A Review with Pros and Cons of the Capital One Savor Dining Rewards Card
If you’re a foodie and like dining at restaurants, there’s a new credit card that may be perfect for you. Capital One® has launched their exclusive dining card, the Capital One Savor. We all know how hard it is to find a good dining rewards card. Capital One® is working to fix this. They designed this card to allow diners plenty of perks for dining out. We’ll talk about the pros and cons of the Capitol One Savor card in this review. You should have a clear idea if this card is the right one for you by the time we’re through.
Capital One Savor Cash Rewards Credit Card Pros
1. No Annual Fee
Many rewards-type credit cards have high annual fees. This adds stress because you’re trying to justify the annual fee cost against your rewards rate. The Capital One Savor card makes it easy to enjoy your card because there is no annual fee. This means that any rewards you may earn over the year are bonuses. You can use this reward credit card as little or as much as you want without feeling guilty.
2. Easy to Get Sign-Up Bonus
A lot of rewards cards have sign-up bonuses, but it’s difficult to get them. You usually have to spend thousands of dollars in a set time frame to earn your bonus. The Capital One Savor card has a lower spending threshold, and this saves you money. You’ll get a $150 sign-up bonus if you spend $500 within the first three months. Furthermore, this bonus comes in the form of straight cashback, and you can use it for anything.
3. Capital One Savor Cash Rewards
The Capital One Savor dining rewards card offers several cash back opportunities for its cardholders. You’ll get 3% cash back each time you dine out at restaurants and pay with your card. This includes Starbucks, food trucks, fine dining establishments, and bakeries. You can also use this card to shop and get 2% cash back when you shop at qualifying grocery stores. Finally, you get 1% cash back on any other purchases you make with this card. These cash back rewards have the potential to stack up quickly, and you won’t have to keep track of categories. It’s just one simple cash back category. Credit Fast Tip: Use Rewards Network a free easy dining program to earn even more rewards on dining. Using the Capital One Savor credit card along with the Rewards Network will easily increase your dining rewards earning potential. Another dining credit card that works well in earning rewards at restaurants is the TRIO® Credit Card from Fifth Third Bank.
4. Unlimited Earning Potential
A very nice perk for the Capital One Savor is the unlimited rewards. You have the chance to earn your cash back with no limits. The rewards won’t ever expire as long as you have your account open. There is also no limit on what you can earn back. When you think of all the times you’ll use this card, the earning potential is great. You also won’t have to worry about rotating rewards or trying to fit your rewards into a category.
5. Introductory APR
When you open your card, you’ll get a 0% APR for the first nine months. This means it can help you manage your finances using this credit card. You can purchase your items or carry a balance without any extra fees. You could also take this time to transfer and pay off your high-interest credit card balances. However, you should only do this if you’re sure you can pay it off before the 0% offer ends. If you don’t, you may find yourself back in debt with interest adding to your balance.
6. Contactless Technology Capabilities
This particular capability is catching on with several credit card lenders. The Capital One Savor offers contactless technology to its cardholders. So with this technology, you just tap your card against the card reader to pay. Also, you don’t have to worry about swiping or inserting your card to let the card reader read it. This technology makes it easier and faster to get through lines and pay for your items.
Capital One Savor Cash Rewards Credit Card Cons
1. High APR
While it’s true that you’ll get 0% APR for the first nine months, after nine months the variable APR starts. The APR starts at 15.49%, and it goes up to 24.29%. This can be difficult to swallow if you have excellent credit, as 15.49% is still a high amount. Your APR depends on your credit score at the time you applied for this card. So, if your credit score has increased in nine months, you’ll still be stuck with the higher APR.
2. Capital One Savor Fees
This rewards card comes with several potential fees attached to it. If you’re late by even one day, you’ll get a $35 late payment fee. This fee will add on each time you’re late. There is also a transfer fee of 3%. This fee appears each time you transfer balances to your card in the first nine months. So if you have large amounts you want to transfer over, be aware this will be added to it. You’ll also get a cash advance fee of either 3% of $10 every time you make a cash advance. The APR for a cash advance is 24.49%. The interest starts accruing starts as soon as you make a cash advance.
3. Credit Score Requirement for the Capital One Savor Cash Rewards Credit Card
You’ll need a good to excellent FICO credit score to qualify for the Capital One Savor dining card. This typically ranges from 690 and up, and your APR depends on this number. Even if you do qualify with a lower credit score, you’ll end up paying for it. Your APR will be higher, and this will make you pay more each time you carry a balance.
Capital One® Savor℠ Cash Rewards Credit Card Review Bottom Line
Finally, the Capital One Savor dining rewards card is an excellent choice if you dine out at restaurants a lot. You also want to have an excellent credit score to avoid the higher APR. The unlimited earning potential is also a huge perk, and you can stack these cash back rewards. So all around, this is a solid choice for a dining rewards card.
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