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If you want a credit card with great dining rewards but don't want to pay an annual fee, the Capital One® SavorOne® Cash Rewards Credit Card should be on your radar. The card offers elevated rewards on both dining and entertainment, as well as on grocery store purchases, and also comes with two introductory incentives.
You won't get as much value compared with its sister card, the Capital One® Savor® Cash Rewards Credit Card. But if you're generally fee-averse or you're not a big spender, not having an annual fee can make a big difference. Here's everything you need to know before you apply.
|Customer service contact info for Capital One|
1 (877) 383-4802
|High cash back rewards on dining and entertainment||High annual percentage rate (APR) after the introductory offer ends|
|Introductory 0% annual percentage rate (APR)||Low rewards rate on most purchases|
|Welcome cash bonus offer with a low spending requirement||Grocery bonus excludes major retailers such as Walmart and Target|
The Capital One® SavorOne® Cash Rewards Credit Card is a similar version of the Capital One® Savor® Cash Rewards Credit Card—without an annual fee. While it doesn't offer as much in the way of rewards and extra perks, you don't need to worry about whether an annual fee is eating into the value you get out of the card.
You'll get a one-time cash bonus with a relatively low spend requirement compared with other cards, plus an introductory 0% APR promotion on purchases. The card also offers 3% cash back on dining and entertainment, giving you a reason to get out more.
This card doesn't offer the same level of rewards and perks as its sister card, however, and you may even get more value out of other cards with no annual fee. As with any credit card, carefully consider the features and compare them with that of other cards to determine which one is right for you.
Unlimited 3% Cash Back on Dining and Entertainment
For ongoing rewards, you'll earn 3% cash back on dining and entertainment, 2% cash back at grocery stores and 1% cash back on everything else.
If you enjoy getting out for good food and entertainment, you can get significant value from the card. Just keep in mind that its base rewards rate is just 1%. So consider having a backup card like the Citi® Double Cash Card, which offers 2% back on everything, to use on spending other than dining and entertainment.
Also, note that while the card offers 2% cash back at grocery stores, that does not include superstores like Walmart and Target, nor does it include warehouse clubs like Costco and Sam's Club.
If you spend a lot on dining and entertainment, consider the Capital One® Savor® Cash Rewards Credit Card, which offers 4% cash back in those categories, and it also offers more value in the form of a higher one-time cash bonus and bonus offers with select merchants. That said, it also charges an annual fee, which you'll have to make up for every year.
Decent Sign-Up Offer With No Annual Fee
This card offers a one-time cash bonus of $150 after you spend $500 in the first 3 months from account opening. That's just $167 per month, which likely is doable even if you're on a tight budget.
While that's not the biggest sign-up bonus you can get with cards that have no annual fee, it may be worth it for someone who doesn't use credit cards often.
The card also comes with an introductory 0% APR on purchases for nine months. While you can get a longer promotional period from many other cash back credit cards, this one is still worth considering if you want to finance a large purchase but don't plan to take long to pay it off.
For example, let's say you put $3,000 on the card as soon as you get it and plan to pay it off within nine months. If you use this card, your monthly payment would be about $334, and you'd pay no interest. If you were to use a card with an 18% APR, however, your monthly payment would be about $359, and you'd pay roughly $230 in interest over nine months.
Keep in mind, though, that the card doesn't offer an introductory 0% APR on balance transfers. So if that's what you're looking for, compare balance transfer credit cards instead.
Get Access to Great Events and Additional Perks
In addition to its rewards program and introductory 0% APR offer, the card also provides access to special culinary, music and sporting events. Check upcoming and past events to see if there are any that you'd like to attend.
As a Capital One credit card holder, you'll also get certain protections and services, including:
- Travel accident insurance
- Rental car insurance
- Roadside assistance
- Extended warranty protection
- Complimentary concierge service
- Travel assistance services
- No foreign transaction fees
When you're shopping online, you can get added security with virtual card numbers. This card gives you the option to generate a temporary number to make an online purchase, which you can do at checkout. If someone manages to steal that information, you can just cancel the virtual card number instead of needing to cancel your primary card and get a new one with a new number.
You can also get virtual card numbers through Eno, Capital One's virtual assistant. Eno also helps keep track of your spending and can notify you when you have a duplicate charge or a recurring bill increases suddenly. You can text the virtual assistant anytime for information about your account.
Finally, Capital One's mobile app comes with several features that can help you better manage your account and keep it safe. For example, you can use the app to lock and unlock your card, which can come in handy if it's lost or stolen. You can also use the Capital One mobile app to report fraud and redeem your cash back rewards for a statement credit on your account.
|Purchase APR: 0% APR for the first nine months, then 15.49% - 25.49% (Variable)||Grace period: 25 days|
|Transfer APR: 15.49% - 25.49% (Variable)||Annual fee: $0|
|Cash advance APR: 25.49% (Variable)||Balance transfer fee: 3% if you receive a promotional APR; none at the regular transfer APR|
|Minimum interest charge: None||Cash advance fee: 3% of the cash advance amount or $10, whichever is greater|
|Foreign transaction fee: $0|
|Late payment fee: Up to $39|
|Returned payment fee: None|
Capital One allows you to add authorized users to your account at no charge. Authorized users will receive a card with their name on it, which they can use to make purchases on your credit line. You will earn rewards on an authorized user's purchases, but you're also responsible for paying off the full balance, including both your and their purchases.
If you want to add an authorized user, you'll need to provide their name, phone number and date of birth. Read the card issuer's authorized-user policy for more details.
Is This Card Right for You?
If you spend a lot on dining and entertainment but don't want to commit to an annual fee, the Capital One® SavorOne® Cash Rewards Credit Card may be worth considering. Be sure to compare it with the Capital One® Savor® Cash Rewards Credit Card to determine whether you can get more net value out of it despite its annual fee.
Also, note that the card's rewards structure may not be best-suited for someone who doesn't spend a lot of money eating out or on entertainment. If you're not sure, take a look at your expenses from the past few months, then compare what you would have earned with this card with what you might get from other cash back credit cards.