Credit Card News
Capital One Relaunches SavorOne Card as Subprime Product
Capital One is complicating its nomenclature once again, reintroducing a SavorOne Rewards card.
About the New Capital One Savor One Rewards Card:
After previously discontinuing the SavorOne branding, Capital One has now launched a new version of the card. However, this updated product is aimed at those with “Fair” credit.
First, the new SavorOne Rewards carries a $39 annual fee. Additionally, no welcome bonus is currently offered for the card. Aside from those key differences, though, the card is identical to what is now known as the Capital One Savor Rewards Card.
With the SavorOne, cardholders can earn unlimited 3% cashback at grocery stores, 3% on dining, 3% on entertainment, and 3% popular streaming service purchases. Plus, the card also earns 5% back on hotels and rental cars booked via Capital One Travel and 8% back on Capital One Entertainment purchases. All other purchases earn 1%.
Previously, the SavorOne was a no-annual-fee alternative to the $95 annual fee Capital One Savor card, with the core difference between the two being that the Savor earned 4% in key categories while SavorOne earned 3%. That version of the Savor card was discontinued in 2024, with the former SavorOne then rebranding to the Savor a few months later.
About the Savor Rewards Card:
The flagship Savor Rewards card is a no-annual-fee option that earns 3% cashback on groceries, dining, entertainment, and select streaming services as well as 5% back on Capital One Travel hotel and rental car bookings. Additionally, the card now earns 8% back on Capital One Entertainment purchases.
Currently, the Savor card is also offering a special welcome bonus. New cardholders can now earn a $100 Capital One Travel credit (to be used in their first cardholder year) when they open the card. On top of that, those who spend at least $500 on the card in their first three months can earn an extra $200 cashback.
Note that the Savor Rewards card requires “Excellent” credit while a version for customers wth “Good” credit is also available, albeit without a welcome bonus.
My Thoughts:
Taken out of context, you may well be wondering why Capital One would introduce a card that’s identical to its existing one but with an annual fee (or, more specifically, why anyone would choose that option over the “regular” one). Of course, once you realize that this new product is intended for those with “Fair” credit, it makes a lot more sense. In fact, I do appreciate that the bank is making one of its best cards available to those looking to build credit, even if the $39 annual fee may eat into the value they might get from any rewards earned.
Author
Other Articles by Kyle Burbank
Credit Card News
Personal Finance News
Study: States Where Consumers Are Most Diligent About Credit
A new study sought to quantify which states have the most credit-diligent residents. About the "Diligent With Credit" State Rankings: The personal finance site WalletHub has released a new ranking of states meant to highlight consumers who stay on top of their credit. To do this, the site looked at several pieces of data — both positive and negative. First, the study considered the percentage of consumers who have tradelines...
Credit Card News
