Link: Apply Now for the Capital One SavorOne Cash Rewards Credit Card
I just got approved for my last credit card, the Capital One SavorOne Cash Rewards Credit Card (review). In this article, I wanted to share why I applied, what my application experience was like, and talk about my overall view of applying for Capital One credit cards.
Why I applied for Capital One SavorOne
There are many reasons to get the Capital One SavorOne, but here is the fundamental value proposition:
- The card offers a welcome bonus of $200 after spending $500 within three months
- The card offers 3% cash back on restaurants, groceries, entertainment and select streaming services, all with no foreign transaction fees
- Capital One and Uber have a partnership, and until November 14, 2024, the card offers free Uber One membership, plus 10% cash back with Uber and Uber Eats
- In conjunction with other Capital One cards, rewards earned on the card can be converted to Capital One miles at the rate of one cent per mile, making this a great card for maximizing Capital One miles (I rate the Capital One miles at 1.7 cents each, for what it’s worth)
Why did I choose this card, in my particular situation? There are definitely bigger welcome bonuses, and I already have plenty of good cards to maximize restaurant and grocery spending. For me it’s quite simple:
- Otherwise, I’m paying for an Uber One membership, so getting it free until November 2024 is about $200 worth to me
- I spend quite a bit of money with Uber and Uber Eats, so being able to earn 10% cash back (which I’ll convert to 10x Capital One miles, and worth around 17% back) is an amazing return on these expenses, and will earn me tens of thousands of Capital One miles
- The $200 cash back welcome bonus (which I’ll convert to 20,000 Capital One miles) is the icing on the cake
- The Capital One SavorOne has had some helpful limited-time partnerships in the past, and hopefully we’ll see more in the future.
- Ultimately, keeping cards long-term is great for your credit, and I try to do this with no annual fee whenever possible; So I consider getting useful cards with no annual fee an important part of a balanced credit card strategy.
This card is truly an exceptional complement to the Capital One Venture X Rewards (review) credit card and a great part of an overall Capital One card strategy.
My Capital One SavorOne application experience
What was my experience applying for the Capital One SavorOne? For what it’s worth, this is my third application for a Capital One card in about a year.
I find the Capital One credit card application process to be quite straightforward. In all honesty, being lucky to get instant approvals on Capital One cards doesn’t hurt that perception, though. 😉
The application consisted of three different information pages. The first page asked for basic personal information, like my name, date of birth, and social security number.
The second page asked for my residential address, email address and phone number.
The third page asked for information on my basic income, as well as my monthly rent or mortgage. This page also asks you how much you typically spend per month and also has optional questions.
Then there were a few pages of disclosures and a summary of my application. I then clicked submit and received instant, unbeatable approval!
I could then immediately link my new card to my existing Capital One online account, so I could start managing my account.
What are Capital One’s application restrictions?
Anecdotally, Capital One has very few consistent application restrictions. For context, I applied for the Capital One Venture X Rewards credit card (review) about a year ago and then applied for the Capital One Spark Cash Plus (review) about nine months ago. I got instant approval in each case.
You should be eligible for the welcome bonus on the Capital One SavorOne if you have another type of Capital One card, although you are not eligible if you have that exact card or have had that exact card in the past.
The only thing to know is that Capital One can sometimes be eccentric with endorsements. While many report being lucky to be approved for Capital One cards, others with excellent credit are unlucky, and it can sometimes be hard to figure this out.
At the end of the line
I’m always happy when I can get a card with no annual fee like the Capital One SavorOne, which will help my credit in the long run and also add value for me. With Capital One’s new partnership with Uber, getting this card was a no-brainer, especially in conjunction with Capital One Venture X.
Not only can I win the $200 welcome bonus, but I will also get an Uber One subscription for almost two years (worth $200), and I will also receive 10% cash back (which I will convert to 10x Capital One miles) for my Uber and Uber Eats expenses, which will really add up.
Anyone else planning on getting the Capital One SavorOne?