Capital One appears to be discontinuing one of its lucrative cash back cards, or at least is no longer making it available to new applicants.
In this post:
Capital One cash back card removed from product lineup
As of July 16, 2024, the Capital One Savor Cash Rewards Credit Card has closed to new applicants. This doesn’t seem to just be temporary, as here’s how a Capital One spokesperson describes this development in a statement:
“We’re always listening to customers and evaluating our products for the right offerings. Based on this, we have made the decision to remove Savor as a card offering.”
There are no immediate changes planned for those who are existing cardmembers. So it’s possible the card just continues as it currently is in the long term, or it’s possible that Capital One may transition existing cardmembers to other products in the future. Only time will tell.
For context, the Capital One Savor Card has historically had a $95 annual fee. The primary draw of the card has been that it offers 4% cash back on dining, entertainment, and select streaming services, 3% cash back on grocery stores, and 1% cash back on everything else.
It’s not entirely clear why the card has closed to new applicants:
- Is it because there hasn’t been much interest in the card lately, so Capital One doesn’t want to keep investing in marketing the card, and instead wants to focus on other products?
- Is it because Capital One is finding this product to be unprofitable, as cardmembers are using the product almost exclusively in the 3-4% cash back categories, and not in others?
- Is Capital One planning a refresh of this card, and just wants to close applications until the updated card is introduced?
The Capital One SavorOne Card remains unchanged
I want to emphasize that while the Capital One Savor Card has closed to new applicants, the Capital One SavorOne Cash Rewards Credit Card (review) remains unchanged, and is still open to new applicants. It’s a lucrative product, and is essentially the more basic version of the Savor Card.
The card has no annual fee, and offers 3% cash back on dining, grocery stores, entertainment, and popular streaming services, and 1% cash back on everything else. What’s especially awesome is that the rewards on the card can be converted into Capital One miles, if you have the card in conjunction with a product like the Capital One Venture X Rewards Credit Card (review). That’s what caused me to pick up the card.
Bottom line
The Capital One Savor Card has closed to new applicants. It remains to be seen if this permanent, or if the card eventually relaunches with a new value proposition. In the meantime, existing cardmembers can continue to use the product with the same value proposition.
The no annual fee Capital One SavorOne Card continues to be open to new applicants, and it’s a card that I’d say could be worth picking up.
What do you make of the Capital One Savor Card closing to new applicants?
Was my application received because I got no response
Yes. Yes, it was received.
I do a lot of traveling me and my wife we go somewhere every year and every other year we go faces that airplanes restaurants cars drive cars places we go please don't say home I'll be on the tired we do things together and meet new people
I would take the SavorOne over the Savor any day.
Savor was not worth the AF over SavorOne, IMO
The math only works if you spend enough on dining and entertainment to cover the annual fee with the extra 1% in rewards over SavorOne. To me, that requires spending almost $10,000 in a year, and I would have missed that by over $2,000 last year. A couple of points: while you peg Cap1 points at 1.7¢, that requires juggling your rewards through overseas airlines on VentureX, and redeeming them through partner airlines with dubious...
The math only works if you spend enough on dining and entertainment to cover the annual fee with the extra 1% in rewards over SavorOne. To me, that requires spending almost $10,000 in a year, and I would have missed that by over $2,000 last year. A couple of points: while you peg Cap1 points at 1.7¢, that requires juggling your rewards through overseas airlines on VentureX, and redeeming them through partner airlines with dubious value and availability. I value them at 1¢ because realistically that’s what I expect to get. Also, bundling of streaming services with other packages like cellphone plans with debit autopay has cut the possibility of charging them on Savor or SavorOne.
With the changes to the amex gold coming any moment now, it would be a good time for cap1 to refresh this. The earn on dining and groceries is pretty good. I never got the card because of the weak SUB.
The no annual fee Capital One SavorOne Card is a no-brainer for anyone who uses Uber, though with the Uber One benefit expiring in November, it may be worth a rethink longer term.
Capital One, is it credit card company and financial institution. With very high interest rates. They don't like to work with their customers. And I would not have any other cards. Capital One is a trash card. Due to the deregulation caused by the Trump Administration there is no credit limit on interest rates set. What a disgraceful manner for the US citizens to have to deal with such greedy corporate people such as Capital...
Capital One, is it credit card company and financial institution. With very high interest rates. They don't like to work with their customers. And I would not have any other cards. Capital One is a trash card. Due to the deregulation caused by the Trump Administration there is no credit limit on interest rates set. What a disgraceful manner for the US citizens to have to deal with such greedy corporate people such as Capital One Donald Trump and the rest of the conglomerate corporates that want to freeze wages and want more production or more profits. Straight out greedy people. Are these business owners and financial institutions
I predict a relaunch of the product. Savor as a standalone card is "ok", but it didn't have the value prop that other dining cards like Chase or Amex have.
Truthfully, because Chase cards are so good. Your card needs to offer enough of a value proposition to ever burn a 5/24 slot for. Savor was a decent midrange card, but not exciting enough.