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The Capital One Savor Cash Rewards Credit Card*, a favorite of foodies seeking top-notch rewards on dining purchases, offers cardholders a chance to earn $300 cash back for spending $3,000 in the first three months. This sign-up bonus is one of the most generous you can find on a cash back card.
The Savor charges a $95 annual fee, however. If you’d rather avoid an annual fee, the Capital One SavorOne Cash Rewards Credit Card is a good alternative. The SavorOne is currently offering a $200 bonus for cardholders who spend $500 in the first three months, one of the card’s highest bonus offers to date.
See related:Best credit cards for dining
Which Savor card is better in the first year?
Both the Savor and SavorOne cards offer top-tier rewards rates with bonus cash back on dining, entertainment and grocery shopping. Unlike some cash back cards with bonus categories, there are no limits on the amount of rewards you can earn. The sign-up bonuses for both cards are also high, allowing users to make a little extra money the first year.
| Savor Cash Rewards Credit Card | SavorOne Cash Rewards Credit Card | |
| Rewards rate |
|
|
| Sign-up bonus | $300 if you spend $3,000 in first 3 months | $200 if you spend $500 in first 3 months |
| Annual fee | $95 | $0 |
| Estimated earnings in first year ($1,325 monthly spend) | $642 | $493 |
Despite its higher rewards rate, the Savor card’s $95 annual fee could limit your earning potential. The higher sign-up bonus will help you take home more in the first year, but you’ll need to spend most of your money on dining and entertainment every year thereafter to continue to bring home more rewards over time and make up for the annual fee.
Recent changes to Capital One Savor cards
When the Capital One Savor card was first upgraded, it boasted a generous $500 intro bonus for cardholders who spent $3,000 in the first three months. Unfortunately, that offer was reduced to $300 in 2019.
Capital One Savor card recent changes | |
| May 21, 2019 | $300 if you spend $3,000 in first 3 months |
| Previous: | $500 if you spend $3,000 in first 3 months |
Until 2020, the SavorOne card bonus has held steady at $150 for cardholders who spent $500 in the first three months. This makes the card’s current offer of $200 with the same spending requirement particularly notable. If you’ve been on the fence about the SavorOne, now may be the best time to apply, as it may be your best chance to secure an elevated sign-up bonus.
Capital One SavorOne card recent changes | |
| Oct. 20, 2020 | $200 if you spend $500 in first 3 months |
| Previous: | $150 if you spend $500 in first 3 months |
Since both of these cards are relatively new offerings, it is unclear how frequently limited-time offers will appear in the future.
Who is eligible to earn the Savor sign-up bonus?
In order to qualify for the cash back intro offer for either the Savor or SavorOne card, you must first meet the card’s application qualifications. Both cards require applicants to have good to excellent credit (above 670) as well as a monthly income of at least $425 more than your rent or mortgage payment.
Capital One also limits the number of accounts you can have open. If you already have five or more credit cards with the bank, you won’t be able to apply. In addition, current and previous account holders might not be eligible for the sign-up bonus.
To earn the $200 cash bonus on the SavorOne card, you only have to spend $500 in the first three months. With the Savor card, however, you’ll need to spend $3,000 in the first three months to get the $300 bonus. This is a more difficult spend threshold to reach, so if your monthly spend is less than $1,000, you are better off with the SavorOne, especially considering the Savor card’s $95 annual fee.
Redemption options for Capital One Savor cards
Once you’ve earned cash rewards on your Capital One Savor or SavorOne card, you have a few different redemption options, including the traditional statement credit upon request. You can also set up automatic redemption either at a set time each year or at thresholds anywhere from $25-$200. Alternatively, you can redeem your rewards for a check or gift card or pay with PayPal at many online retailers.
Should you apply for a Capital One Savor card now?
Though the bonus on the Capital One Savor card is not the highest it has ever been, it’s hard to say whether another limited-time offer will ever be available. Since the current $300 bonus is still one of the highest you can get on a cash back card, applying for the Savor is still a good move if the card’s rewards make sense for you. The new offer for the SavorOne, meanwhile, is the best we’ve seen so far, making now a great time to apply.
* Information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuers.
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Emily Sherman is a senior editor at CreditCards.com, focusing on product news and recommendations. She is also one of the founders of To Her Credit, a biweekly series of financial advice by women, for women. When she's not writing about credit cards, she's putting her own points and miles to use planning her next big vacation.
