of three months.
- You incur a maximum APR of 29.99% on cash advances.
- You cannot offset the $95 annual fee as this card does not offer yearly credits.
Fee Structure
The Capital One Savor card has a simple fee structure. The good thing is that you do not encounter a hidden charge here. Remember that the bank is strict on its fee protocol. You can quickly lose their trust if you fail to pay within your billing cycle.
Annual Fee
You pay a $95 annual fee, which is typical for mid to top-tier cards. However, unlike the Savor Rewards credit card, many of those cards have additional earnings that can justify this fee. You might find this fee a burden despite earning generous rewards.
APR
You don’t get an intro offer here. You pay a variable interest between 19.99% – 29.99% on purchases and balance transfers. The variation depends on your creditworthiness. That said, you pay a fixed 29.99% interest on cash advances.
You can avoid the APR altogether if you pay your dues in full within your billing cycle. Capital One counts 25 days as one cycle. If you choose to carry a balance, your interest will keep climbing.
Other Charges
You pay:
- Balance transfers: None
- Cash advances: 5% of the advance amount, or $5, whichever is greater.
- Late payment: $40 for each late payoff
- Foreign transaction fee: None
This fee structure encourages you to spend within your means. You should devise a strategy to maximize your Savor card while having enough means to pay it off each month. You could lose your hard-earned credit score if you piled up your interest without having the means to clear it.
You can avail Capital One’s Auto Pay service, which allows you to pay a custom monthly amount, making sure you avoid late or missed payments. CreditWise is another service that keeps you updated on your credit reports so you can stay on the right track.
Welcome Offer
You earn a $300 credit if you spend $3,000 on purchases within the first three months of becoming a card member. This welcome offer is akin to several other mid-tier cards in the market.
You might find $3,000 excessive to spend on a tight timeline. However, you can make it work if you are into new food experiences and like to spend your free time exploring entertainment options.
Rewards
The Savor card offers generous cash-back on valuable categories. Apart from this, Capital One also has its travel, dining, and entertainment portals where you can have unique experiences.
Percentage
You earn a list of reward percentages for several categories here. You earn a:
- 4% return on dining – Including restaurants, bars, coffee shops, cafes, and bakeries. Spending at airport lounges and fast food chains can earn you the same percentage.
- 4% cash back on entertainment – Entertainment is a blanket term at Capital One. It is not limited to concerts and sporting events only. You can earn rewards by visiting theme parks, zoos, aquariums, bowling alleys, pool halls, and record stores too!
- 4% return on streaming services – Including Hulu, Disney, and Netflix. Prime Video, fitness programs, and audiobook subscriptions no longer earn this reward.
- 3% on groceries – Although it excludes Target and Walmart, you can get this cash-back at small stores like specialty supermarkets, dairy shops, and meat shops. Wholesale clubs don’t earn you this reward either.
- 5% on travel – This reward is typical for Capital One cards. You can earn it by booking flights, hotel stays, and rental cars through the Capital One Travel portal.
- 8% on purchasing through Capital One Entertainment – You can gain access to not-for-everyone events with the Savor card, and watch your favorite band, artist, or chef at work up close!
- 10% back on Uber services – You earn this percentage commuting with Uber. Also, your UberEats orders can get you this reward until November 14, 2024. You don’t have to pay the membership fee until this date.
Redemption
You can redeem your rewards as:
- Amazon purchases
- Statement credits
- Payment for specific expenses
- Travel booked through Capital One
Related Questions
What’s the Credit Limit for Capital One Savor?
The credit limit for Capital One Savor is not disclosed until you apply for it. Nonetheless, there is no general set limit because the bank considers several factors before opening a credit line. Your annual income, credit score, previous financial behavior, etc., are considered to decide how much you can spend with your card in a year.
Is it Hard to Get a Capital One Savor Card?
Yes, getting a Capital One Savor card is hard because you need an excellent credit score to get approved. The Savor card is big on rewards for basic categories and offers a lucrative welcome bonus. If you think you may not get approved for it, you should consider building your creditworthiness with another Capital One card such as the Platinum Mastercard that requires a lower or an average score.
Is Savor a Visa or Mastercard?
Savor is a Mastercard. Hence, you get specific benefits like an extended warranty on selected purchases and an airport and hotel concierge service. You might also get roadside emergency services and legal advice as a Mastercard perk.
Conclusion
The Capital One Savor credit card is the best option for food enthusiasts and outgoing people craving memorable experiences. You earn a 1 – 8% reward percentage between dining, entertainment, streaming, and groceries. Although it has strict approval criteria and a hefty annual fee, card owners are bound to gain unlimited rewards through bonus categories.