The Capital One Savor Cash Rewards Credit Card offers great value, but you’ll need a plan to reap all the benefits.
With a $0 annual fee, you can start earning extra value for your spending right away. But it still pays off to know all the card’s features, even with no annual fee to earn back.
- Earn the sign-up bonus
- Learn the bonus categories
- Choose how to redeem your rewards
- Consider the 0% intro offer for big purchases
1. Earn the sign-up bonus
The best way to maximize the value of the Capital One Savor Cash Rewards Credit Card is by qualifying for the sign-up bonus.
The current offer is a $200 bonus when you spend $500 on purchases within 3 months of the date your account opened, but your offer might have been different depending on when you applied.
2. Learn the bonus categories
The Capital One Savor Cash Rewards Credit Card features many bonus rewards rates. To start maximizing your rewards, keep these categories in mind and spend accordingly.
You’ll earn …
- 3% back at grocery stores (excluding superstores like Walmart and Target) and on dining (including most takeout and delivery), entertainment and popular streaming services (like Netflix and Disney+)
- 8% back on Capital One Entertainment purchases
- 5% back on hotels, vacation rentals and rental cars booked through Capital One Travel
- 1% back on all other eligible purchases
3. Choose how to redeem your rewards
You have several options on how to receive the rewards you earn from the Capital One Savor Cash Rewards Credit Card.
Capital One can issue your cash back as either a statement credit to your account or as a check. You can also choose to receive your rewards automatically, either at a set time each calendar year or when your balance has reached a certain threshold.
Capital One offers other options for redeeming rewards, including gift cards and toward PayPal or Amazon.com purchases, but these options might provide less value than you’d get from cash back.
4. Consider the 0% intro offer for big purchases
If you’re planning to make a big purchase and need time to pay it off, the Capital One Savor Cash Rewards Credit Card could help you save money on potential interest charges.
The card offers a 0% intro APR on purchases and balance transfers for the first 15 months after your account opens. After the intro period ends, you’ll pay a variable APR for both purchases and balance transfers of 18.49% - 28.49%.
You’ll also pay a balance transfer fee of 3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time. (You may have a different 0% offer, depending on how you applied for the card.)
While the balance transfer offer could be helpful if you’re carrying debt on other cards, we recommend that cardholders looking to maximize rewards stick to the 0% intro APR offer for new purchases.
In general, it’s a good idea to avoid using the same card for both new purchases and managing existing debt. Juggling both balances can get complicated, and you could end up in more debt than when you started.
Next steps
Your Capital One Savor Cash Rewards Credit Card comes with other benefits, like extended warranty protection on card purchases and Hertz Five Star(R) Status, but the perks we’ve outlined are the most likely to help you find value early in your card membership.
Once you start using your card more often, you might find gaps you’d like to fill with another card. For example, if you’re looking for a higher rewards rate at gas stations, it may be worth seeking out another card with strong rewards in that category.