After discontinuing the SavorOne card last fall and rebranding it as the Capital One Savor Cash Rewards Credit Card, Capital One has decided to reintroduce the card to the market. The new card has a modest annual fee, and it’s possible to qualify with fair credit. Read on to learn more about the revived Capital One SavorOne Rewards card, including benefits, redemption options and alternative cards.
[Read: Best Credit Cards for Fair Credit.]
Benefits of the Revived Capital One SavorOne Card
Although the Capital One SavorOne card doesn’t offer a welcome bonus, it does come with ongoing rewards that can help offset its $39 annual fee. You can earn unlimited 3% cash back at grocery stores, on dining, qualified entertainment purchases and popular streaming services; 8% cash back on Capital One Entertainment purchases; and 5% cash back on rental cars and hotels booked through Capital One Travel. In addition, you’ll earn 1% cash back on all other purchases.
Outside of cash back rewards, cardholders get $0 fraud protection, no foreign transaction fees and credit score and monitoring tools. Carrying a balance will be expensive: The card’s annual percentage rate is a high 29.74%.
How to Redeem Rewards
To redeem rewards, log in to your Capital One account and choose from a variety of options, such as:
— Statement credits or checks. You can redeem your cash back rewards as a statement credit to lower your credit card balance or in the form of a check.
— Gift cards. Redeem your rewards for gift cards at various types of merchants, including hotels, gas stations and grocery stores.
— Popular merchants. You can also use your rewards to cover Amazon and PayPal purchases.
— Travel. Redeem your rewards to pay for travel through Capital One Travel.
[Read: Best Rewards Credit Cards.]
Alternative Credit Cards for Fair Credit to Consider
The Capital One Platinum Credit Card may be a better choice if you just want to build your credit and avoid paying an annual fee. This card doesn’t provide an opportunity to earn Capital One rewards. However, similar to the SavorOne card, you do get $0 fraud protection and access to credit monitoring tools.
Another no-annual-fee option is the Discover it® Student Cash Back card. It might be a better choice if you’re a student who wants to build credit. It has a 0% APR promotional period for the first six months on purchases; after that, there is a 17.24% to 26.24% variable APR. Cardholders earn 5% cash back on quarterly rotating spending categories, such as restaurants, grocery stores and gas stations, when you activate; and 1% cash back on all other purchases. Plus, Discover matches how much cash back you earn for your first year. See Rates & Fees
[Read: Best Starter Credit Cards for Building Credit.]
Who Should Consider the Capital One SavorOne Card?
If you have fair credit and want a cash back card, this Capital One card could be a perfect match. However, if you don’t want to pay an annual fee, you should consider looking at no-annual-fee cards for fair credit.
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Capital One Brings Back the SavorOne Card for Those With Fair Credit originally appeared on usnews.com
