Capital One Introduces Savor, a New Dining Rewards Credit Card
Today, Capital One introduced the Savor Cash Rewards card, a credit card that rewards consumers with significant cash back on all food and dining experiences.
Savor will give cardholders 4% cash back on all dining and entertainment purchases, 2% on grocery transactions and 1% on all other purchases. Rewards are unlimited and the card has an annual fee of $95 that is waived during the first year.
Savor is an enhanced version of the Premier Dining Rewards card which Capital One introduced in April of this year. The Premier Dining Rewards card had the same cash back rewards. But the new card has a more appealing name, a much stronger early spend bonus, an attractive introductory offer and contactless technology.
Cardholders will receive $500 Cash Back after you spend $3000 on purchases within 3 months from account opening. The Premier Dining Rewards card only offered $100.
According to the Mastercard SpendingPulse report, Americans are spending a much greater amount of their disposable income on dining. Over the past three years, restaurant expenditures have jumped 20%, indicating consumers are enjoying eating away from home. In fact, spending at fast casual restaurants has increased 36% during that time.
“We listened to our customers and heard that they were passionate about their dining experiences” said Mark Mattern, Vice President of US Cards for Capital One. “The Savor card is perfectly suited to reward people who spend money on food purchases, whether that be at casual restaurants, fast food outlets, coffee shops or supermarkets.”
The Savor card is now available online.