Capital One SavorOne Review: Foodie-Focused Rewards, for No Fee - NerdWallet (2024)

FAQs

How hard is it to get the Capital One Savor card? ›

Credit score requirement: According to Capital One, you'll need excellent credit to qualify for the Capital One SavorOne Cash Rewards Credit Card. Typically, excellent credit means a credit score of at least 720.

Good Credit or Better Recommended

You need at least good credit for a chance of being approved for the Capital One SavorOne card. Some people might say that's a score of 660+, but we recommend using 700 as your minimum. In other words, your approval odds won't be very good if you don't have a credit score of 700+.

Capital One Savor Cash Rewards Credit Card*: Earn a one-time $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening. Like most related cards, you have a higher required spending level to get the bigger bonus.

Yes, the Capital One SavorOne Cash Rewards Credit Card does have a late fee of up to $40, which applies when cardholders don't make the minimum payment by the due date. The late fee for the Capital One SavorOne card can never exceed the minimum payment amount, though, thanks to the CARD Act of 2009.

Capital One Venture X Rewards Credit Card

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395.

Capital One Savor cardholders report credit limits between $5,000 and $30,000, but you won't know your actual credit limit until you're approved. When determining credit limits, factors such as your debt-to-income ratio, repayment history, and the length of your credit history will play a significant role.

Capital One Quicksilver: Rewards. Capital One SavorOne is the winner in this matchup because it offers a higher earning rate on certain types of purchases, leading to more value over two years for the average cardholder, according to our calculations.

Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get the Capital One SavorOne Cash Rewards Credit Card, according to Capital One. The higher your income is above the minimum, the more likely you are to be approved.

Requirements for a $20,000 Personal Loan

This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.

The Chase Sapphire Preferred® Card offers better travel benefits, whereas the Capital One Savor Rewards Credit Card offers better rewards on dining and streaming services. Each card offers similar rewards on grocery purchases but the Chase card only offers elevated rewards if you shop online for groceries.

Does closing a credit card hurt your credit? ›

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

Beginning July 16, 2024, the card will stop accepting applications, according to Capital One. "We're always listening to customers and evaluating our products for the right offerings," said a Capital One spokesperson in an email. "Based on this, we have made the decision to remove Savor as a card offering."

It is difficult to get approved for the Capital One SavorOne (see Rates & Fees) unless your credit score is 700 or higher and you have a lot of income.

Rewards don't expire for the life of the account, and you can redeem cash back for any amount.

Keep in mind that there is no such thing as “too many credit cards” as far as credit scoring formulas are concerned. As long as you pay your bills on time and use only a small portion of your available credit limits, you can have lots of cards and great scores.

Your Capital One Savor approval odds are best if you have a credit score of at least 700 and a steady income. You'll also need to be at least 18 years old and have either a Social Security Number or an Individual Taxpayer Identification Number.

Capital One credit cards for fair credit include QuicksilverOne, Quicksilver Secured, and the Platinum Mastercard. Your credit score is only one of the many factors that determine your credit approval odds. The best way to know if you'll qualify is to get pre-approved. It's quick, easy and won't hurt your score.

Winner: Tie. The Capital One Savor has a higher overall earning rate than Capital One Quicksilver. However, Capital One Quicksilver's simple rewards structure can be attractive to many.