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The Capital One SavorOne is no more.
Capital One is changing the name of one of its most popular cash back cards to the Capital One Savor Cash Rewards Credit Card. The card is also getting a new design and, more importantly, a higher welcome bonus offer.
Here’s what you need to know about the changes to the ex-SavorOne — and how to determine whether the updated card is a good choice for you.
What’s changing for the SavorOne?
Let’s start with the obvious: the Capital One SavorOne is getting a new name.
Back in July 2024, Capital One stopped accepting new applications on its Savor card. Now, the issuer is taking the Savor’s name and giving it to the SavorOne. Additionally, the card is getting a new design.
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If you currently have the SavorOne, you can continue to use it as you normally would without interruption. Only the name of the card will change from SavorOne to Savor in the account. Once your card expires, or if it’s lost or stolen, Capital One will send you a new card with the Savor name and refreshed design, starting in November 2024.
New welcome bonus
If you don’t have the newly updated Savor card yet, now may be the time to consider applying. The issuer announced a new welcome offer: you can earn $250 as a one-time cash bonus once you spend $500 within three months of account opening. That’s $50 more than the previous bonus offer without any changes to the spending requirement.
For a cash back card with no annual fee, this is a very competitive offer. Plus, the spending requirement is relatively low. You’ll need to charge about $167 per month on the card to get the bonus. When I got the card earlier this year, I was able to hit the required spend in a few weeks just with my regular grocery shopping — as a single-person household.
Should you get the refreshed Capital One Savor card?
There’s a reason the Capital One Savor has made it to Bankrate’s list of the best rewards credit cards. It offers:
- 8 percent cash back on Capital One Entertainment purchases
- 5 percent cash back on hotels and rental cars booked through Capital One Travel (terms apply)
- 3 percent cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target)
- 1 percent cash back on all other purchases
These rewards rates are generous, especially considering they apply to such everyday categories as grocery stores and dining. Of course, you can find higher bonus rewards for these purchases, but you’re likely to encounter annual fees and/or spending caps. For example, the Blue Cash Preferred® Card from American Express is an excellent card for groceries. It earns 6 percent cash back at U.S. supermarkets, but there’s an annual cap of $6,000 for this rate. Once you hit it, you only get 1 percent cash back. Plus, you’ll pay a $95 annual fee ($0 for the first year).
If you’re considering a new cash back card, the Capital One Savor is worth looking into. It’s quite rewarding for how low-maintenance it is. The card can be a good choice if you don’t want the hassle of annual fees — or if you’re worried you don’t spend enough to justify them. And with the new higher welcome bonus, it’s a great time to apply.
The Savor also pairs well with other Capital One cards thanks to how easy it is to move cash back in the issuer’s rewards ecosystem. For instance, I also have the Capital One Venture X Rewards Credit Card. Since March, I’ve earned around $325 on my Savor (including a welcome bonus which was $200 at the time). When converted, that’s 32,500 miles. I used some of the combined rewards from both cards and the $300 annual travel credit on the Venture X to book a $715 roundtrip ticket from Seattle to Berlin in November.
It was brilliant how little work that took. I simply spent according to my budget and moved rewards within a few clicks. It’s cards working in tandem at its best. So if you have another Capital One card and you’re happy with it, you should consider adding the Savor to your wallet as well.
The bottom line
The freshly revamped Capital One Savor (formerly SavorOne) comes with a new higher welcome offer. If you want a simple but rewarding cash back card or to expand your Capital One rewards strategy, this is the perfect time to apply. Still, make sure you consider other card options, too. Do the math based on your budget and lifestyle before you let any offer tempt you.
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