My Capital One Savor Card Approval Experience

Link: Apply now for the Capital One Savor Cash Rewards Credit Card

I’ve just been approved for my latest credit card, the Capital One Savor Cash Rewards Credit Card (review). In this post I wanted to share why I applied, what my application experience was like, and talk about my overall take on applying for Capital One credit cards.

Why I applied for the Capital One Savor

There are many reasons to get the Capital One Savor, though here’s the fundamental value proposition:

• The card has a limited time welcome bonus of $250 cash back after spending $500 within three months
• The card offers 3% cash back on dining, grocery stores (excluding superstores like Walmart and Target), entertainment, and select streaming services, all with no foreign transaction fees
• In conjunction with other Capital One cards, rewards earned on the card can be converted into Capital One miles at the rate of one cent per mile, making this a great card for maximizing Capital One miles (I value Capital One miles at 1.7 cents each, for what it’s worth)

Why did I pick up this card, in my specific situation? There are certainly bigger welcome bonuses out there, but it is a very nice complement to my current Capital One portfolio:

• The welcome bonus of $250 cash back is quite nice (which I’ll convert into 25,000 Capital One miles)
• It’s valuable to have a Capital One card that essentially has bonus categories, while the other Capital One cards I have are ideal for everyday spending
• Ultimately holding onto cards in the long run is great for your credit, and I try to do that with no annual fee cards whenever possible; so I view picking up useful no annual fee cards as an important part of a balanced credit card strategy

This card really is an exceptional complement to the Capital One Venture X Rewards Credit Card (review) and Capital One Venture X Business (review), and a great part of an overall Capital One card strategy.

My experience applying for the Capital One Savor

What was my experience like applying for the Capital One Savor? For what it’s worth, this is my third Capital One card application in roughly a year.

I find the Capital One credit card application process to be pretty straightforward. In fairness, having good luck with getting instant approvals on Capital One cards doesn’t hurt with that perception, though. 😉

The application consisted of three different pages of information:

• The first page asked for basic personal details, like my name, date of birth, and social security number
• The second page asked for my residential address, email address, and phone number
• The third page asked for my basic income information, as well as my monthly rent or mortgage; this page also asks how much you typically spend per month, and also has some optional questions

Then there were a couple of pages of disclosures and a summary of my application. I then hit submit, and received an instant approval, which you can’t beat!

I could then immediately link my new card to my existing Capital One online account, so that I could start managing my account.

What are Capital One’s application restrictions?

Anecdotally, Capital One has very few consistent application restrictions. For context, I applied for the Capital One Venture X Rewards Credit Card (review) roughly a year ago, and then applied for the Capital One Spark Cash Plus (review) roughly nine months ago. I got an instant approval in each case.

You should be eligible for the welcome bonus on the Capital One Savor if you have any other type of Capital One card, though you won’t be eligible if you have this exact card, or have had this exact card in the past.

The one thing to be aware of is that Capital One can be quirky with approvals at times. While many report luck getting approved for Capital One cards, others with great credit report not having luck, and it can be hard to make sense of that at times.

Bottom line

I’m always happy when I can pick up a no annual fee card like the Capital One Savor, which will help my credit in the long run, and will also add value for me. This card is a great complement to the Capital One Venture X, in terms of being able to maximize my rewards.

Not only can I earn the welcome bonus of $250, but I can also earn 3x miles in some valuable categories.

Anyone else planning on picking up the Capital One Savor?