Capital One’s Savor vs. SavorOne: SavorOne Best for Most

Whether or not it makes sense to pay the annual fee for the Capital One® Savor® Cash Rewards Credit Card comes down to how much you spend on dining, entertainment and streaming. If you spend more than $9,500, then the Capital One® Savor® Cash Rewards Credit Card is a better fit for you. If you spend less, as most people do, then the Capital One SavorOne Cash Rewards Credit Card makes more sense.

Here’s how to decide which is right for you.

With no annual fee and big rewards, the Capital One SavorOne Cash Rewards Credit Card is a great choice for many consumers. Cardholders earn 3% back on dining, eligible streaming services, grocery stores and entertainment, and 1% cash back on all other purchases. Those are rich rewards for a no-fee card.

The Capital One SavorOne Cash Rewards Credit Card also comes with a bonus offer: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.

While many cards reward either dining at home or grocery spending, this one handsomely rewards both, so you don’t have to choose between dining in or dining out to reap big rewards.

Nerdy tip: If you have a Capital One travel rewards card, you can fund a vacation that much sooner by transferring the cash rewards you earn from the Capital One® Savor® Cash Rewards Credit Card or Capital One SavorOne Cash Rewards Credit Card to your eligible Capital One travel card account. (Note, you can’t transfer miles to a cash rewards account.)

People who spend a lot on dining, entertainment and streaming — more than $9,500 to be exact — will come out ahead with the Capital One® Savor® Cash Rewards Credit Card, even after paying the annual fee.

Here’s how that works:

• 3% cash back rate of the Capital One SavorOne Cash Rewards Credit Card x $9,500 spent = $285 cash back.

• 4% cash back rate of the Capital One® Savor® Cash Rewards Credit Card x $9,500 spent = $380 cash back.

$380 cash back – $285 back = $95 (the same as the cost of the annual fee).

Therefore, if you spend more than $9,500 with the Capital One® Savor® Cash Rewards Credit Card in the top spending categories, the annual fee will pay for itself.

The Capital One® Savor® Cash Rewards Credit Card also offers a larger sign-up bonus than the Capital One SavorOne Cash Rewards Credit Card (though it has a higher spending requirement, too): A one-time $300 cash bonus after you spend $3,000 on purchases within the first 3 months from account opening.

If you will easily spend enough to earn that bonus, then you’ll also benefit from the Capital One® Savor® Cash Rewards Credit Card.

For most people, the Capital One SavorOne Cash Rewards Credit Card will be the better choice. According to the Bureau of Labor Statistics, the average spending on dining and entertainment was $5,287 in 2020. Even if you added on multiple streaming services, that leaves the average person far below the $9,500 break-even point needed for the Capital One® Savor® Cash Rewards Credit Card to make sense. Of course, 2020 wasn’t a normal year and the pandemic suppressed spending in both dining and in-person entertainment, but even in a more typical year, most people spend less than $9,500 in those categories.

So unless you are a big spender and know that you will reach or surpass $9,500 spent, the Capital One SavorOne Cash Rewards Credit Card makes more sense. You enjoy a high rewards rate with no fee, plus a bonus offer.