See how the Savor® and SavorOne℠ cards from Capital One earn you extra cash back in the first year.
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The card also got a much larger sign-up bonus, now one of the best you can find on a cash back card. If you spend $3,000 in the first three months, you’ll get $500 bonus cash back. Capital One also recently added on a limited time promotion for Postmates Unlimited membership to the Savor card: From now through December 2019, you will receive a monthly statement credit to cover the membership fee if you register using your Savor card.
While the upgrades to the Savor card come at a price – an added $95 annual fee – the fee is waived the first year.
Alongside the changes to the Savor card, Capital One also launched the Capital One® SavorOne℠ Cash Rewards Credit Card as an alternative $0 annual fee option. While not quite as impressive as the Savor card’s $500 bonus, the SavorOne card’s $150 introductory offer is still high for cards of its class.
Which Savor card is better in the first year?
Both the Savor and SavorOne cards offer top tier rewards rates with bonus cash back on dining, entertainment and grocery shopping. Unlike some cash back cards with bonus categories, there are no limits on the amount of rewards you can earn. The sign-up bonuses for both cards are also high, allowing users to make a little extra money the first year.
Savor Cash Rewards Credit Card
SavorOne Cash Rewards Credit Card
|Estimated earnings in first year ($1,325 monthly spend)|
Despite its higher rewards rate, the Savor card comes with an eventual $95 annual fee that can limit your earning potential. The higher sign-up bonus will help you take home more in the first year, but you’ll need to spend most of your money on dining and entertainment every year thereafter to continue to bring home more rewards over time and make up for the annual fee.
Recent changes to Capital One Savor cards
Since the announcement of upgrades to the Capital One Savor card and the launch of the SavorOne, there have been no changes to the sign-up bonuses on either card. They are both relatively new offerings, so there could be some limited time offers in the future.
Who is eligible to earn the Savor sign-up bonus?
In order to qualify for the cash back intro offer for either the Savor or SavorOne card, you must first meet the card’s application qualifications. Both cards require applicants to have good to excellent credit (above 670) as well as a monthly income at least $425 more than your rent or mortgage payment.
Capital One also limits the number of accounts you can have open. If you already have five or more credit cards with the bank, you won’t be able to apply. In addition, current and previous accountholders might not be eligible for the sign-up bonus.
To earn the $150 cash bonus on the SavorOne card, you only have to spend $500 in the first 3 months. With the Savor card however, you’ll need to spend $3,000 in the first 3 months to get the $500 bonus. This is a more difficult spend threshold to reach, so if your monthly spend is less than $1,000, you are better off with the SavorOne.
Redemption options for Capital One Savor cards
Once you’ve earned cash rewards on your Capital One Savor or SavorOne card, you have a few different redemption options, including the traditional statement credit upon request. You can also set up automatic redemption either at a set time each year or at thresholds anywhere from $25-$200. Alternatively, you can redeem your rewards for a check or gift card.
Should you apply for a Capital One Savor card now?
The sign-up bonuses for the Capital One Savor and Capital One SavorOne card don’t change very often, so there is no pressure to apply as soon as possible. But if you are eager to earn more cash back on your dining purchases, the new Capital One Savor offer is a great option. With holiday shopping coming up, it is also a great time of year to apply and make enough purchases in the first three months to meet the $3,000 spend threshold for the generous $500 Savor cash back intro offer.