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Capital One is cooking up some big improvements to its credit cards that offer cash-back dining rewards.
The issuer has announced two major changes to its Savor card portfolio:
The existing Capital One Savor Cash Rewards Credit Card will now come with richer rewards on dining, entertainment and grocery stores — and carry an annual fee of $95.
The Capital One SavorOne Cash Rewards Credit Card, its $0-annual-fee counterpart, will now be available. Like its sibling card, it will feature bonus rewards on dining, entertainment and grocery stores.
These new offers are good news for potential applicants — and even better news for current cardholders who will receive upgraded benefits for no annual fee. Here's what these two Savor cards offer now, at a glance.
Capital One SavorOne Cash Rewards Credit Card
Capital One Savor Cash Rewards Credit Card
APR: 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 14.99%-24.99% Variable APR.
APR: The ongoing APR is 15.99%-23.99% Variable APR .
Sign-up bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening..
Annual fee: $0.
Ongoing rewards: 3% cash back on dining and entertainment. 2% back at grocery stores. 1% back on all other purchases.
Sign-up bonus: Earn a one-time $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening..
Annual fee: $95.
Ongoing rewards: 4% cash back on dining and entertainment. 2% back at grocery stores. 1% back on all other purchases.
There are now two Savor cards on the Capital One menu, and overall they're more valuable than what was previously offered. Here's what was added:
New bonus category. The new Savor cards offer bonus rewards on entertainment, which includes expenses such as tickets for movies and theme parks. That wasn't the case with the previous Capital One Savor Cash Rewards Credit Card, which came with 3% cash back on dining, 2% back at grocery stores and 1% back on everything else.
A better option for big spenders. If you spend heavily on dining and entertainment, you now have the option to pay an annual fee for more generous ongoing rewards in those categories. Previously, the Capital One Savor Cash Rewards Credit Card, which had an annual fee of $0, was the only Savor card in town. (The Capital One SavorOne Cash Rewards Credit Card offers the same sign-up bonus and introductory 0% APR period as the earlier version of the Capital One Savor Cash Rewards Credit Card did.)
“Dining and entertainment is a way that our customers want to ... enjoy their time with their loved ones,” says Lauren Liss, vice president of U.S. cards at Capital One, noting the changes are in response to customer feedback. “We’ve created a card to meet that need."
Which one is better, based on your spending?
Folks who spend plenty on dining and entertainment will find that the Capital One Savor Cash Rewards Credit Card is a more valuable choice, despite its annual fee. To see which card is a better deal for you, use the calculator below.
What will happen to current cardholders?
These updates pan out particularly well for current Capital One Savor Cash Rewards Credit Card customers. Cardholders will keep their cards and will begin earning 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases — and it won’t cost them a penny.
“They won’t have to pay the annual fee on the Savor card,” Liss says. Though they’ll get all the benefits of the new card, current cardholders won’t be able to earn another sign-up bonus during the upgrade. Capital One will communicate with cardholders about when these changes will take effect. The upgrade won’t affect current cardholders’ credit.
Card images courtesy of Capital One.
Information related to the Capital One Savor Cash Rewards Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.