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Many people choose to spend the “fun” part of their budget on eating out and going to shows, concerts or sporting events. And because it’s often more convenient to pay by credit card when you’re dining out or ordering tickets, it might make sense to explore cards that reward you with cash back for these purchases.
There are a variety of rewards credit cards that cater to a certain lifestyle and spending habits, including those specifically geared toward foodies and entertainment seekers. If you’re among that group, the Capital One® SavorOne® Cash Rewards Credit Card may be a great choice.
We’ll break down the card’s best benefits and some potential drawbacks, as well as compare it to a similar card to help you decide if it’s the best match for your needs.
Where the Capital One® SavorOne® Cash Rewards Credit Card stands out
If you’re looking for a cashback card and happen to do a good amount of spending on dining and entertainment, the 3% rewards rate for spending in those categories are attractive, especially considering that this card has no annual fee. The card allows you to earn 3% Cash Back on dining; 3% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Additionally, cardholders earn 3% Cash Back on select streaming services, including Netflix, Hulu and Disney+ through Sept. 30, 2020. There’s no cap on earnings.
Cardholders will also earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening. That can easily cover a nice dinner for two.
There are similar cards out there that offer higher rewards for dining and entertainment, but most either have an annual fee, rotating cashback spending categories or they require you to crunch numbers to figure out the best redemption values. The Capital One® SavorOne® Cash Rewards Credit Card keeps it simple with its three flat cashback rates and easy redemption.
Capital One® rewards never expire as long as the card is open and active, and you can redeem in any amount at any time. You can also choose to redeem your cash back for gift cards or apply it as a statement credit for previous purchases.
Additional Capital One® SavorOne® Cash Rewards Credit Card benefits
- 0% intro on purchases for 15 months (i.e. extra time to pay off those splurge-worthy Hamilton tickets, interest-free)
- Shop more securely with virtual card numbers that protect your account information online, security alerts and a card locking feature if you misplace your card
- Social Security number monitoring with CreditWise®, which also gives you free access to your credit score
- Extended warranty on eligible purchases made with the card
- Automatic travel accident insurance for covered losses
- Complimentary concierge services – handy for making dinner reservations or booking entertainment
- VIP experiences and exclusive on-site perks for cardholders for select music, sports or culinary event
Where the Capital One® SavorOne® Cash Rewards Credit Card falls short
Depending on how merchants classify themselves, some purchases that you assume will count as dining or entertainment may show up differently on your account and therefore will not qualify for the higher rewards rate.
For example, if you eat at a hotel restaurant or like to buy lunch from food trucks, those businesses don’t necessarily use “dining” merchant codes. And while tickets for the movies, professional sports games, shows, amusement parks and some tourist attractions usually count as entertainment, if you like to golf or go to college sporting events, those won’t. As for supermarkets, if you buy most of your groceries at retailers like Walmart or Target, it’s worth noting that such big box stores aren’t considered supermarkets and won’t rack up the higher cashback rate.
The other drawback is the high APR, but that’s not unusual for a rewards card. Ideally, you should plan to pay your balance in full each month anyway, so that you don’t negate any cash back you earn with interest charges.
Lastly, if you realize that you actually spread your spending around on a lot of different categories but still want to earn cash back, it could make more sense to choose a card with a flat 2% rate on all purchases rather than one that is focused on just a few spending categories.
Compare it with the Uber Visa Card
If you’re looking for a higher rewards rate for dining out, the Uber Visa Card offers a slightly higher 5% back in Uber Cash on Uber rides, Uber Eats, and JUMP, 3% in Uber Cash on restaurants, bars, hotels, and airfare, and 1% back in Uber Cash on all other purchases. The Capital One® SavorOne® Cash Rewards Credit Card has the edge on entertainment, though, if the bulk of your spending is on tickets and events. Plus, you’ll get more of a sign-up bonus with Capital One® SavorOne® Cash Rewards Credit Card than you do on the Uber Visa Card for the same spend.
While both cards have consumer benefits, the Uber Visa Card has a couple of unique ones. If you use your card to pay your cellphone bill, you’ll get damage/theft insurance up to $600 for your device. Also, once you spend $5,000 for the year on the card, you’ll get a $50 statement credit toward any online subscription services you pay for with the card (including Spotify, Hulu, Netflix and more).
As for cashback redemption options, you can get Uber Cash, cash back or gift cards (1 point is $1, so there’s no guesswork there, whereas Capital One® gift card redemption values may vary). But there are redemption minimums: you have to earn 2,500 points before you can redeem cash back on the Uber Visa card, or 500 points for $5 in Uber credit.
If you’re looking to make a large purchase (playoff tickets, perhaps?) that you’d like to pay off over time or transfer over a balance from another high-interest card, the Capital One® SavorOne® Cash Rewards Credit Card’s generous 0% intro on purchases for 15 months might be a tiebreaker since Uber Visa Card does not have an intro APR or balance transfer offer.
It all comes down to purchase habits: If you tend to spend more on travel (including Uber rides) than you do on entertainment, the Uber Visa Card’s 3% cashback rate on hotel and airfare is appealing. But if you’re more of a staycation type who’d rather go out on the town, the Capital One® SavorOne® Cash Rewards Credit Card might serve you better.
|Capital One® SavorOne® Cash Rewards Credit Card||Uber Visa Card|
|Regular purchase APR||15.49% - 25.49% (Variable)||17.24%, 23.24% or 27.99% variable|
|Rewards||3% Cash Back on dining; 3% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases; Plus, 3% Cash Back on select streaming services through Sept. 30, 2020||5% back in Uber Cash on Uber rides, Uber Eats, and JUMP, 3% in Uber Cash on restaurants, bars, hotels, and airfare, and 1% back in Uber Cash on all other purchases|
|Sign-up bonus||Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening||Earn $100 in Uber Cash after spending $500 on purchases in the first 90 days from account opening.|
|Foreign transaction fee||None||None|
The bottom line
If your idea of a good time is dinner and a show, and you do that frequently, the Capital One® SavorOne® Cash Rewards Credit Card would make a great cash back rewards card to have in your wallet. Not only will you earn a better cashback rate on the things you enjoy spending money on the most, but it’s simple to manage and easy to redeem.