Capital One’s newest credit card is serving up a large helping of dining rewards — hold the annual fee.
Today, the issuer launched the Capital One® Savor® Cash Rewards Credit Card, a $0-annual-fee card that offers generous ongoing rewards for people who like to dine out or in:
- 2% unlimited cash back on groceries
- 1% unlimited cash on all other purchases
If those reward rates sound familiar, that’s because they’re the same as on the Capital One® Premier Dining Rewards Credit Card, which launched in March. Mark Mattern, vice president of U.S. cards at Capital One, says the Capital One® Savor® Cash Rewards Credit Card represents the next evolution of the Capital One® Premier Dining Rewards Credit Card.
In addition to the clever new name — it sounds like “saver” — the new product offers benefits that the earlier card lacked:
The concept of food as a vehicle for shared experiences came up repeatedly (as a major customer interest).
- An introductory 0% APR period. You get 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.99% - 24.74% Variable APR. The Capital One® Premier Dining Rewards Credit Card didn’t have a 0% period.
- A larger sign-up bonus. And one that’s fairly easy to claim: Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening. The sign-up bonus on the Capital One® Premier Dining Rewards Credit Card was worth $100.
- Contactless technology. This feature, which is also available on some of Capital One’s other cards, allows you to pay just by tapping your card on the card reader — no dipping or swiping required. The Capital One® Premier Dining Rewards Credit Card didn’t offer this.
“We’re really excited about the product,” Mattern says. “We listen to our customers and what they’re passionate about, and the concept of food as a vehicle for shared experiences came up repeatedly.”
If you currently have the Capital One Premier Dining Rewards credit card, he notes, you’ll eventually be switched over to the Capital One® Savor® Cash Rewards Credit Card — although not right away.
It’s devilishly hard to find a card that comes with robust dining rewards, no annual fee and no spending caps. If you dine out on the regular and want to earn more rewards without paying extra, the Capital One® Savor® Cash Rewards Credit Card is one of your best options.