The legacy Capital One Savor Cash Rewards Credit Card is no longer taking new applications as of July 2024, although existing cardholders can still use the card. Those interested in the legacy Capital One Savor Cash Rewards Credit Card can check out the new Capital One Savor Cash Rewards Credit Card, formerly known as the SavorOne card, instead.
Key takeaways
- The Capital One Savor Cash Rewards Credit Card and the legacy Capital One Savor Cash Rewards Credit Card both offer rewards rates on dining, entertainment, hotels, car rentals and more, as well as welcome bonuses that depend on your spending.
- The legacy Capital One Savor, which is now discontinued, offers a higher rewards rate but comes with an annual fee.
- The new Savor is a worthy replacement, however, offering an intro APR on purchases and balance transfers that you won’t find with the legacy Capital One Savor — and with no annual fee to eat into your rewards.
If you’re looking for a rewards credit card that gives you more points on dining and entertainment, then either the Capital One Savor Cash Rewards Credit Card — formerly called the SavorOne card — or the legacy Capital One Savor Cash Rewards Credit Card* could be an ideal option. Both cards offer similar earning structures and allow you to redeem cash back in similar ways, but one offers a slightly less lucrative rewards structure in exchange for no annual fee.
Should you continue to pay the $95 annual fee for the legacy Capital One Savor in order to score more points on your spending, or would you rather skip the fee and earn slightly less in cash back throughout the year? This card comparison should help you decide.
Main details
| Cards | Legacy Capital One Savor Cash Rewards Credit Card | Capital One Savor Cash Rewards Credit Card |
|---|---|---|
| Welcome bonus | N/A | Earn a $200 bonus after spending $500 within your first 3 months from account opening |
| Rewards rate |
|
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| Intro APR | N/A | 0% intro APR on purchases and balance transfers for 15 months, followed by a variable APR of 19.24% – 29.24% (Variable); a 3% fee applies to balance transfers |
| Annual fee | $95 | $0 |
Capital One Savor vs. legacy Savor highlights
It’s easy to see why the Capital One Savor or the legacy Capital One Savor might make your list, but which one stands out more? We compare these two Capital One cards side by side in several important categories so that potential cardholders can see their differences for themselves.
Welcome bonus winner
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With the Capital One Savor, you can earn a $200 bonus after spending $500 within the first three months from account opening.
The Savor is the clear winner in this category since the legacy version is no longer taking new applicants. Without new applicants, there’s no chance to earn a sign-up bonus.
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Both the legacy Capital One Savor and the new Savor earn:
- 8 percent cash back on Capital One Entertainment purchases
- 5 percent cash back on hotels and rental cars booked through Capital One Travel
- 3 percent back at grocery stores (excluding superstores like Walmart and Target)
- 1 percent back on all other purchases
But the two cards differ in one key area: an additional 4 percent cash back category. The legacy version of the Capital One Savor allows you to earn 4 percent back on dining, entertainment and popular streaming services, instead of just 3 percent back on these purchases with the Savor. This means that the legacy Savor comes out slightly ahead of the new Savor when it comes to rewards rates.
Annual fee winner
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The Savor wins in this category because it doesn’t charge an annual fee. In contrast, the legacy Savor comes with a $95 annual fee.
Foreign transaction fee winner
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Neither of these cash back cards charges a foreign transaction fee when making purchases outside of the United States or online with shops that involve a currency exchange. As a result, they tie in this category.
Intro APR offer winner
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An introductory annual percentage rate (APR) offer can allow you to pay off a large purchase or pay down transferred debt over a set period of time without paying interest while you carry a balance. Since the legacy Savor doesn’t include any introductory APR offers, the Savor comes out ahead in this category.
The Savor offers a 0 percent intro APR on both purchases and balance transfers for 15 months, followed by a variable APR of 19.24 percent to 29.24 percent. All balance transfers completed within the first 15 months from account opening will come with a 3 percent balance transfer fee. After 15 months, that fee rises to 4 percent as part of a promotion that Capital One may offer you at any other time.
Which card earns the most?
To figure out which card will help you earn more rewards, first determine how much you spend on dining, entertainment and streaming services. If you spend a lot in these three categories every month, then continuing to pay the $95 annual fee on the legacy Savor could easily put you ahead. If your spending is more balanced, or if you find that you spend a lot more on grocery store purchases, for example, then the Savor might be a better choice.
