Capital One Savor card review

Published: November 20, 2017
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Ratings Policy
Cash Back Rating:
3.5 rating
3.5 rating
3.5 / 5
Rewards Value: 2.6
Annual Percentage Rate: 0.8
Rewards Flexibility: 4.9
Features: 3.0

In a nutshell:

For serious foodies, the new Savor card from Capital One could be a great way to earn a lot of cash back with very little effort.

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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
$150 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$290

APR
15.49-24.49% (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 fee, car rental insurance, roadside assistance, complimentary concierge service, extended warranty, price protection, ID theft services, emergency card services, contactless card technology

No Annual Fee Rating:
3.8 rating
3.8 rating
3.8 / 5
Rewards Value: 3.0
Annual Percentage Rate: 1.2
Rewards Flexibility: 4.9
Features: 4.0

In a nutshell:

Thanks to its generous bonuses on grocery and restaurant purchases, the Capital One Savor card offers a high rewards rate for a no-annual-fee card.

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
$150 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$290

APR
15.49-24.49% (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 fee, car rental insurance, roadside assistance, complimentary concierge service, extended warranty, price protection, ID theft services, emergency card services, contactless card technology

Rewards Rating:
3.6 rating
3.6 rating
3.6 / 5
Rewards Value: 2.6
Annual Percentage Rate: 1.7
Rewards Flexibility: 4.9
Features: 4.0

In a nutshell:

The Savor card offers a good rewards rate for cardholders who spend a heavy amount on food, but most cardholders are probably better off searching for a card with a flat 2 percent rate.

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
$150 if you spend $500 in first 3 months

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$290

APR
15.49-24.49% (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 fee, car rental insurance, roadside assistance, complimentary concierge service, extended warranty, price protection, ID theft services, emergency card services, contactless card technology

Capital One Savor Card Review: More Details

The two best things about Capital One’s new Savor card: It targets a unique niche of cardholders (if you often find yourself running up your grocery bill with a basket full of gourmet goodies, read on), and it makes redeeming your cash back exceptionally painless.

The Savor card is one of few to offer a bonus on both dining and groceries, with no limits and no annual fee. Plus, it allows you to automatically redeem your rewards once you’ve reached a specified threshold. If you spend a sufficient amount in the card’s bonus categories, you can earn a large amount of cash back without the hassle of enrolling and keeping track of rotating categories.

While we wouldn’t recommend the card to just anyone, for a particular set of cardholders – those who devote a large portion of their paychecks to food purchases and are looking for a cash back card with minimal fuss – the Savor card is an ideal choice.

Rewards designed for foodies

You get 3 percent cash back on restaurant purchases, 2 percent cash back on grocery purchases and 1 percent back on all other purchases. If you are an enthusiastic restaurant-goer and you frequently shop the gourmet aisles at the grocery store (wine and cheese lovers, listen up), you can earn a high percent of cash back with this card.

However, those with more modest eating habits may be better off looking for a 2 percent cash back, such as the Citi Double Cash card. By our estimates, you would need to spend nearly 40 percent of your budget on restaurant purchases to beat the cash back that you can earn with the Citi Double Cash card.

Also, if you are a frequent traveler, the Savor card may not be the best choice – there are other cards, such as the Chase Sapphire Preferred card, that offer a bonus rate on travel purchases and allow you to get a much higher value for your rewards points.

Generous sign-up bonus

The Savor card offers a large $150 sign-up bonus to new cardholders who spend $500 in the first three months. Though $150 is not quite up to par with some of the largest cash back bonuses, which range up to$200, it’s a pretty generous amount for a cash back card.

User-friendly redemption options

Capital One comes with some of the easiest, user-friendliest terms for redeeming your cash back rewards. Rewards never expire, you can redeem any amount of cash back at any time and you have an array of options for redeeming your cash back, including as a statement credit, check or gift card.

What’s more, you can set your account to automatically redeem your cash back once a year, or in increments as small as $25. Few other cash back cards allow you to automatically redeem cash back, and it’s a feature that places the Savor card a notch up in terms of user-friendliness.

If you are searching for a simple card that you can set and forget, while still earning a large amount of cash back, the Capital One Savor card is a good choice.

Good features for traveling abroad

Another great feature on the Savor card is its lack of a foreign transaction fee. You can use the card for purchases outside the U.S. without having to pay the 2 to 3 percent fee that most cards charge for foreign transactions – a rare feature for a card with no annual fee.

The card also comes with valuable travel and purchase protections, including car rental protections, roadside assistance, extended warranty and price protection. If you plan to do some of your wining and dining abroad, the Capital One Savor card could be a good companion on your next trip.

Why get the Capital One Savor card?

  • 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 $150 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 the Capital One Savor card:

  • Use this card to pay for all your restaurant and grocery purchases.
  • Spend at least $500 within the first three months to earn the maximum sign-up bonus.
  • Set your account to automatically redeem your cash back in increments as small as $25.
  • Pay your balance in full every month to avoid paying above-average interest.
  • Use the card when traveling overseas to take advantage of no foreign transaction fees.

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