This No-Annual-Fee Card Now Earns 3% Back on Grocery, Streaming, Dining and Entertainment Purchases

·4 min read

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If you’re a self-proclaimed “foodie,” it’s tough to beat the Capital One Savor family of credit cards, including the popular Capital One® SavorOne® Cash Rewards Credit Card. Capital One just released a refresh of Savor and SavorOne benefits that may be good enough for you to finally sign up. If you’re looking for top-level cash-back rewards on restaurants, groceries, streaming services and other popular categories, then keep reading to learn about the updates and why now may be the perfect time to sign up.

Better Rewards Where You Shop Most

Beginning May 18, SavorOne cardholders get 3% cash back for every dollar spent on dining, grocery store and entertainment purchases, as well as popular streaming services, including Netflix, Hulu and Disney+. You also earn 1% per dollar spent on all other purchases. This is a lot of value for a credit card that has no annual fee.

This new rewards rate is automatic for existing SavorOne cardholders. And new cardmembers will also enjoy the refreshed SavorOne rewards too and earn a $200 sign-up bonus after spending $500 with the card during the first three months of account opening.

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Additionally, for a limited time, the card pays you 8% back on purchases at Vivid Seats, which is useful when you’re fully vaccinated and ready to go to concerts, sporting events or the theater. The Vivid Seats offer is available to cardholders through January 2023.

According to ValuePenguin, the average household spends $6,602 on food and $2,564 on entertainment. The average family would earn about $275 in annual cash back rewards with those two categories alone. Considering there’s no annual fee for the SavorOne card, it’s easy to see how you could end every year with a profit from carrying this card in your wallet. If you’re up for the higher-end Savor card, which does require an annual fee, you’ll get a higher 4% rewards rate on some of those purchases.

Using Capital One Cash-Back Rewards

For most people, the best way to use cash back is to redeem for cash or a statement credit that lowers your credit card account balance. But Capital One makes it easy to redeem your cash back with other methods, including Amazon.com purchases or your PayPal balance.

Redemption options include:

  • Redeem for cash: Redeem for a check or use your rewards as a statement credit to lower your balance. This is my favorite way to redeem cash back, as there’s no better value for a dollar than a dollar.

  • Cover purchases: Using the Purchase Eraser, you can wipe specific purchases off your statement using cash back rewards.

  • Gift cards: Redeeming for gift cards gives you or a lucky family member or friend the option to buy at a favorite merchant.

  • Amazon.com: Linking your account, you can redeem directly for purchases at Amazon.com.

  • PayPal: You can withdraw your balance to PayPal, where you then have the option to transfer cash to your bank account, use it for purchases or even buy cryptocurrency.

There’s Never Been a Better Time to Sign Up

There’s never been a better set of rewards for the Capital One SavorOne card, so this may be the perfect time to sign up. New cardholders can start with a $200 cash bonus after spending $500 on purchases in the first three months, which is a great way to get started.

If you’ve been thinking about a new cash-back rewards card and want to avoid annual fees, this is one of your top choices. Click here to learn more about the SavorOne card.

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