Is the Capital One SavorOne worth it?

The Capital One SavorOne Cash Rewards Credit Card is a great rewards card to have in your wallet if you’re all about food, travel and entertainment. But before you apply for the Capital One SavorOne, you probably want to know if this card is a good fit for you or if one of the other top cash back credit cards could suit your needs better. Below, we’ll take a look at some instances when this card could be worth it — and not worth it — for you.

​When is the Capital One SavorOne worth it?

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If you love food and entertainment but hate annual fees

If you spend a considerable amount of money on food, dining, travel and entertainment and, at the same time, you don’t want to pay an annual fee, the Capital One SavorOne Cash Rewards could be a great choice for you.

With this card, you’ll get 3 percent cash back on dining, general entertainment, popular streaming services (like Netflix, Hulu and more) and grocery store purchases (excluding superstores like Walmart and Target). You’ll also get 5 percent cash back on hotels and rental cars booked through the Capital One Travel portal, 8 percent cash back on Capital One Entertainment purchases, and 1 percent cash back on all other purchases.

The cash back you can earn on the above purchases is unlimited, which isn’t always the case with other top rewards credit cards. For example, the Blue Cash Everyday® Card from American Express only lets you earn 3 percent cash back on the first $6,000 spent at U.S. supermarkets per year. After that limit is met, you’ll only earn 1 percent cash back on grocery store purchases.

If you want a no-annual-fee card with numerous benefits

In addition to the above earning structure, the Capital One SavorOne Cash Rewards comes with a welcome bonus of $200 after spending $500 within three months of account opening. This welcome bonus is easy to achieve since it requires meeting a lower spending amount than other rewards cards on the market.

The Capital One SavorOne also includes a number of other benefits like:

• No foreign transaction fees (making this a handy card for world travelers)
• Travel benefits like travel accident insurance, access to the Capital One Travel portal and 24-hour travel assistance services
• Shopping protections like extended warranty coverage and complimentary concierge services
• Security protections like $0 fraud liability, virtual card numbers (from Eno), CreditWise credit monitoring and security alerts
• Access to exclusive experiences via Capital One Dining and Capital One Entertainment

If you want a rewards card with a 0% intro APR offer

The Capital One SavorOne card also has a 0 percent intro APR offer on purchases and balance transfers for the first 15 months (19.99 percent, 26.24 percent or 29.99 percent  variable APR after). This lengthy intro APR offer for purchases and balance transfers can help you consolidate and pay off debt or purchase and pay for an expensive item over time.

Just remember to finish paying off your balance before the 0 percent intro APR period ends to avoid paying the variable interest rate. Also, keep in mind that a balance transfer fee of 3 percent applies for balance transfers for the first 15 months or at a promotional APR that Capital One may offer you at any other time. There is no fee for amounts transferred at the Transfer APR.

If you have a travel card from Capital One

Capital One allows you to convert cash back into miles. That means you can transfer your SavorOne rewards to one of the issuer’s travel cards, including:

• Capital One VentureOne Rewards Credit Card
• Capital One Venture Rewards Credit Card
• Capital One Venture X Rewards Credit Card

If you already have one of the Venture cards, adding the SavorOne to your wallet might be a good idea. This way, you can pool the rewards and earn free travel faster. Plus, you might be able to stretch the value of your rewards. According to Bankrate’s valuations, Capital One miles are worth about 1.7 cents per mile on average when you transfer them to the issuer’s partners. That means $200 in cash back can potentially turn into $340 worth of travel.

“Earlier this year, I canceled my American Express® Gold Card to get the Capital One SavorOne — because I also have the Venture X. Keeping rewards I redeem for flights in two different rewards ecosystems was becoming a challenge, so I stuck with Capital One. Now all the cash back I earn for dining and grocery store purchases becomes Capital One miles, and I expect to transfer around $200 (20,000 miles) per year to my Venture X. That’s such a simple way to earn travel rewards more quickly without taking on additional annual fees.”

— Ana StaplesLead Credit Cards Writer, Bankrate

When is the Capital One SavorOne not worth it?

If you want to carry a balance

Reward credit cards tend to have a higher APR in general. The Capital One SavorOne Cash Rewards card has a regular variable APR between 19.99 percent to 29.99 percent. If you tend to carry a balance from month to month and your credit is not stellar, you may end up with an APR on the higher end of the spectrum. Even if you have excellent credit, the interest you’ll pay will more than negate whatever cash back you’ll earn.

So, if you intend to carry a credit card balance long-term (after the intro APR offers end), you might want to look for a card with a lower variable APR that will save you more money, even if it doesn’t feature any rewards (although some low-interest cards still do).

​If 3% cash back isn’t enough

Another reason the Capital One SavorOne card might not be worth it is if you’re a power spender. For example, there are more rewarding cash back cards out there, like the Blue Cash Preferred® Card from American Express, albeit with an annual fee.

The Blue Cash Preferred Card’s usual $95 annual fee ($0 intro annual fee for the first year) offers higher rewards, including 6 percent cash back on U.S. supermarkets (on up to $6,000 per year, then 1 percent), 6 percent cash back on select U.S. streaming subscriptions, 3 percent cash back on transit, 3 percent cash back on U.S. gas station purchases and 1 percent cash back on all other purchases.

The Blue Cash Preferred Card also offers a higher welcome bonus of $250 (in the form of a statement credit) for new cardholders, but you’ll have to spend $3,000 in the first six months of account opening to earn it. But for a power spender, this requirement should be easy to attain.

Overall, the Blue Cash Preferred Card from American Express has a very attractive earning structure, but whether or not it’s worth the $95 annual fee ($0 intro annual fee for the first year) fully depends on your spending habits and how much cash back you earn (to offset the cost of card membership).

Should you get the Capital One SavorOne?

If you spend a lot on dining, groceries, streaming services and entertainment, you’ll love the Capital One SavorOne. And since this is a no-annual-fee card, you’ll never feel the pressure to close it to save money on an annual fee.

However, if you don’t spend a meaningful amount of money on food, travel and entertainment, there are plenty of other top cash back credit cards that may be a better fit for you. For example, if you don’t spend a lot in these categories, you may want to consider a flat-rate card that allows you to earn 2 percent cash back on all purchases.

​The bottom line

The Capital One SavorOne Cash Rewards card is one of the best no-annual-fee rewards cards for consumers who spend a lot on food and entertainment. Earning cash back on purchases is very easy, and you won’t have to remember to activate quarterly bonus categories or worry about spending limits. To maximize its value, remember to carry the card in your wallet and use it for all bonus category purchases.