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Capital One just boosted rewards opportunities for two of its most notable cash back cards.
As of May 18, 2021, the credit card issuer has made select streaming services a regular rewards category for both the Capital One® Savor® Cash Rewards Credit Card and the Capital One® SavorOne® Cash Rewards Credit Card. The cards also now boast a higher rewards rate on purchases at grocery stores.
Both cards, which had offered bonus cash back on streaming services for a limited time, previously stood out as quality cash back options for those who appreciate a night out. Now, they’ve added value for those who get their entertainment at home, too. Read on for a look at the new rewards rates for each card, plus our take on how they stack up against other cash back card options.
A closer look at the new Savor cash back categories
The Capital One® Savor® Cash Rewards Credit Card and Capital One® SavorOne® Cash Rewards Credit Card both previously offered bonus rewards rates on dining, entertainment and grocery store purchases. The updates don’t change that core value of the cards, but now there’s certainly more on offer.
For the Capital One® Savor® Cash Rewards Credit Card, you’ll now get the following for its $95 annual fee:
- 4% cash back on dining and entertainment
- 4% cash back on popular streaming services (new category)
- 3% cash back at grocery stores (up from 2%)
- 1% on all other purchases
Meanwhile, the Capital One® SavorOne® Cash Rewards Credit Card offers these rates for no annual fee:
- 3% cash back on dining and entertainment
- 3% cash back on popular streaming services
- 3% back at grocery stores (up from 2%)
- 1% on all other purchases
It’s worth keeping in mind that there are some restrictions on these categories. Not every streaming service purchase will earn bonus rewards — Capital One lists notable music and video services like Netflix, Hulu and Disney+ as included, but Amazon Prime Video is not.
Capital One puts restrictions on grocery purchases with these cards — you won’t earn bonus rewards when you buy groceries at superstores like Target and Walmart.
What are the new Savor rewards rates worth?
As with any rewards, the value of these new offers will depend on your unique spending habits. But there are some guidelines that might help you decide if either of these cards is right for you.
If you’re trying to decide between these two cards, your decision will probably depend on how much you spend on dining, entertainment and eligible streaming services. The Capital One® Savor® Cash Rewards Credit Card’s $95 annual fee means that you’ll need to spend at least a combined $9,500 in those categories every year to take advantage of the additional 1% you earn.
Otherwise, it probably makes more sense to go for the Capital One® SavorOne® Cash Rewards Credit Card and pay no annual fee.
If you’re comparing either of these cards against another rewards card, consider whether these bonus categories are likely to earn you much cash back. While the Savor cards now offer an impressive range of bonus categories, there might be another card that’s more valuable — for instance if you drive often and want to save at gas stations. Alternately, you might prefer the simplicity of a card that earns the same rate on all purchases, like the Citi® Double Cash Card.