Capital One offers two credit cards with similar names and similar benefits, and it can be hard to figure out which one is a better fit for your wallet. The Capital One® Savor® Cash Rewards Credit Card and the Capital One® SavorOne® Cash Rewards Credit Card (henceforth referred to as simply "Savor" and "SavorOne") both offer solid earning opportunities and benefits, but the right one for you will largely depend on how much you spend.
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Annual Fee and Welcome Offer
The most obvious differences between the two cards are their annual fees and welcome offers:
- Savor: $95 annual fee, waived in the first year. Earn a $300 cash bonus after you spend $3,000 on purchases within the first three months of account opening.
- SavorOne: No annual fee. Earn a $150 cash bonus after you spend $500 on purchases within the first three months of account opening.
At an effective 10% bonus cash back on the first $3,000 in purchases, the Savor has a decent bonus considering its annual fee is waived in the first year, even if some travel rewards credit cards offer larger bonuses with similar minimum spending requirements.
But with no annual fee, the SavorOne's effective 30% bonus cash back on the first $500 in spend is arguably even more tempting, even if it's only worth half as much as the Savor's.
Your day-to-day spending will, in some cases, earn different amounts of cash back depending on the card you choose.
- Savor: Earn unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.
- SavorOne: Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases.
Excluding the limited time Vivid Seats promotion, the SavorOne boasts, essentially, a slightly watered down version of the Savor's bonus chart. While 4% back on dining and entertainment is great, 3% is solid too, and you'd need to average $800 per month in spending on those categories to cancel out the Savor's $95 annual fee.
Advantage: Savor, but only for big spenders.
The two cards boast identical perks, with one exception: the SavorOne offers 0% intro APR for 15 months on purchases (then a variable APR of 15.49% to 25.49% applies), while the Savor does not.
Both cards have zero foreign transaction fees, offer extended warranty protection on eligible purchases, and push instant purchase notifications on your phone to help monitor for unusual spending. Frankly, there's nothing too exciting here, but it's notable that the card with no annual fee matches (or in the case of the intro 0% APR, exceeds) the more expensive Savor card.
These cards are more alike than they are different, and for that reason, most people should opt for the no-annual-fee SavorOne. It offers nearly all of the same benefits as the Savor without asking for $95 per year in return.
The exception would be anyone that reliably spends at least $800 per month on dining and entertainment, and plans to put all of that spending on the Savor card. But to be completely candid, anyone in that boat would be better served by applying for a travel rewards card like the American Express® Gold Card or the Chase Sapphire Reserve, which feature similar bonus categories, but earn points that are more valuable than simple cash back.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.