Capital One SavorOne Credit Card: ATM cards are not credit cards or debit cards. ATM cards are payment card size and style plastic cards with a magnetic stripe. And/or a plastic smart card with a chip that contains a unique card number. And some security information such as an expiration date or CVVC (CVV).
Credit cards are neither good nor bad. They are financial tools that must be used with care. The dangers include running up debt, missing card payments. Carrying a balance and racking up interest charges. Using too much of your card limit, and applying for too many cards at once.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant. For goods and services based on the cardholder’s accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).
The card issuer (usually a bank or credit union) creates a revolving account. And grants a line of credit to the cardholder. From which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards.
About Capital One
Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States. It is on the list of largest banks in the United States and has developed a reputation for being a technology-focused bank.
The bank has 755 branches including 30 café style locations and 2,000 ATMs. It is ranked 99th on the Fortune 500, 9th on Fortune’s 100 Best Companies to Work For list. And conducts business in the United States, Canada, and the United Kingdom. The company helped pioneer the mass marketing of credit cards in the 1990s. In 2016, it was the 5th largest credit card issuer by purchase volume. After American Express, JPMorgan Chase, Bank of America, and Citigroup.
With a market share of 5%, Capital One is also the second-largest auto finance company in the United States, following Ally Financial. The company’s three divisions are credit cards, consumer banking, and commercial banking. In the fourth quarter of 2018, 75% of the company’s revenues were from credit cards, 14% were from consumer banking, and 11% were from commercial banking.
Capital One Response
Critics lambasted the bank’s effort to downplay the hack while investigations were ongoing, and described the bank as more concerned about its image than the needs of its clients. Several Capital One customers stated that the first time they heard about the hack was through the media and the bank did not disclose the breach or explain its implications to affected customers.
On social media and in the mainstream press, Capital One’s contradictory July 2019 press statement was mocked for saying “No bank account numbers or Social Security numbers were compromised,” but then listing hundreds of thousands of bank account numbers and social security numbers that were compromised.
Capital One publicly acknowledged on July 29, 2019, that they had found unauthorized access had occurred ten days earlier by an individual who had breached the account and identity security of 106 million people in the United States and Canada.
The FBI arrested Paige Thompson, who had previously worked as a software engineer for Amazon Web Services, Capital One’s cloud hosting company. Capital One declared that Thompson had accessed about 140,000 Social Security numbers, a million Canadian social insurance numbers; 80,000 bank account numbers, and an unknown number of names and addresses of customers. Capital One began offering free credit monitoring services to those affected by the breach.
Capital One SavorOne Credit Card
The SavorOne is a good fit for the wallet of most food- and fun-loving spenders for its generous rewards in those areas. Cardholders will enjoy 3% cash back on dining, entertainment, popular streaming services, and grocery stores (which excludes superstores like Walmart and Target) and 1% on all other purchases. Plus, earn 8% cashback on tickets at Vivid Seats through January 2023.
Though its similar sibling the Savor Rewards Credit Card* outearns it with 4% cashback on all dining, entertainment, and popular streaming services, 3% cashback at grocery stores and 1% on all other purchases annual fee might not be for everyone. The SavorOne has no annual fee, no foreign transaction fees, and boasts something its peer does not: 0% intro APR on purchases and balance transfers for 15 months; 14.99% – 24.99% variable APR after that.
Therefore, with cultivated food and entertainment experiences available through Capital One’s member-focused curation programs, automatic coupon application with Capital One Shopping and an array of travel benefits including 24 Hour Complimentary Concierge Service and 24-Hour Travel Assistance services, Capital One makes this entry-level card quite appetizing.
Like most cash-back cards, the SavorOne has a high standard rate APR, but any veteran rewards earner knows that accruing interest charges quickly eliminates the value of any rewards earned. Though it has limited higher-earning rewards categories, SavorOne’s simple, straightforward nature makes it a tasty alternative for those who spend on food and entertainment but don’t want to pay an annual fee.
Capital One SavorOne Rewards Credit Card One-Time Offer
This card has an introductory one-time offer of $200, which you can earn by spending $500 on purchases within the first three months of opening your account. That’s not a difficult sum to reach, breaking it down to a modest $167 per month.
Indeed, you could reach the target by charging several weeks of groceries or a few dinners out with friends and family.
