Capital One SavorOne Credit Card Review 2023 (Is It Good?)

The Capital One® SavorOne® is an unsecured cash back credit card that offers plenty of cash back rewards for multiple categories, no annual fee, and a possible $200 bonus for qualifying card holders. 

But is it the right card for you? 

Let’s see—

Capital One® SavorOne® at a Glance

Type: Cash back card

Annual fee: None

Maintenance fee: None

Credit score: Very good / Excellent (720+)

Cash back: 1% on all purchases, 3% on dining, entertainment, popular streaming services, and grocery store purchases, 10% on Uber and Uber Eats purchases, 8% on entertainment purchases, 5% on hotel and rental car reservations made through Capital One Travel.

Intro offer: $200 bonus after spending $500 on purchases in the first 3 months of opening account. 

Benefits: Cash back, Mastercard benefits extended warranties and travel accident insurance, no yearly fee, no foreign transaction fees.

Capital One SavorOne Credit Card—How Does It Work?

If you’re into getting rewards for dining out, entertainment, and streaming services, the Capital One SavorOne Cash Rewards Card is a smart pick. 

With its 0% introductory APR offer, you can save some dough, too. And the best part? No pesky annual fee . 

You’ll also score a sign-up bonus and have lots of reward options at your disposal.

Mind you, if your credit score isn’t in the “Excellent” range (say, below 720), you may have some trouble getting approved. (But don’t let that stop you from trying.)

How to apply for the Capital One® SavorOne® credit card

If you believe you meet the minimum requirements to qualify for the SavorOne card, you can online via Capital One’s website easily. 

Keep in mind that there are multiple SavorOne card options, so you want to choose the “SavorOne Rewards” card. 

Capital One® SavorOne® Review: Overall Card Rating

Capital One® SavorOne® Review

In 2023, more than half of people prefer using debit cards (54%), but a sizable amount (36%) still opt for credit cards. 

It’s no wonder that peeps are on the hunt for a credit card that can help them earn cash back and stick to a budget.

This is where the Capital One® SavorOne® comes in.

Here’s what to keep in mind before applying for this card—

Capital One® SavorOne®—what we like

Pros

• No annual fee. 
• Up to 8% cash back in rewards. 
• $200 introductory bonus. 
• Extra cardholder benefits. 

Cons

• High APR. 
• No cash back for groceries if you shop at superstores like Target. 
• Must have a credit score of at least 720 for better approval odds. 

No annual fee 

The Capital One® SavorOne® card is a great option for users who don’t want to pay extra fees. 

It doesn’t have an annual fee, balance transfer fee, or foreign transaction fees (it’s also free from maintenance fees). 

Rewards

Looking for a credit card that can save you some moolah on dining and entertainment? Here’s the scoop on what the Capital One® SavorOne® Cash Rewards Credit Card offers:

• 3% cash back on eats and outings.
• 3% cash back on groceries too.
• 3% cash back on popular streaming services.
• 1% cash back on everything else.

And bonus: When you use your card to make Capital One Entertainment purchases, you’ll score a whopping 8% cash back. 

Another perk is that you don’t have to worry about revolving offers—these cash back rewards are the same year to year. 

Introductory offer 

With this card you get a $200 bonus if you spend $500 on purchases within the first three months of opening your account. 

Excellent benefits

Not only does the Capital One credit card offer nice rewards, but it also comes with a bunch of other helpful services like:

• Monthly credit score checks (totally free).
• Concierge services.
• TSA pre-check.
• Rental car insurance.
• Travel accident coverage.
• Assistance if you lose your luggage.

If there are any suspicious charges or weird billing issues on your account, Capital One will let you know ASAP. You’ll get a text, email, or phone call so you can breathe easy knowing there are no surprises.

Capital One® SavorOne®—things to keep in mind

High APR 

Now, for the not-so-great stuff—the Capital One credit card’s APR can be pretty hefty, ranging from 19.74% to 29.74%. 

