Capital One has launched a new cash back credit card called Savor, geared towards those who spend on food and dining. The card offers 3% cash back on dining, 2% on groceries, and 1% on all other purchases for no annual fee.
“When we asked people to share what matters most to them, we heard repeatedly that food and dining are an important part of their lives. We created the Savor card to give customers a simple way to earn more when they are doing what we know they love. Whether it’s cooking a meal with family, enjoying coffee with friends, or celebrating a special occasion at a favorite restaurant, the Savor card helps make life’s moments more rewarding,” said Emilia Lopez, Managing Vice President of US Card at Capital One.
Capital One Savor is a re-branding of the Premier Dining Rewards card that Capital One announced in March. This card has a higher signup bonus of $150 after spending $500 in the first 3 months (only $100 on the old card) and a few additional benefits. Overall, Savor is superior to the Premier Dining Rewards card. If you currently have the old card, you will eventually be transitioned to Savor.
- Unlimited 3% cash back on dining, 2% on groceries, and 1% on all other purchases, every day
- No annual fee
- Enjoy a one-time $150 bonus when you spend $500 in the first three months of opening the account
- Earn unlimited cash back that doesn’t expire for the life of the account
- No minimums for cash back reward redemption, no rotating categories, and no complicated sign-ups
- No foreign transaction fees, like all other Capital One cards
- The Savor card also comes with contactless technology, which allows people to make payments by “tapping” their cards in close proximity to contactless-enabled credit card terminals
Capital One Savor offers a 0% APR on purchases and balance transfers (transfer fee of 3% applies) for the first 9 months. Another nice feature is the ability to redeem your cash back for any amount, with no minimum. With many other cash back cards, you have to wait until you’ve accrued a minimum amount (such as $25) before you can redeem.
The Capital One Savor card is a Mastercard World Elite. Benefits include extended warranty, price protection, travel upgrades and protection, complimentary concierge service, and identity theft resolution services. A complete guide to World Elite MasterCard Benefits can be found here.
If you’re sensitive to hard pulls on your credit, remember that when you apply, Capital One pulls from all three major credit reporting agencies–Equifax, Experian, and Transunion. Most banks only pull your credit report from one of the three when you apply. Unless you’re a hard core credit card churner, this shouldn’t be a concern.