Capital One Improves Savor Card Bonus Categories

Capital One Improves Savor Card Bonus Categories

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The Savor and SavorOne credit cards are some of Capital One’s most popular cash back cards, as they’re especially lucrative for those who spend a lot on dining. Well, Capital One has just improved the value proposition of these cards in a major way.

This follows recent news that Capital One will be opening airport lounges, and also the news that Capital One is improving its mileage program, making Venture and Spark miles more valuable.

How Capital One is upping Savor Card bonuses

Historically the Savor Card and SavorOne Card have been among the most rewarding cards for dining and entertainment. The cards have rewarded dining out and entertainment outside the home, while as of today those categories are being broadened a bit.

The Savor Card and SavorOne Card are now offering bigger bonuses for grocery store and streaming services purchases — in other words, Capital One is improving these cards if you’re someone who wants to dine and be entertained at home.

Below is a look at what’s changing.

Capital One SavorOne’s improved bonus categories

Effective immediately, the no annual fee Capital One SavorOne Cash Rewards Credit Card has the following rewards structure:

  • 3% cashback on dining
  • 3% cashback at grocery stores
  • 3% cashback on entertainment
  • 3% cashback on popular streaming services
  • 1% cashback on all other purchases

As a point of comparison, here’s the previous rewards structure:

  • 3% cashback on dining
  • 2% cashback on groceries
  • 1% cashback on everything else

In other words, grocery stores now earn an extra 1% cashback, while entertainment and streaming services now earn an extra 2% cashback.

Capital One Savor’s improved bonus categories

Effective immediately, the $95 annual fee Capital One Savor Card has the following rewards structure:

  • 4% cashback on dining
  • 4% cashback on entertainment
  • 4% cashback on streaming services
  • 3% cashback at grocery stores
  • 1% cashback on everything else

As a point of comparison, here’s the previous rewards structure:

  • 4% cashback on dining
  • 4% cashback on entertainment
  • 2% cashback at grocery stores
  • 1% cashback on everything else

In other words, grocery stores now earn an extra 1% cashback, while streaming services now earn an extra 3% cashback.

My take on Capital One Savor Card changes

I have to hand it to Capital One, these are some fantastic card changes:

  • The no annual fee Capital One SavorOne Card offering 3% cashback on both dining and grocery stores is very good
  • It’s also nice that the $95 annual fee Capital One Savor Card now offers a better return on grocery store spending
  • The big catch is that neither of these cards are lucrative for everyday spending, given that they earn just 1% cashback — there are much better no annual fee cards for that, which offer the equivalent of up to 2% cashback on spending
  • As someone who does quite well maximizing points, personally I’d rather earn transferable points currencies than cashback

Bottom line

Capital One has upped the bonus categories on both the Savor Card and SavorOne Card, offering more well rounded rewards for dining and entertainment, whether at home or not. These are some impressive changes when you consider that nothing is being taken away.

While these are great niche cards, I still have a hard time getting excited about using either of these as everyday spending cards, given that you earn just 1% cashback.

What do you make of these Savor Card and SavorOne Card changes?

Conversations (10)
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  1. eponymous coward

    There's two issues with Capital One as a potential lender:

    - Capital One is still a subprime credit card lender; they don't approve people with very high credit ratings with a lot of cards (read: Ben's target audience of travel "hackers", aka "how can I get to the Maldives and stay in an overwater villa on credit card points"). You can get rejected with very high ratings and be told "well, we don't like how...

    There's two issues with Capital One as a potential lender:

    - Capital One is still a subprime credit card lender; they don't approve people with very high credit ratings with a lot of cards (read: Ben's target audience of travel "hackers", aka "how can I get to the Maldives and stay in an overwater villa on credit card points"). You can get rejected with very high ratings and be told "well, we don't like how many cards you have".
    - They do a triple pull, so if you suffer from being in the above category, you'll likely get rejected AND a triple pull dinging your credit ratings for a while.

    That being said, a Venture/Savor or SavorOne combo (downgrade Savor after your first year SUB, if that 3%/3x on dining and entertainment is "good enough") is, as mentioned, a great potential earning combination, without having some of the annoying "features" of the Citi Premier/Double Cash or AMEX cards:

    - Citi's cards don't cover rental cars, so you're either paying a rental car company for insurance or you need to carry a third card for that. Venture has rental car insurance.
    - Capital One cards don't charge international fees, Citi DC does. If you do significant travel outside the US, or purchases in non-USD currencies, a Citi duo (or even a Chase 'fecta, or even some AMEX cards) may sometimes force you to make purchases on a non-ideal 1%/1x card, or pay 2-3% gouge.
    - AMEX doesn't have universal coverage outside the US (and occasionally not even in the US), VISA and MasterCard do.

    Transferring Savor rewards to Venture gives you real flexibility for cash or miles. They're aggressively moving up the charts with a bullet when it comes to being competitive with AMEX, Chase and Citibank.

