Capital One Savor Card Details and Review
Capital One just released a new credit card product, the Savor card. The Savor card earns cash back and comes with no annual fee. It has a couple of bonus categories and it comes with a small sign up bonus. Is it worth getting? Let’s take a look.
Details on the Bonus
The card comes with a $150 sign up bonus after meeting $500 in minimum spend within 3 months of opening the card.
The card earns cashback as follows:
- 3% Dining
- 2% Groceries
- 1% on everything else
The Savor card comes with a 0% APR for the first 9 months. It also has a 0% balance transfer offer for the first 9 months, with a 3% balance transfer fee.
Sign up Bonus Value ($150)
The card has no annual fee so you get to keep the entire $150 sign up bonus.
3% dining is on par with the Citi Costco card and the Chase AARP card. Both of which are superior cards to the Savor card in my opinion. While 3% cash back on dining matches the largest cash return for that category you can get a much better return with an annual fee card. Some examples are the Chase Sapphire Reserve, American Express Flexperks, American Express Premiere Rewards Gold card etc.
Earning 2% cash back on groceries and 1% everywhere else is not a very compelling offer. You would be better off getting the Citi Double Cash and earn 2% on everything unless you spend a large amount on dining out.
Where this card could have value is when your annual fee comes due on the Capital One Venture card. In the past the only option to downgrade had been the Quicksilver card. The Savor card is superior to the Quicksilver card so this would be a good option to downgrade to. That is, if you wanted to keep the line of credit open.
The card is not all that interesting to me. The earning structure is worse than a standard 2% cash back card. There are better options out there in the no fee arena as well. The $150 sign up bonus is not worth burning a hard inquiry for either.
Where the card comes into play is when/if you decide to downgrade your Capital One Venture card. It is a card you could keep long term, since there is no annual fee, and keep your average age of accounts up.
Hat Tip to OMAAT