Capital One Savor vs. legacy Savor spending example
Imagine for a moment that you dine out most days of the week, and you frequently spend money on purchases Capital One counts as entertainment. For example, entertainment purchases include:
- Movie tickets
- Theatrical promoters
- Sports promoters
- Amusement parks
- Tourist attractions
- Aquariums
- Zoos
- Dance halls
- Bowling alleys
- Pool halls
- Record stores
In any given month as a frequent spender, say you spend $1,000 on dining, entertainment and streaming services, $400 at grocery stores and $500 on all other spending with your credit card. Here’s what your cash back would look like:
| Spending category | Money spent monthly | Legacy Capital One Savor cash back earned | Capital One Savor cash back earned |
|---|---|---|---|
| Dining, entertainment & streaming services | $1,000 | $40 | $30 |
| Grocery store purchases | $400 | $12 | $12 |
| Miscellaneous | $500 | $5 | $5 |
| Total per month | $1,900 | $57 | $47 |
At the end of 12 months, you’ll have earned $684 in cash back with the legacy version of the Savor. In the meantime, the new Savor would leave you with $564 in cash back rewards for this same spending — a $120 difference. Subtract the legacy Savor’s annual fee, and you’d come out ahead by $25 if you carried that card.
But what if you cooked at home more often than you ate out and didn’t make entertainment purchases as frequently? Here’s how your rewards might look:
| Spending category | Money spent monthly | Capital One Savor cash back earned | Capital One SavorOne cash back earned |
|---|---|---|---|
| Dining, entertainment & streaming services | $400 | $16 | $12 |
| Grocery store purchases | $1,000 | $30 | $30 |
| Miscellaneous | $500 | $5 | $5 |
| Total per month | $1,900 | $51 | $47 |
You’d earn $612 in cash back with the legacy Savor after 12 months, and the same $564 in cash back with the Savor. Take away the $95 annual fee from the legacy Savor’s earnings, and you’d get $517 in cash back, which is $47 less than the new Savor.
Plus, when including the welcome bonus you’d earn with that spending, you’re looking at $764 in first-year cash back earned with the Savor.
These examples show that while you’ll likely earn more cash back with the legacy Savor, you still have to consider whether your spending habits justify the annual fee. If you already carry the legacy Savor and find that you’re not spending as much eating out or taking advantage of Capital One’s robust entertainment category, then you might be better off downgrading to the no-annual-fee Savor card.
If you find yourself eating out and spending more on entertainment than you do on groceries each month, then keeping the legacy Savor might be a better move.
Why should you keep the legacy Capital One Savor?
If you spend quite a bit on dining, entertainment and streaming services each year, then continuing to pay the $95 annual fee could be well worth it. After all, you’d earn considerably more in rewards over time with your spending, which could make the annual fee a good investment. Here are additional factors to consider before you sign up:
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Capital One gives you access to the Capital One Entertainment portal, which provides exclusive tickets to concerts, sports games, comedy shows, plays and more.
You’ll also receive extended warranty coverage, travel accident insurance, 24-hour travel assistance services, complimentary concierge services and other basic cardholder benefits.
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A true cash back credit card, the legacy Savor lets you redeem cash back at any time and in any amount you want. You can redeem rewards for:
- Statement credits
- Checks
- Gift cards
- Purchases made on Amazon.com or PayPal
Plus, your rewards won’t expire for the life of the account.
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Consumers usually need good to excellent credit to qualify for most rewards credit cards, which means having a FICO score of 670 or better. However, you may have a better chance for approval if your credit score is considered very good, or your score is 740 or higher.
But, because the legacy Savor is no longer accepting new applicants, your credit score won’t matter here.
Why should you get the Capital One Savor?
The Savor doesn’t have an annual fee, so it’s worth considering if you’re adamant about not paying one. Plus, it offers a rewards structure that’s almost exactly the same as the legacy Savor. Beyond its generous rewards, here are additional reasons to consider signing up for the Savor:
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The Savor offers almost all of the same benefits as the legacy Savor. Like the legacy version, this card gives you extended warranty coverage, travel accident insurance, 24-hour travel assistance services and more.
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Like the legacy Savor, you can redeem your Savor rewards for:
- Statement credits
- Checks
- Gift cards
- Purchases made on Amazon.com or via PayPal
Your rewards won’t expire as long as your account is open and in good standing.
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Capital One recommends that Savor applicants have excellent credit. According to Capital One’s Credit Level Guidelines, this means that applicants must never have declared bankruptcy, defaulted on a loan or paid a credit card bill, medical bill or loan more than 60 days late within the last year. Additionally, applicants should have a credit card or loan that’s at least three years old and has a credit limit above $5,000.
The bottom line
The card that’s best for you really depends on how much you spend on dining, entertainment and streaming services, along with whether you’re comfortable paying an annual fee. The legacy Capital One Savor could easily leave you ahead if you spend a lot on these types of purchases and don’t mind paying $95 per year to earn more rewards. But, the new Capital One Savor is still a good option if you don’t want to pay an annual fee, since you’ll earn similar rates in several categories.
Either way, compare both of these cards to the best credit cards on the market today to find an ideal fit with your budget and spending habits. You may find other card options that let you rack up even more cash back in the categories where you spend the most.
*Information about the legacy Capital One Savor Cash Rewards Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the card issuer.
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