  2. Anthony

    Brutus - thanks. Seems legit.

    Capital One SavorOne + Capital One Venture is a pretty strong combo for earnings. But it isn’t dramatically better than Citi Double Cash + Citi Premier.

    Savor + Venture is a tad more interesting if you have a ton of dining spend.

    For new applicants who can reliably get Capital One cards (the real gating factor here), applying for Venture than Savor seems like a great opportunity

  3. Eskimo

    @Brutus
    @Anthony

    Because Capital One or other banks doesn't utilize affiliates as well as Chase or Amex does. There are few other cards out there that has decent returns that isn't covered by major blogs. Those cards might not be for everyone but still offers great value for those who can benefit.

    How many Chase + Amex cards readers here have compare to other cards.
    As (not) Laurence Fishburne asked.
    What's in your wallet.

  4. Brian

    Can confirm that you can transfer/convert Savor cash back into Spark miles at a 1:1 rate.

  5. Andrew R.

    Strong competitor to the Amex Gold card. I may consider making the switch.

  6. Brutus

    Anthony: Check out Frequent Miler's post from today on Cap1. Others
    have also reported on this in recent weeks. It's apparently been an open secret for a while.

  7. Anthony

    Brutus - are you sure about that? I have never seen that announced before

  8. derek

    I don't know the mechanics of this specific card but many small merchants are hurt by these bonuses that they are required to pay. Someday, there may be a 20% percent cash back and all of it comes from the merchant who must accept all cards of a certain line, like Mastercard. Cherry picking some cards and not rewards cards by the small merchant is forbidden.

    There are all kinds of fees that the...

    I don't know the mechanics of this specific card but many small merchants are hurt by these bonuses that they are required to pay. Someday, there may be a 20% percent cash back and all of it comes from the merchant who must accept all cards of a certain line, like Mastercard. Cherry picking some cards and not rewards cards by the small merchant is forbidden.

    There are all kinds of fees that the credit card company charges, swipe fees, daily settlement fees, commission, pci security fees. So far, no credit card employee lunch fee yet.

  9. Alonzo

    This is just further proof that the Sapphire Reserve no longer belongs in my wallet at a $550 annual fee. Plus the Freedom is such a great card now, also at no annual fee. Amex and Cap One have done more during the pandemic to retain customers and increase benefits than Chase.

  10. Brutus

    Do you realize that rewards from Cap1 cash back cards can be moved to a Venture account and converted to miles? A Venture/SavorOne combo can generate a lot of miles for $95.

Featured Comments Load all 10 comments Most helpful comments ( as chosen by the OMAAT community ).

The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.

eponymous coward

There's two issues with Capital One as a potential lender: - Capital One is still a subprime credit card lender; they don't approve people with very high credit ratings with a lot of cards (read: Ben's target audience of travel "hackers", aka "how can I get to the Maldives and stay in an overwater villa on credit card points"). You can get rejected with very high ratings and be told "well, we don't like how many cards you have". - They do a triple pull, so if you suffer from being in the above category, you'll likely get rejected AND a triple pull dinging your credit ratings for a while. That being said, a Venture/Savor or SavorOne combo (downgrade Savor after your first year SUB, if that 3%/3x on dining and entertainment is "good enough") is, as mentioned, a great potential earning combination, without having some of the annoying "features" of the Citi Premier/Double Cash or AMEX cards: - Citi's cards don't cover rental cars, so you're either paying a rental car company for insurance or you need to carry a third card for that. Venture has rental car insurance. - Capital One cards don't charge international fees, Citi DC does. If you do significant travel outside the US, or purchases in non-USD currencies, a Citi duo (or even a Chase 'fecta, or even some AMEX cards) may sometimes force you to make purchases on a non-ideal 1%/1x card, or pay 2-3% gouge. - AMEX doesn't have universal coverage outside the US (and occasionally not even in the US), VISA and MasterCard do. Transferring Savor rewards to Venture gives you real flexibility for cash or miles. They're aggressively moving up the charts with a bullet when it comes to being competitive with AMEX, Chase and Citibank.

Anthony

Brutus - thanks. Seems legit. Capital One SavorOne + Capital One Venture is a pretty strong combo for earnings. But it isn’t dramatically better than Citi Double Cash + Citi Premier. Savor + Venture is a tad more interesting if you have a ton of dining spend. For new applicants who can reliably get Capital One cards (the real gating factor here), applying for Venture than Savor seems like a great opportunity

Eskimo

@Brutus @Anthony Because Capital One or other banks doesn't utilize affiliates as well as Chase or Amex does. There are few other cards out there that has decent returns that isn't covered by major blogs. Those cards might not be for everyone but still offers great value for those who can benefit. How many Chase + Amex cards readers here have compare to other cards. As (not) Laurence Fishburne asked. What's in your wallet.

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