Capital One Savor Cash Rewards Credit Card Review – $500 Bonus + 4% Back on Restaurants

“The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”

Capital One has refreshed their Capital One Savor Cash Rewards Credit Card with a new $500 sign-up bonus, waived first year annual fee, and improved rewards structure. Here are the highlights:

  • $500 cash bonus after $3,000 in purchases within the first 3 months
  • 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • No foreign transaction fees
  • No annual fee for the first year, $95 after that
  • Free concierge service that lets you call for special reservations at certain restaurants and other experiences.

Capital One says that existing Savor cardholders will be upgraded to the 4% back on dining and other features of the Savor, but will have their annual fee waived indefinitely. No sign-up bonus, though!

Purchase rewards details. Notable about this card is the 4% back on dining and entertainment. 4% is high, but there are many other rewards cards that offer some sort of boost on restaurant purchases, such as the Costco Anywhere Visa (my review) with 3% on restaurants (amongst other rewards categories) and no annual fee. Often one of the rotating 5% cash back cards has restaurants as a category.


If you already have one of those cards above, you’d have to spend decent chunk on dining out to justify paying that $95 annual fee after the first year. Of course, if you do dine out often, you might actually take advantage of their free Concierge service to help you get reservations at high-demand spots.

In case you were curious, the application page provides some direct clarifications on the rewards structure.

What counts as dining?
Purchases at restaurants, cafes, bars, lounges, fast-food chains and bakeries.

What counts as entertainment?
Buying tickets to a movie, play, concert, sporting event, tourist attraction, theme park, aquarium, zoo, dance club, pool hall or bowling alley. Also, making purchases at record store and video rental locations. This excludes non-industry entertainment merchant codes like cable, digital streaming, and subscription services.

What counts as a grocery store?
A supermarket, meat locker, freezer, dairy product store and specialty market. Excludes superstores like Walmart® and Target®.

Statement credits. The rewards on this card are nice and simple. You earn cash, which can be redeemed as a statement credit or a mailed check. There are other options, but none are especially interesting or more valuable than cash.

Credit approval details. This card says it requires “Excellent credit”. Capital One is known to limit you to two consumer Capital One credit cards per person. They are also a bit unusual in that they pull your credit reports from all three major bureaus, instead of just one.

Bottom line. The Capital One Savor Cash Rewards Credit Card has a new $500 sign-up bonus, waived first year annual fee, and 4% cash back on dining and entertainment. This The total first-year value of this card is over $500. Note the $3,000 of total spending required within 3 months – maybe it’s your turn to put group dinner on your card and have everyone else pay you back to take advantage of that 4% back.

“Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.”



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Comments

  1. Why consider a cash reward credit card if you’re pursuing early retirement? A yearly $95 fee and incentive to spend more to get a 4% discount. Isn’t it contradictory?

    • The signup bonus and 4% earned the first year when the annual fee is waived.

    • Good question for the newer visitors. If you can manage your spending (critical in pursuing early retirement), you can leverage credit card bonuses to offset much of your travel expenses each year at no cost to you except keeping track of your credit checks. The competition has gotten so intense that I set a bar of $500 in the first year to get me to try out a new card. There are hundreds of credit cards that don’t meet this hurdle. If a person found six of these a year, that’s $3,000 value per person ($6,000 a year per couple). That’s a very solid annual travel budget (or a much higher savings rate).

  2. Jon in NYC says:

    Another alternative would be the Uber Visa card which offers 4% cash back on restaurant spending and no annual fee.

    • That’s true, I was more thinking about cards that people often have already that gave cash back on restaurants. The new Uber card doesn’t have enough of a sign-up bonus to warrant a new application for me. I can’t believe it only offers 2% back on Uber – why not something like 5%? It’s the Uber card!

  3. I just got rejected for this in spite of having a >800 credit score, not many recent card accounts opened, having significant credit card monthly flow, a relatively high income, etc. — I’ve applied for a lot of cards in recent years (though fewer in recent months) and gotten all of them (I know to avoid triggering clauses like Chase’s 5/24, or CapitalOne’s own 1-in-6-months deal).

    From what I’ve now seen in other forums, this is unusually common. Plus CapitalOne apparently does three hard credit pulls when you apply (one for each bureau).

    I’m not saying it might not be worth applying, for any given person — I just figured it would be good to bring up how it seems to be an inexplicably difficult card to get for people who’d normally be a shoe-in, and the outsized impact it will temporarily have on your credit history when you apply.

    • I wish I had read James’s comment before applying – I had the same problem despite excellent credit and limiting my applications this year. I hope others see this, or maybe Jonathan can add a note about how difficult this card is to get.

  4. Brad Hankins says:

    I applied and was immediately declined for the Capital One card. The next day I applied using my wife’s credentials. She was also declined. Both of us have never been declined like this before.

  5. Got immediate approval for 30k limit. Thanks!

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