Capital One announced some changes to how the Capital One Savor card and Savor One credit cards earn, and they do a nice job of improving the overall Capital One points ecosystem, even though these are cash back cards…
Recall that just a couple of weeks ago, Capital One added new transfer partners and adjusted some that were exchangeable at a 2:1.5 rate up to 1:1. The following are all 1:1 transfer partners.
- Avianca (LifeMiles)
- Etihad (Etihad Guest)
- Cathay Pacific Asia Miles
- AeroMexico (Club Premier)
- Finnair (Finnair Plus)
- Qantas (Qantas Frequent Flyer)
- Wyndham Rewards
- TAP Air Portugal (Miles&Go) in the 1:1 tier
- Choice Hotels (Choice Privileges) – launching later this year.
Now, these don’t directly impact the changes I’m about to mention, but they do indirectly impact them.
In this article
The Capital One Savor Cards: Background
These credit cards were created as “lifestyle cash back” cards. That’s my phrase, not Capital One’s… In essence, they are meant for those that spend a lot on dining and entertainment, with the Savor earning 4% in those categories.
They earn cash back, not points, although you can transfer your accrued cash back into points 1:1 if you also hold a Capital One Venture, Capital One VentureOne, Capital One Spark Miles credit card. That’s what makes this news a bit more exciting.
Changes to the Capital One Savor Earn Rate
The Savor has an early spend bonus for new customers of $300 when you spend $3,000 in 3 months.
Until today, the earn rate on this mid-tier card ($95 annual fee, waived your first year) was:
- 4% on dining and entertainment
- 2% on groceries
- 1% everywhere else
Now, it looks like this:
- 4% on dining and entertainment
- 4% on streaming services (new)
- 3% on groceries (improved) (excludes superstores like Walmart)
- 1% everywhere else
Changes to the Capital One SavorOne Earn Rate
The SavorOne has an early spend bonus for new customers of a $200 cash bonus when you spend $500 within your first 3 months.
Until today, the earn rate on this no-annual fee credit card was:
- 3% on dining and entertainment
- 2% on groceries
- 1% everywhere else
Now, it looks like this:
- 3% on dining and entertainment
- 3% on streaming services (new)
- 3% on groceries (improved) (excludes superstores like Walmart)
- 1% everywhere else
Bottom Line
As cash back cards, someone with a predilection for avoiding all annual fees (even though they can often lead to better rewards) can do pretty well here. Certainly 3% on dining, entertainment, and groceries handles a big chunk of your daily spend, and a Capital One Venture Card would complete the Capital One “Bifecta” since you could then transfer from the SavorOne to the Venture 1:1 and from there to all of the Capital One Miles transfer partners. (Of course, you can also carry a Capital One Spark Miles Business credit card instead of a Venture as they are essentially the same).
Thoughts?
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You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards.
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