Samuel L. Jackson and Jennifer Garner have been asking, “What’s in your wallet?” for nearly 20 years. But it’s only recently that Capital One started asking, “What’s in a millennial’s wallet?” Now, the company’s answer seems to be the Capital One Savor Rewards credit card, which has just been overhauled with a ton of new incentives that will appeal to millennials—and plenty of other people, too. (Compare the features of this and other similar cards here.)
This cash-back card comes with one nice perk from the jump: Cardholders will earn a $500 bonus for spending $3,000 in the first three months after account opening. Previously, the offer was just $150 for spending $500. Capital One has also improved rewards for a number of spending categories, making it easier to earn cash back on certain purchases, including
- Four percent cash back on dining and entertainment.
- Two percent cash back on groceries.
- One percent cash back on all other purchases.
“Dining” covers purchases at a ton of different places: Restaurants, cafes, bars, lounges, fast-food chains, and bakeries. “Entertainment” covers even more: Movies, plays, concerts, sporting events, tourist attractions, theme parks, aquariums, zoos, dance clubs, pool halls, bowling alleys, and record store and video rentals. (Video rentals? Hey, it’s right there in the fine print.)
A few things you might expect to be covered by a millennial card aren’t: Charges for streaming services like Netflix or Hulu; spending at big-box stores like Walmart or Target; and ordering through delivery services like FreshDirect or Instacart earn only one percent cash back.
Even so, the Savor Rewards card offers healthy bonuses on popular categories. But it only gets you one percent back on airfare and hotels, both of which are significant purchases. By contrast, booking those with something like the best travel credit card on the market today, the Chase Sapphire Reserve, or another geared toward millennials, the Uber Visa card, will get you much more. The Sapphire Reserve earns three percent back on dining and travel and, more importantly, earns points that transfer to partner airlines and hotels, giving you the opportunity to cash in for business-class airline seats or other over-the-top perks. The Savor Rewards earns straight cash back—which is great!—but Chase’s partner transfers are worth more than straight cash.
The Uber Visa, meanwhile, earns four percent on dining, three percent on airfare and hotels, and two percent on online purchases. If you’re deciding between two cash-back cards—the Uber Visa and Savor Rewards—the choice really comes down to how much you spend in each bonus category. (The Uber Visa has no annual fee, while the Savor Rewards card has a $95 annual fee that’s waived for the first year.)
All in all, the Capital One Savor Rewards is a solid travel credit card that gives great bonuses on some of the most popular spending categories, with no foreign transaction fees or complicated points-earning schemes. While it’s not the best travel credit card we’ve seen, it’s certainly ideal for some people, particularly if most of their spending is on dining and entertainment.
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