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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.

If you are in a cash crunch, you should avoid travel rewards credit cards until you are caught up. Here are our favorite credit cards for Intro 0% APR offers and for balance transfer offers

  • 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.

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?

Let me know below in the comments, on Twitter, or in the private MilesTalk Facebook group.

And if this post helped you, please consider sharing it!

You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards

New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.

I got "in the game" in 2003 and since then I've collected literally millions and millions of frequent flyer miles and hotel points. I've flown around the world in first class seats that would cost $29,000 using frequent flyer miles and a few bucks in tax. And I've stayed in some of the finest hotels - all for free! A few years ago I realized many of my friends actually thought I was paying for these!! So I started sharing my tips. It's long been a passion, but when I hosted a session on Miles and Points at this year's South by Southwest festival, my love of the game intensified and this blog was born.

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