This rewards card is a favorite among foodies and entertainment fans, but you’ll need a good to excellent credit score to qualify.
The Capital One SavorOne Cash Rewards card is a popular choice for the pandemic-weary consumer who loves to dine out and spend entertainment dollars. The reward for these purchases is 3% cash back, including grocery store purchases. If you were one of those who discovered the joy of cooking for yourself during the that pandemic, this could be a real boon.
The SavorOne card offers the same 3% cash back on streaming services, plus an 8% return through January of 2023 on tickets for sports, concerts and theater events bought through Vivid Seats. All other purchases earn 1% cash back. Rewards can be redeemed at any time for statement credit, check or gift cards.
This card carries a variable APR of 14.99% to 24.99%, but new cardholders can take advantage of 15 months with 0% APR on purchases and balance transfers. A $200 bonus is earned for spending $500 on the card in the first three months. Best of all, this card comes with no annual fee.
Capital One has another card with a similar name – Capital One Savor Cash Rewards Credit Card – but that one does carry an annual fee. We will focus on the Capital One SavorOne Cash Rewards card here.
What credit score do I need to get the Capital One SavorOne Cash Rewards card?
Like many rewards cards, a good to excellent credit score is needed to qualify for SavorOne. This translates to a minimum score of 670 for a good score and 740 to 850 for an excellent one. Applicants’ credit reports should not show a bankruptcy or a defaulted loan, and they shouldn’t have been more than 60 days late on any credit card, medical bill or loan in the last year. Capital One also prefers applicants to have had a credit card for three or more years, with a credit limit of $5,000 or higher.
As always, the higher your score, the better your chances. Remember if you apply for any card, your credit report (and thus, your score) will be impacted. If you are concerned you might not qualify, you can try CardMatch™ to see if you qualify. This is not a guarantee, but it is a good indicator of your chances. Capital One also has their own pre-approval tool you can try. Both options use soft inquiries, so your score is not affected.
How can I improve my score to qualify for it?
Know your score before you apply. If it’s close to the minimum required (670) or below, you’ll want to take steps to improve it first. You’ll have a different credit score at each of the credit bureaus because each has different information about you. The bureaus don’t share information, so it’s best to get a score from each one before applying, to be sure you are over the underwriting minimum. Besides the three bureaus, there are two main scoring companies, FICO and VantageScore. FICO is more commonly used.
Pull your credit reports at annualcreditreport.com to check for errors. You can get reports from each of the credit bureaus – Equifax, Experian and TransUnion – free at this site on a weekly basis through April 2022. If you find negative items you don’t recognize or that are more than seven years old, work through the dispute process to have them removed. If you have to do this, give it some time to be resolved. In the meantime, be sure to pay all your bills on time. Watch your usage on any other credit cards you have and stay below about 25% of your credit limit. If you can get into single digits, even better, because that’s what those with the highest scores do.
You can’t erase any past accurate or timely negative credit reporting items, but you can do things in the present to help your score and improve your odds of being accepted. When you order your credit score, be sure to check out the reason statement (or reason code) that comes with it. These are chosen from more than 100 statements that best describe why your score is not better than it is. The four or five reason statements that come with your credit score will tell you what you can do to improve your score. Concentrate on the top ones and you will be sure to increase your scoring muscle.
For extra help, if you happen to be a renter, look into a rent reporting service. Since most rent payments are not regularly reported to the credit bureaus and housing costs make up a large part of most budgets, having these on-time payments reported can give your score a lift. You can also check out programs like Experian Boost or UltraFICO.
What if Capital One denies my application?
If you are denied, your score may suffer a ding since you won’t have the additional credit available to make up the application inquiry. However, hard inquiries are only listed for two years on your credit report – not like other negative actions like charge-offs that stay for seven years. And the true impact will likely only last for a few months.
One extra note of caution: If you’re already a Capital One customer, you should know Capital One only allows a total of five active cards per customer. So, if you already have multiple cards from Capital One, you may not qualify for this one and will be denied. If your heart is set on getting this card, you might be able to upgrade one of your other Capital One cards to the SavorOne, but upgrading the card will mean you won’t be eligible for the sign-on bonus.
The Capital One SavorOne Cash Rewards Card is a good choice for foodies who spend on groceries, dining and entertainment and want to earn rewards for those purchases – without paying an annual fee. To qualify, you’ll need good to excellent credit.