Capital One Savor Review: Supersized Rewards on Food, Fun

Finally, there’s a dining and entertainment credit card that’s actually worth its annual fee.

The Capital One® Savor® Cash Rewards Credit Card offers an impressive — and unlimited — 4% cash back on dining and entertainment, 2% back at grocery stores, and 1% back on everything else, for an annual fee of $0 for the first year, then $95.

The sign-up bonus makes the card even more appetizing: Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening.

It's not a good card for those who prefer staying in. But for folks who spend plenty going out on the town, catching movies and frequenting favorite eateries, the card's rewards make it well worth getting.

Key features

Here are some fast facts about the Capital One® Savor® Cash Rewards Credit Card:

Card type: Cash back.

Annual fee: $0 for the first year, then $95.

Sign-up bonus: Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening.

Rewards:

• 4% cash back on dining and entertainment.

• 2% cash back at grocery stores.

• 1% cash back on all other purchases.

Foreign transaction fees: None.

Minimum redemption requirement: None.

Here's how this card defines "dining and entertainment" expenses:

• Dining includes purchases at restaurants, fast-food places, coffee shops, cafés, lounges, bakeries, bars, nightclubs and more, according to the issuer.

• Entertainment includes tickets purchased for a movie, play, concert, sporting event, tourist attraction, theme park, aquarium, zoo, dance club, pool hall or bowling alley, as well as purchases at record stores or video rental locations, the issuer confirms. (It doesn’t include purchases like cable, digital streaming or subscription services.)

» MORE: Capital One credit cards mobile app review

Why you might want the Capital One® Savor® Cash Rewards Credit Card

You spend a lot annually on dining and entertainment

This card comes with an annual fee of $95 — but if you spend at least $9,500 a year on dining and entertainment, it's more valuable than its $0-annual-fee counterpart, the Capital One® SavorOne℠ Cash Rewards Credit Card. (More on that later.) That's not too high of a bar to clear if you frequently cover dining and entertainment costs for a crowd — say, if you often pick up the tab at the restaurant when you're out with friends.

So, what counts as a "restaurant" or a "theme park"? It comes down to the merchant classification code, or MCC, used by the business. Keep in mind that some purchases might not be classified in the way you might expect. If you're unsure of how a purchase might be classified, try looking for the information online or contacting the merchant beforehand to ask.

You want a big sign-up bonus

The sign-up bonus for the Capital One® Savor® Cash Rewards Credit Card comes supersized — especially compared with other cash-back cards. The bonus: Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening. Although the ongoing rewards on this card are the main dish, the generous upfront offer makes the card even more appealing.

You’re all about that cash back

Several top-shelf dining cards come with travel-specific rewards. Not this one. While this card could be a great pick for a traveler who spends plenty on dining and entertainment, it could also be a solid choice for someone who just plans small weekend getaways and staycations, or dines out with friends or family frequently. The versatile cash-back rewards can be used however you want.

Why another card might be better

YOU WANT TRAVEL BENEFITS

For folks who are always on the go, the Capital One® Savor® Cash Rewards Credit Card stands out because of its rich dining rewards — but in the travel perks department, it falls short. For frequent travelers, the Bank of America® Premium Rewards® credit card could be a stronger choice, despite its more modest dining rewards.

This card offers 2 points per dollar spent on travel and dining purchases, and 1.5 points per dollar spent on all other purchases. You can boost your rewards if you qualify for the Bank of America® Preferred Rewards program. Points are worth 1 cent each whether they’re redeemed for cash back, travel purchases or other redemption options. The card comes with an airline incidental statement credit worth up to $100 every year (for expenses such as seat upgrades and baggage fees) and a reimbursement for TSA Precheck or Global Entry application fees worth up to $100 every four years. It also features a generous sign-up bonus: Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening. The annual fee is $95, and it doesn’t charge foreign transaction fees.

You want to avoid the annual fee

If you do spend on dining and entertainment, but less than $9,500 a year, the Capital One® SavorOne℠ Cash Rewards Credit Card is probably a better fit for you.

This card is the $0-annual-fee version of the Capital One® Savor® Cash Rewards Credit Card, and offers benefits that are a step down, but still generous. You’ll get 3% cash back on dining and entertainment, 2% back at grocery stores and 1% back on all other purchases. The sign-up bonus is easy to snag: Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening. The card comes with an annual fee of $0 and doesn’t charge foreign transaction fees.

Is the Capital One® Savor® Cash Rewards Credit Card right for you?

If you spend plenty on food and fun, this card has your name written all over it. For you, the hearty dining and entertainment rewards will easily outweigh the annual fee.