The financial product information on this page is accurate as of the time of posting; some of the offers mentioned may have expired since that time.
Capital One updated its Savor cards earning rates with a new streaming-service category and higher grocery earning rates on Tuesday, making the dining and entertainment cash-back cards more rewarding for people sticking close to home.
The $95-per-year Savor Cash Rewards card now offers 4% back on eligible streaming service purchases (such as Hulu and Netflix), and 3% back on groceries (up from 2%). The no-annual-fee SavorOne Cash Rewards card now offers 3% back on streaming and grocery purchases. Both cards are also giving 8% back on entertainment purchases made through Vivid Seats (an online ticket marketplace for concert, sports, and theater events) through January 2023.
|Card Name||Annual fee||Old Rewards Earning Rates||New Rewards Earning Rates (as of May 18, 2021)|
|Capital One SavorOne Card||$0||Earn 3% cash back on dining and entertainment, 2% at grocery stores, and 1% back on all other purchases.||Earn 3% cash back on dining, entertainment, eligible streaming services, and grocery purchases, and 1% back on all other purchases.|
|Capital One Savor Card||$95||Earn 4% cash back on dining and entertainment, 2% back at grocery stores, and 1% back on all other purchases.||Earn 4% cash back on dining, entertainment, and eligible streaming services, 3% back at grocery stores, and 1% back on all other purchases.|
Both cards offered competitive cash-back earning rates on dining and entertainment purchases before, but these updates help them measure up against top grocery rewards cards such as the $95-per year Amex Everyday Preferred card and no-annual-fee Bank of America Cash Rewards Card. The SavorOne rewards scheme is now similar to the well-regarded Wells Fargo Propel American Express card, which is closed for new applications.
Capital One said it made the changes to reflect how consumer behavior has evolved during the pandemic. During the height of lockdowns, many rewards cards gave home-bound consumers more ways to earn and use rewards on things they were still purchasing, such as groceries and online streaming services.
Some of those promotions have since ended, but the Savor card updates are permanent changes to the rewards scheme.
Both cards are open for online applications. Existing cardholders can start earning rewards under the new earning rates immediately, and new applicants will be offered the updated rewards scheme right out of the gate.