Capital One SavorOne 2023 Review

Capital One SavorOne 2023 Review

Review: Is the Capital One SavorOne the Best Credit Card for You?

Our experts are here to provide insights and answer your credit card questions. Today, we’ll be reviewing the Capital One SavorOne Cash Rewards Credit Card. With its enticing welcome bonus and excellent return rates, this credit card has gained popularity among consumers. Let’s take a closer look to see if it’s the right fit for you.

The Benefits of the Capital One SavorOne Cash Rewards Credit Card

There’s a lot to love about this card. It offers generous bonus categories that appeal to most households and provide the potential to earn significant cash back. Unlike many no-annual-fee credit cards, the Capital One SavorOne doesn’t impose a limit on the rewards you can earn. This means you can take full advantage of the benefits without restrictions.

The welcome offer is also appealing, with $200 cash back available after spending $500 on purchases within the first three months. Additionally, you’ll earn 5% cash back on hotel and car rental bookings made through Capital One Travel, 3% cash back on dining, entertainment, popular streaming services, and purchases at grocery stores (excluding Walmart and Target), and 1% cash back on all other purchases.

Furthermore, the card features exciting limited-time bonus categories, such as 10% cash back on Uber and Uber Eats purchases through November 14, 2024. This makes it an excellent choice for those who frequently use rideshare services.

With no foreign transaction fees and no annual fee, the Capital One SavorOne Cash Rewards Credit Card is an ideal option for both domestic and international use. It provides convenience and savings without adding extra costs.

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Considering Alternatives: Chase Freedom Flex℠ and Chase Freedom Unlimited®

While the Capital One SavorOne Cash Rewards Credit Card has its merits, it’s crucial to explore other options before making a decision. Two worthy contenders are the Chase Freedom Flex℠ and Chase Freedom Unlimited®.

The Chase Freedom Flex℠ offers 5% cash back on rotating categories up to $1,500 in combined spending (activated quarterly) and 1% cash back on all other purchases. Alternatively, the Chase Freedom Unlimited® earns 1.5% cash back on all purchases.

Choosing the right Freedom card depends on your spending preferences. If you prefer the rotating 5% categories, the Chase Freedom Flex℠ is a great choice. On the other hand, if you’d rather earn a consistent 1.5% cash back on all purchases, the Chase Freedom Unlimited® might suit you better.

Both Chase Freedom cards come with their own introductory bonuses, making them viable alternatives to consider. Ultimately, the best card for you depends on your own spending habits and priorities.

Exploring Other Options: Capital One Savor Cash Rewards Credit Card

If you’re looking for even more cash back potential, you may want to consider the Capital One Savor Cash Rewards Credit Card. Although it does have a $95 annual fee, it provides unlimited 4% cash back on dining, streaming, and entertainment, 3% cash back at grocery stores (excluding Walmart and Target), and 1% cash back on everything else. This card also offers a substantial welcome bonus: $300 cash back when you spend $3,000 on purchases within the first three months.

Earning Cash Back with the Capital One SavorOne Card

To help you understand the potential rewards of the Capital One SavorOne Cash Rewards Credit Card, let’s break down the cash back earning rates:

• 10% cash back on Uber and Uber Eats (valid until November 14, 2024)
• 5% cash back on hotel and car rental bookings through Capital One Travel
• 3% cash back on dining, grocery stores (excluding Walmart and Target), streaming services, and entertainment
• 1% cash back on all other purchases

The card’s bonus categories cover a wide range of expenses, giving you the opportunity to earn cash back on everyday essentials and leisure activities.

Redeeming SavorOne Cash-Back Rewards

Redeeming your cash back rewards is simple and flexible. You can redeem them for any amount at any time, choosing either a cash payout or statement credits applied directly to your account. As long as your account remains open and in good standing, your rewards won’t expire.

Additionally, you have the option to redeem rewards for gift cards or merchandise through platforms like Amazon or PayPal. However, note that the redemption rates may vary, so it’s often best to choose cash back or statement credits for the most value.

Capital One also allows you to set up automatic redemptions based on a specific reward amount or a predetermined annual redemption time.

