Reviews Capital One Premier Dining Rewards credit card review

Capital One Premier Dining Rewards credit card review

Published: April 21, 2017
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Cash Back Rating:
3.7 rating
3.7 rating
3.7 / 5
Rewards Value: 2.7
Annual Percentage Rate: 0.6
Rewards Flexibility: 4.9
Features: 4.0

In a nutshell:

With no annual fee, 3 percent cash back on restaurants and flexible redemption options, the brand-new Capital One Premier Dining Rewards card is an especially good deal for foodies and others who frequently dine out.

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Rewards Rate

  • 3% cash back on dining
  • 2% cash back on groceries
  • 1% cash back on other purchases

Sign-up Bonus
$100 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$273

APR
15.24-24.24% (variable)

Rewards Redemption

Pros

  • Rewards don’t expire
  • No cash back limits
  • Redeem cash back for statement credit, check, gift cards or charitable donation
  • Redeem any amount at any time
  • Convenient automatic redemption options: annually, or when you reach a specific threshold ($25, $50, $100 or $200)
  • May be eligible to transfer rewards between some accounts

Cons

  • Not redeemable for merchandise or airline travel

Other Notable Features: No foreign transaction fees, extended warranty, complimentary concierge services, travel upgrades and savings, price protection, car rental insurance, baggage delay insurance, trip cancellation/interruption insurance, travel assistance, World Elite MasterCard benefits

No Annual Fee Rating:
4 rating
4 rating
4 / 5
Rewards Value: 3.5
Annual Percentage Rate: 0.8
Rewards Flexibility: 4.9
Features: 4.0

In a nutshell:

On top of its bona fide no-hassle redemption policy and its high cash back rate on restaurant purchases, the Capital One Premier Dining Rewards card offers another great feature: no foreign transaction fees.

Learn more about this card

Rewards Rate

  • 3% cash back on dining
  • 2% cash back on groceries
  • 1% cash back on other purchases

Sign-up Bonus
$100 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$273

APR
15.24-24.24% (variable)

Rewards Redemption

Pros

  • Rewards don’t expire
  • No cash back limits
  • Redeem cash back for statement credit, check, gift cards or charitable donation
  • Redeem any amount at any time
  • Convenient automatic redemption options: annually, or when you reach a specific threshold ($25, $50, $100 or $200)
  • May be eligible to transfer rewards between some accounts

Cons

  • Not redeemable for merchandise or airline travel

Other Notable Features: No foreign transaction fees, extended warranty, complimentary concierge services, travel upgrades and savings, price protection, car rental insurance, baggage delay insurance, trip cancellation/interruption insurance, travel assistance, World Elite MasterCard benefits

Rewards Rating:
3.6 rating
3.6 rating
3.6 / 5
Rewards Value: 2.6
Annual Percentage Rate: 1.6
Rewards Flexibility: 4.9
Features: 4.0

In a nutshell:

The Capital One Premier Dining Rewards card is a flexible cash back card that yields great rewards for frequent diners.

Learn more about this card

Rewards Rate

  • 3% cash back on dining
  • 2% cash back on groceries
  • 1% cash back on other purchases

Sign-up Bonus
$100 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$273

APR
15.24-24.24% (variable)

Rewards Redemption

Pros

  • Rewards don’t expire
  • No cash back limits
  • Redeem cash back for statement credit, check, gift cards or charitable donation
  • Redeem any amount at any time
  • Convenient automatic redemption options: annually, or when you reach a specific threshold ($25, $50, $100 or $200)
  • May be eligible to transfer rewards between some accounts

Cons

  • Not redeemable for merchandise or airline travel

Other Notable Features: No foreign transaction fees, extended warranty, complimentary concierge services, travel upgrades and savings, price protection, car rental insurance, baggage delay insurance, trip cancellation/interruption insurance, travel assistance, World Elite MasterCard benefits

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The Capital One Premier Dining Rewards card offers a low barrier to entry for consumers interested in a simple and straightforward cash back credit card. Since the card doesn’t carry an annual fee, cardholders won’t be concerned about breaking even or coming out ahead on their initial investment, and the perks – including zero foreign transaction fees, concierge services, and trip cancellation and interruption insurance – are great for globe-trotters.

Generous cash back on restaurants
The Capital One Premier Dining Rewards card earns high marks for its strong rewards rate on dining – which, at 3 percent, is competitive with other cash back cards. Then again, if you’re more likely to cook your own meals, this card doesn’t compare to the Blue Cash Preferred card from American Express, which offers an industry-leading 6 percent cash back at supermarkets. But while some flat-rate cards offer higher rewards for gas, groceries and everyday purchases, 3 percent at your favorite dining establishments is nothing to scoff at, especially for big-city dwellers who find themselves at happy hours or coffeehouses more often than not.

A modest sign-up bonus
The $100 sign-up bonus (if you spend $500 in the first three months) might be less impressive compared to airline credit cards offering 50,000 miles, but for a card that offers bonus earnings on special categories, the sign-up bonus is on par with competitors.

Impressive perks for no annual fee
The Capital One Premier Dining Rewards card comes with World Elite MasterCard benefits, which pack a big punch in terms of amenities and deals offered by best-in-class travel companies. From hotel room upgrades and discounts on airline tickets to cruise credits and savings on tours and vacations worldwide, cardholders may find it easier to take advantage of World Elite’s preferential treatment versus trying to negotiate deals on their own.

Other standard perks include price protection coverage (which you can use to take advantage of a price drop within 120 days of your original purchase), roadside assistance and identity theft resolution services.

Especially noteworthy is the lack of a foreign transaction fee, a feature usually reserved for credit cards with high annual fees. What this means is you can use the Capital One Premier Dining Rewards card to build up rewards while traveling – without having to worry about racking up excessive fees, too.

Easy redemption
If you’re looking for flexibility when it comes to redeeming your cash back rewards, look no further than the Capital One Premier Dining Rewards card. With this card, you can redeem your way: Rewards don’t expire (so long as your account is open and in good standing) and you can redeem cash back for any amount, anytime. For added convenience, you’re able to set certain parameters for automatic redemption, including a specific time each calendar year or when your cash back reaches a particular threshold.

A high APR
With average APRs for cash back credit cards hovering around 15 to 16 percent, the Capital One Premier Dining Rewards card’s higher-than-normal interest rate might not be right for consumers with excellent credit who can easily qualify for lower rates. A maximum APR of 24.24 percent means cardholders with lower scores should refrain from charging more than they can afford – it’s better to stick with purchases you’d usually pay for with cash.

Why get it?:

  • You dine out frequently and want to cash in on the card’s restaurant rewards.
  • You can easily spend $500 within the first three months to qualify for the $100 sign-up bonus.
  • You prefer cash back over travel rewards.
  • You don’t plan to carry a balance from month to month.
  • You want hassle-free redemption options.

How to use it:

  • For maximum cash back, carry the card everywhere and use it to pay for everything.
  • Spend at least $500 within the first three months to earn the maximum sign-up bonus.
  • Pay your balance in full every month to avoid paying above-average interest.
  • Keep your account open until you’ve redeemed all rewards.
  • Use the card when traveling overseas to take advantage of no foreign transaction fees.

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