It looks like Capital One is eliminating one of its lucrative cash-back cards, or at least will no longer offer it to new applicants.
Capital One cash back card removed from product lineup
As of July 16, 2024, the Capital One Savor Cash Rewards Credit Card is closed to new applications. This does not appear to be a temporary change. A Capital One spokesperson explained the development in a statement:
“We are constantly listening to our customers and evaluating our products to better serve them, and based on this, we have made the decision to remove Savor from our card offering.”
There are no immediate plans for changes for existing cardholders, so while it’s possible that the card will continue as is in the long run, it’s also possible that Capital One will transition existing cardholders to other products in the future – only time will tell.
For comparison, the Capital One Savor card previously had an annual fee of $95. The main appeal of this card is that it offers 4% cash back on restaurants, entertainment, and select streaming services, 3% cash back at grocery stores, and 1% cash back on everything else.
It’s not entirely clear why the card is no longer accepting new applications.
- Could it be that there hasn’t been much interest in the card recently, so Capital One doesn’t want to continue investing in marketing the card and would rather focus on other products instead?
- Is it because Capital One believes the product is not profitable because cardholders only use it in the 3-4% cash back category and not in other categories?
- Is it possible that Capital One is planning to update this card and just wants to close applications until the updated card is introduced?
No changes to Capital One and SaverOne cards
While the Capital One Savor card is closed to new applications, we want to highlight that the Capital One SavorOne Cash Rewards Credit Card (Review) remains unchanged and is still accepting new applications. This is a higher-margin product and is essentially a more basic version of the Savor card.
The card has no annual fee and earns 3% cash back on restaurants, grocery stores, entertainment, and popular streaming services, plus 1% cash back on everything else. What’s especially great is that if you have the card in combination with something like the Capital One Venture X Rewards Credit Card (review), you can convert the card’s rewards into Capital One miles, which is why I bought this card.
Conclusion
New applications for the Capital One Savor Card are now closed. It remains to be seen whether this will be permanent or if the card will eventually be reissued with a new value proposition. In the meantime, existing cardholders can continue to use the product with the same value proposition.
The Capital One SavorOne Card, which has no annual fee, is still accepting new applications and may be a card worth getting.
What do you think about the Capital One Savor Card no longer accepting new applications?
