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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!
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
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?
Nancy lives near Dallas, Texas, with her husband and three kids. Her favorite vacations include the beach, cruising and everything Disney.