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The Savor Card is the newest addition to the Capital One credit card portfolio offering enhanced cashback on all things related to food. With this card, people get 3% cash back when dining out and 2% back when shopping at grocery stores. All other purchases earn 1% back and there is no annual fee for getting this card.
There is no limit on how much people can earn in cash back, and there is no minimum amount needed to redeem rewards, so people can cash them in whenever they want or need to. People who apply for and get the Savor Card are eligible for a $150 bonus, which they receive once they spend $500 during the first three months they have the card.
"When we asked people to share what matters most to them, we heard repeatedly that food and dining are an important part of their lives," said Emilia Lopez, managing vice president of US Card at Capital One.
"We created the Savor card to give customers a simple way to earn more when they are doing what we know they love. Whether it's cooking a meal with family, enjoying coffee with friends, or celebrating a special occasion at a favorite restaurant, the Savor card helps make life's moments more rewarding," she said.
There are other perks that come along with this card, including no foreign transaction fees to deal with when traveling outside the U.S. People also get access to free concierge service, identify theft resolution service, trip cancellation/interruption insurance, travel accident insurance, and baggage delay insurance.
Cardholders also get access to a free alert service, which lets them know when odd patterns appear on their card. The service would check in with cardholders when they leave a bigger tip than usual, when a reoccurring charge is higher than the month before, and when there are double charges, along with other unusual occurrences.
People with the Savor card can also use contactless technology when checking out. This means that they can tap their cards at the register when they are using contactless-enabled credit card terminal.
Food spends are up
The Savor Card was designed with peoples evolving eating habits in mind, with Capital One pointing out that in the MasterCard SpendingPulse Report over the past three years, consumers have spent more on food, whether eating out (20%) or grocery shopping (5%).
And according to the report eating out is definitely experiencing an upswing, with spending in this area has increased by $100 billion, while spending on groceries is up by $30 billion.
For more information about this card, people can visit the website.