In this post I wanted to review the Capital One SavorOne Cash Rewards Credit Card, which is a fantastic no annual fee card that I’d argue has just become even more lucrative than ever before. Let’s get right into the review…
Capital One SavorOne Basics For November 2021
The Capital One SavorOne is my favorite no annual fee Capital One credit card. On the surface this is a cash back card offering up to 3% cash back on select purchases. However, in conjunction with the Capital One Venture X Rewards Credit Card, rewards can be converted into Venture miles at the rate of one cent per mile. This means that the no annual fee card could earn you up to 3x Venture miles, which is awesome.
No Annual Fee
The Capital One SavorOne has no annual fee, not for the primary cardmember, and not for authorized users. You can’t beat a card with a solid rewards structure that doesn’t have an annual fee. Also keep in mind that holding onto cards long term and making payments on-time is good for your credit, so there’s value to holding onto cards like this, even if you don’t end up using them all that much.
Earn Up To 3% Cash Back With Bonus Categories
The main reason you should want the Capital One SavorOne is because of the rewards structure. With the card you can earn anywhere from 1-3% cash back depending on the category (with no caps), as follows:
- Earn 3% cashback on dining
- Earn 3% cashback at grocery stores
- Earn 3% cashback on entertainment
- Earn 3% cashback on popular streaming services
- Earn 1% cashback on all other purchases
If you’re wondering how the bonus categories are defined:
- Dining includes purchases at restaurants, cafes, bars, lounges, fast food chains, and bakeries
- Grocery stores includes purchases at supermarkets, meat lockers, freezers, dairy product stores, and specialty markets; superstores like Walmart and Target are excluded
- Entertainment includes purchases at movie theaters, sports promoters, theatrical promoters, amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls, and bowling alleys
- Popular streaming services includes purchases with Netflix, Hulu, and Disney+
No Foreign Transaction Fees
The Capital One SavorOne has no foreign transaction fees, which is a noteworthy feature for a no annual fee card. Many people are looking for a good card to use abroad without paying an annual fee, and this card is excellent in that regard.
You can even qualify for the 3% bonus categories while abroad, given that for many people, a lot of travel spending is on things like dining and entertainment.
Earn Welcome Bonus Of $200 Cash Back
The Capital One SavorOne is offering a welcome bonus of $200 cash back after spending $500 on purchases within the first three months from account opening. That’s a solid bonus for a no annual fee card that’s rewarding in the long run.
Trick: Convert SavorOne Cash Back Into Venture Miles
Here’s an interesting angle with the Capital One SavorOne. While this is technically a cash back card, you can convert the rewards earned on this card into miles in conjunction with a card earning Venture miles, including the Capital One Venture X. The transfer can be done directly through your Capital One account, and there are so many great uses of Capital One miles.
One point of frustration people have with Capital One is that the travel rewards cards don’t have many bonus categories. The Capital One Venture X offers 2x Venture miles per dollar spent, which is the best return on everyday spending you’ll find on any card, by my valuation.
If you paired the $395 annual fee Capital One Venture X with the no annual fee Capital One SavorOne, you’d earn:
- 10x Venture miles on hotels booked through Capital One Travel
- 10x Venture miles on rental cars booked through Capital One Travel
- 5x Venture miles on flights booked through Capital One Travel
- 3x Venture miles on dining
- 3x Venture miles on grocery stores
- 3x Venture miles on entertainment
- 3x Venture miles on streaming services
- 2x Venture miles on all other purchases
That’s a phenomenal credit card duo, if you ask me. For those looking to get into the Capital One mileage ecosystem, I think this is an exciting opportunity.
Is the Capital One SavorOne Worth It?
There are two ways to consider the value proposition of the Capital One SavorOne — you can look at the value of the card independently, or you can look at the value of the card in conjunction with the Capital One Venture X.
Independently I think the Capital One SavorOne could be an attractive option for a certain type of consumer:
- Having a card with no foreign transaction fees that earns 3% cash back in categories like dining, grocery stores, and entertainment, is pretty awesome; however, I wouldn’t recommend using this card for non-bonused spending, since you can do better than 1% cash back on those purchases
- Personally I like earning travel rewards rather than cash back for my credit card spending, since I can get outsized value that way; however, knowing how to redeem miles efficiently takes some work, and not everyone finds that to be worthwhile
In conjunction with the Capital One Venture X, I think the Capital One SavorOne is a slam dunk combination:
- You can complement the excellent return on everyday spending offered by the Venture X with the good bonus categories offered by the SavorOne, all without paying an additional annual fee
- While the Venture X has a $395 annual fee, in reality the card shouldn’t cost anyone nearly that much, given the $300 annual travel credit and 10,000 anniversary bonus miles; then on top of that the card offers a Priority Pass membership, access to Capital One Lounges, great authorized user perks, and much more
While my priority right now would be applying for the Capital One Venture X given the much bigger bonus and overall compelling value proposition, I’d definitely consider the SavorOne to be an important part of a long term strategy for maximizing rewards.
The Capital One SavorOne is a no annual fee card that offers 3% cash back on dining, grocery stores, entertainment, and streaming services, all with no annual fee. In and of itself this could be am extremely rewarding card.
However, personally I think the much more interesting angle is pairing the card with the Capital One Venture X. If you have both cards then you can convert cash back into Venture miles at the rate of one cent per mile. This essentially means that the SavorOne could offer the equivalent of 3x Venture miles in the above categories, which is pretty awesome.
If you have the Capital One SavorOne, what has your experience been? Anyone use the card to earn travel rewards rather than cash back?