Benefits and Features of the Capital One SavorOne Card

Beyond its cash back rewards, the Capital One SavorOne Cash Rewards Credit Card offers additional benefits and features that enhance the overall cardholder experience:

• Uber perks: Cardholders can activate a complimentary Uber One membership until November 14, 2024. This membership provides benefits like unlimited $0 delivery fees on eligible food and groceries, discounts on Uber Eats orders, and reduced fares on eligible Uber rides.
• Extended warranty: Eligible purchases made with the card receive additional warranty protection.
• Travel accident insurance: When you use your Capital One SavorOne card to purchase travel fare, automatic insurance coverage kicks in for covered losses.
• 24-hour travel assistance service: Assistance is available if your card is lost or stolen, providing emergency replacements and cash advances when necessary.
• Concierge service: A 24/7 concierge service helps with reservations, ticket purchases, and travel bookings.
• Event access: Cardholders can enjoy VIP experiences, discounts, and on-site perks at sports events and concerts, as well as access to curated dinners and chef collaborations.
• Account and security alerts: Capital One proactively sends alerts via text, email, or phone call for suspicious transactions, potential mistakes, or unexpected charges.
• $0 fraud liability: Cardholders are not held responsible for unauthorized charges if their card is lost or stolen.
• Virtual card numbers: Generate secure virtual card numbers for online purchases, protecting your actual card information.
• Card lock: Instantly and easily lock your card if misplaced or stolen, preventing unauthorized charges until your card is found or replaced.
• Credit report alerts: Receive alerts for changes in your credit report, such as new inquiries or address updates, helping you monitor your credit activity.

Fees and Costs

The Capital One SavorOne Cash Rewards Credit Card boasts no annual fee or foreign transaction fees. This makes it an excellent option for international travel and long-term use.

New cardholders can take advantage of a 0% introductory APR on both purchases and balance transfers for 15 months. However, there is a 3% fee on transferred amounts within the 15-month period. After the introductory period, the variable APR ranges from 19.99% to 29.99%.

It’s worth noting that like many credit cards, the Capital One SavorOne Cash Rewards Credit Card includes fees for balance transfers, late payments, and returned payments. Be sure to familiarize yourself with these charges to avoid any surprises.

Comparison: Capital One SavorOne vs. Other Capital One Cards

When considering credit cards, it’s essential to compare different options to find the one that aligns with your financial goals. The Capital One SavorOne Cash Rewards Credit Card stands out among Capital One’s offerings due to its strong cash back benefits and lack of an annual fee.

Comparison: Capital One SavorOne vs. Other Cash-Back Credit Cards

Looking beyond Capital One, the market offers numerous cash-back credit cards. By comparing different cards and their respective benefits, you can determine which one suits your spending patterns and lifestyle.

Frequently Asked Questions (FAQ) About the Capital One SavorOne Card

To address any lingering questions, here are some commonly asked questions about the Capital One SavorOne Cash Rewards Credit Card:

1. What qualifies for cash back in the card’s bonus categories?
   • Dining includes restaurants, cafes, bars, fast-food chains, and bakeries.
   • Grocery stores include supermarkets, meat lockers, freezers, dairy product stores, and specialty markets. Exclusions are superstores like Walmart and Target, as well as big-box warehouse clubs like Costco and Sam’s Club.
   • The entertainment category encompasses various activities such as movie theaters, live professional sporting events, amusement parks, tourist attractions, and more. It does not include golf courses, college sporting events, or cable/membership service events.
   • Streaming services eligible for cash back include Netflix, Hulu, and Disney+, among others.
2. How can you redeem your cash-back rewards?
   • Redemptions can be made for any amount at any time, either through cash payouts or statement credits.
   • Additional redemption options include gift cards and merchandise through Amazon or PayPal.
   • Capital One allows for automatic redemptions based on set reward amounts or annual redemption dates.
3. Can you transfer rewards to other Capital One cards?
   • Rewards earned from the Capital One SavorOne Cash Rewards Credit Card can be transferred to other personal Capital One cards that earn miles, such as the Capital One Venture Rewards Credit Card, the Capital One Venture X Rewards Credit Card, or the Capital One VentureOne Rewards Credit Card.

With these answers, you can make an informed decision about whether the Capital One SavorOne Cash Rewards Credit Card is the right choice for you.

In conclusion, the Capital One SavorOne Cash Rewards Credit Card offers captivating benefits, including its broad bonus categories and lack of an annual fee. Its welcome offer and limited-time Uber bonus make it especially appealing. However, it’s important to consider alternatives to ensure the card aligns with your spending habits. By understanding the rewards, benefits, and costs associated with the Capital One SavorOne Cash Rewards Credit Card, you can make an informed decision that suits your financial needs.

• Capital One
• Capital One SavorOne Cash Rewards
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