This isn’t great news for everyone, especially if your credit score isn’t super high (you could be looking at some steep interest rates). 

Here’s the deal: Once the introductory APR period is over, it’s best to avoid carrying a balance if you can help it—it’ll save you some serious cash in the long run.

Grocery store exclusions 

Even though you can nab 3% cash back when you shop for groceries, this only applies to certain stores. If you tend to head to places like Walmart or Target for your grocery goodies, you won’t be eligible for the rewards.

Excellent credit recommended for approval odds

When you’re shopping for a Capital One credit card, the company recommends a certain credit level for each one. 

If you’re interested in the Capital One® SavorOne®, it’s recommended that your credit score is “Excellent” (think 720 or higher).

Capital One® SavorOne® Credit Card Fees

Alternatives to the Capital One® SavorOne®

In our opinion, the top three best alternatives for the SavorOne® card are Chase Freedom Unlimited, the Citi® Double Cash Card, and the Discover It® Cash Back Card—

Chase Freedom Unlimited®

Why we like it

The Chase Freedom Unlimited® card gives you unlimited 1.5% cash back on all other purchases in addition to 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on pharmacy purchases, and dining at restaurants (including takeout and qualified delivery service). 

Additionally, if you make $500 in purchases within the first three months of opening your account, you’ll receive a $200 bonus.

There’s no annual fee and a 0% intro APR on purchases and balance transfers for 15 months starting at account opening (but the variable rate, which starts at 19.74%, is hefty).

Pros

• $0 annual fee. 
• 0% Intro APR on balance transfers for 15 months. 
• Earn a $200 bonus after you spend $500 on purchases in the first 3 months. 

Cons

• High APR of 19.74% to 28.49%. 
• Charges foreign transaction fees.

Citi® Double Cash Card

Why we like it

A credit card that offers cash back similar to the SavorOne card is the Citi Double Cash card. 

It offers 2% cash back on all purchases (1% when you make the purchase and 1% when you pay for it) and has no annual fee. 

It does have an extremely high APR rate, though (starting at 18.74%). And there are no incentives for making a certain amount of purchases during your trial period. 

Pros

• No annual fee.
• 2% unlimited cash back on all transactions. 
• 0% introductory APR (up to 18 months). 

Cons

• High variable APR up to 28.74%.
• No introductory offer for new cardholders. 

Discover it® Cash Back Card

Why we like it

The Discover it® Cash Back card delivers 5% cash back on regular purchases at various locations, including Amazon.com, supermarkets, dining establishments, and gas stations, up to the quarterly maximum. 

You can also automatically earn an unlimited 1% cash back on all other purchases. 

There’s no annual fee and a 0% introductory APR on purchases for 15 months. 

The card also has a great introductory offer—at the end of your first year, Discover will automatically double all the cash back you’ve earned (there’s no minimum or maximum prize amount). 

As with most credit cards, it does have a high APR rate, starting at 16.74%, and it also has “revolving” cash back options—so you’ll need to watch out for which offers make more each quarter. 

Pros

• $0 annual fee.
• 5% cash back on certain transactions each quarter. 
• 1% cash back on all other purchases. 
• 0% introductory APR for 15 months.
• Double cash back at the end of the year based on purchases. 

Cons

• High variable APR up to 27.74%.
• 5% cash back “revolves” each quarter. 

Is Capital One® SavorOne® Good for Me?

The Capital One SavorOne Cash Rewards Credit Card is a decent cash back card to have in your pocket if dinner and a show are your idea of a good time (or if you love shopping for groceries). 

But if you don’t prioritize entertainment—or want a credit card that offers more travel based rewards—this may not be the best card option for you. 

While you could benefit from the 0% introductory APR rate and no annual fee, you’ll need to have excellent credit (and even then you’ll most likely have a high APR rate). 

We’d say this card is a solid option for those with great credit—but there may be better choices out there.