Rewards Earning Details
Cashback rates range from 1% to 3%, with the highest rewards tier reserved for dining and entertainment. You earn 3% cashback on those purchases, 3% cashback at supermarkets, and 1% cashback on everything else. Those rewards are unlimited and your cashback never expires as long as your account remains open and in good standing.
A few things to note about dining, entertainment, and grocery rewards. To qualify for the higher reward rate, purchases must be assigned to the proper merchant category. Capital One notes that some vendors, such as food trucks, supermarket food counters, and hotel restaurants, may not qualify for the dining rewards rate if the merchant doesn’t code them accordingly.
You also won’t earn 3% rewards on purchases made at golf courses, country clubs. College sporting events, charitable organizations that provide live entertainment. Amusement park tickets purchased through third-party sites. Or resort packages that are categorized as “travel” or “hotel.”
Additionally, not every supermarket qualifies for the 3% cashback rewards rate on groceries. Like some other card issuers, Capital One excludes superstores, such as Walmart and Target, as well as warehouse clubs and convenience stores. If you buy groceries at those store types, you’ll earn only 1% cashback on those purchases.
Rewards Redemption Details
Rewards can be redeemed for a statement credit, check, gift cards. or merchandise. No minimum amount of cashback is required in order to redeem, and you can do so at any time. You can also set up automatic redemption options to redeem rewards at a specific date or once you reach a certain dollar amount.
Gift cards are sold on a 1:1 basis—that is, you receive a card with the same value as the rewards you used to buy it. Partners range from Target, Walmart, and Sam’s Club through Amazon and Macy’s to Subway, Cracker Barrel, Panera, and Outback Steakhouse. Cards are issued only as physical cards that are mailed to you.
How to Maximize Your Rewards
To get the most from this card, you can start by qualifying for the introductory $200 offer. The $500 minimum spending requirement should be a fairly easy target to hit within the first three months of account opening.
You can continue to maximize your cash back earnings by using your card wisely, especially for dining, entertainment, and grocery store purchases. Let’s assume you go out more than most people, and spend $750 per month on dining and entertainment (about 70% above the norm, according to the Bureau of Labor Statistics) and $400 on groceries (about the average). On an annual basis, you’d earn $270 in cashback on the former and $144 on the latter, for a total of $414.
Capital One SavorOne Credit Card’s Outstanding Benefits
- Save money instantly with Paribus
- Find the best price on online purchases with Capital One Shopping
- Complimentary 24/7 concierge service
Standard Benefits
- Extended warranty protection
- Travel accident insurance
- 24-hour travel assistance services
- Access to exclusive tickets for entertainment and sporting events
Cardholder Experience
Capital One ranked 3rd out of 11 national card issuers in J.D. Power’s 2021 U.S. Credit Card Satisfaction Study. They gave Capital One a score two points below the average.
The company offers a number of fairly standard features that help make managing your account easier, including Autopay, 24/7 customer service access, and online and mobile banking access. You can also text Eno, the Capital One Assistant, to get your account balance or pay bills using your card on the go.
CreditWise is Capital One’s credit monitoring service, which is free to use. However, you can get regular credit updates based on information in your TransUnion credit report. If you have questions, you can tweet @AskCapitalOne or call customer service at 1-800-CAPITAL (1-800-227-4825). The company, however, has no chat or email options for customer service, at least as available through its website.
Security Features
Capital One offers a number of standard security services on its cards, including:
- Credit fraud alerts, via text, email, and phone
- Virtual card numbers for online shopping
- Ability to lock your card if it’s lost or stolen
- $0 fraud liability protection in the event that your card is used to make unauthorized purchases
Our Verdict
For a card with no annual fee, the Capital One SavorOne credit card offers an outstanding. Even unequaled, cashback rate for dining and entertainment. Indeed, its rewards are so good that this card may prove as cost-effective as others that target the same categories and charge a fee.
For example, this card’s sibling, the Capital One Savor Rewards. Charges a $95 annual fee and offers 4% rather than 3% in cashback rewards. On dining and entertainment (other rates are all but equal for the two cards). By our calculations. Using our example of a household that eats out and is entertained more than most. You’d make $90 more in rewards with the Capital One Savor card—which is almost its $95 annual fee.
In Conclusion
Unless the relatively modest differences in perks between the cards matter to you. Yhe Capital One SavorOne looks like a safer bet for all but the highest of high-rolling households.
However, if there is anything you think we are missing. Don’t hesitate to inform us by dropping your advice in the comment section.
Either way, let me know by leaving a comment below!
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