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Capital One recently relaunched its Capital One Savor Cash Rewards Credit Card with a $500 cash bonus. Let’s take a closer look.
Capital One Savor Card Bonus, Reward Rates and Benefits
The Capital One Savor card has a $500 bonus after spending $3000 within the first three months. The card’s $95 annual fee is waived the first year. As I mentioned in my previous post this week about the Power of Two, if you have two adults in your household you can both apply for the card and potentially have $1000 cash with this offer.
The card earns rewards rates as follows:
4% on dining and entertainment
2% at grocery stores
1% on all other purchases.
Capital One defines “entertainment” purchases as a movie, play, concert, sporting event, tourist attraction, theme park, aquarium, zoo, dance club, pool hall or bowling alley, record store and video rental locations. It does not include digital entertainment like cable, Netflix, Hulu, etc.
The card has no foreign transaction fees.
This card is in our affiliate network and pays us commission if you apply through our site. Thanks for supporting our blog!
Fees and Restrictions
As I mentioned above, the card does have a $95 annual fee that is waived the first year. There is also a no-fee version of this card, the Capital One SavorOne. The SavorOne card has a much smaller bonus of $150 and lower rewards rate earnings.
Capital One has some harsh application restrictions. You are only allowed to own two personal Capital One cards at a time. You must wait six months between card applications. Capital One pulls all three credit agencies for applications and is sensitive to multiple recent inquiries.
Who Should Get this Card?
The Capital One Savor Card is a good option for people who want easy cashback rewards. Cash is king! You don’t have to worry about finding flight award availability or hotel award availability. You don’t even have to use the cash for travel! Saving up for a big home improvement project? The bonus (X2 is even better) could be a great jumpstart for a new project.
People who spend a lot of money on dining and entertainment purchases might benefit from keeping this card, since those purchases earn 4% cashback. If you’re planning to spend a boatload of money on Disney or Universal tickets, those purchases earn 4% cashback. And of course, you can use the bonus for Disney park tickets!
Photo by Gui Avelar on Unsplash
If you’ve been in the miles and points hobby for a long time and feel you are running out of new cards to apply for, this card could be a good match if you don’t have a lot of recent inquiries.
However, if you are new to the miles and points hobby with credit card rewards, you may want to consider starting with a Chase card first since Chase has even tougher restrictions. See this post for our recommendations.
Other New/Hot Offers
As a reminder, the Citi ThankYou Premier card currently has a bonus of 60,000 points. Leana just booked a cruise with her bonus points!
If you are lower than 5/24 and fly Southwest Airlines frequently, consider the Southwest Rapid Rewards Priority Credit Card. See this post for more information.
The 30k Amtrak Guest Rewards card offer is still live. See this post for more details.
The Barclaycard Arrival Plus World Elite Mastercard has a bonus of 60,000 points after spending $5000 in the first 90 days. See this post for more details.
Are you going to apply for the Capital One Savor Card or any of the other hot offers? What’s your next move?
Click here to view various credit cards and available sign-up bonuses
Author: Nancy
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.
Any idea what Cap1’s standards are? Datapoints seem to be all over the place on approvals/denials for this card. I’m currently sitting at 7/24, with 3 personal cards since June. I’m thinking of waiting until October… not sure if it matters but at that point I’ll be at 4/24 (no, I don’t need any more Chase cards).
@projectx It’s hard to figure out the rhyme or reason behind Capital One approvals, honestly. You’re right, data points are all over the place. My husband and I have had luck getting approved for their cards in the past, but he was declined earlier this year. If you have 3 recent inquiries, you might try waiting a month or two. I plan to wait a few months since I have several recent inquiries. Of course, there’s always the risk that the card’s bonus will change.
I hear ya. My wife hasn’t had a hard pull in almost a year now… so we’ll be signing her up. As for me… 1 pull in June and 2 in July. I’m going to wait until October to roll the dice.
Thanks for the write up Nancy. I never know which card to put our Disneyland passes or concert tickets on. This would be the perfect answer.
Yes, and the sign-up bonus is attractive. I will probably wait a few months before applying for this due to my recent inquiries.