Again, this breaks down to spending $1,000 per month during the first three months after opening a new account. The $300 cash bonus is available to eligible cardmembers who meet the minimum spending requirement. The 4% cash back earnings from dining, entertainment, and streaming services, along with the 1% rewards on all other spending, should then place the cardholder firmly into the black for the year. If you’re a typical household, spending about $5,200 a year on groceries, food spending alone would yield $156 a year in cash back earned at the 3% rate, which more than covers the annual $95 fee. You might also consider the Capital One Savor Rewards even if you mostly cook your meals at home, since you can earn unlimited 3% cash back at grocery stores. The fairly high minimum spending requirement for the bonus makes this card most appropriate for someone who charges at least $1,000 in purchases each month. With generous and unlimited 4% cash back on dining out and entertainment, the Capital One Savor Rewards card is best-suited to someone who regularly enjoys nights on the town. It may be worthwhile to check your credit report and score before applying to determine if your score lands in the "Excellent" range. This card suggests a credit level of "Excellent," which could make it harder to qualify if you have fair or good credit. Excellent Credit Recommended for Approval: Capital One assigns each of its cards a credit level that's recommended for approval to help applicants gauge how likely they are to be approved.The regular variable APR of 20.74% to 28.74% applies, making this card a less-than-ideal choice for transferring a balance or making a large purchase that you plan to pay off over time. No 0% Introductory APR for Purchases or Balance Transfers: The Capital One Savor Rewards doesn't offer an introductory 0% APR on balance transfers or purchases, although there’s at least no fee imposed for transfers to the card.Exclusive Opportunities to Earn Even More Cash Back: In addition to the regular cash back rewards rate on dining and entertainment, Capital One also offers additional ways to earn cash back bonuses from time to time.To qualify for the $300, you'll need to spend $3,000 on qualifying purchases within three months of opening your account, whereas competitors can require $1,000 in spending to earn their bonuses. Generous Cash Bonus: The Capital One Savor offers a one-time cash bonus offer of $300.No spending cap kicks in to limit the amount of cash back you can earn in these categories. You also earn 2%, the card's second-best rate, on grocery spending. Members earn unlimited 3% cash back on eligible dining and entertainment purchases, including purchases made at restaurants, cafes, bars, lounges, fast-food chains, bakeries, movie theaters, aquariums, zoos, and tourist attractions. Ample Cash-Back Rewards on Food and Entertainment: This card's best rates are reserved for food-related categories.I was told by Capital One to continue to use my GM card as usual! Can you believe that? I would like to report this buyout and lack of customer information, access and transparency to a government oversight agency but I don't know who to contact.No 0% introductory APR for purchases or balance transfersĮxcellent credit may be required for approval Also, don't use Goldman Sachs because they have failed to inform us of any dates, new cards, how to check our balances or records. I recommend not ever using a Capital One card as they were paid millions or billions of dollars for our GM cards without assuring customer access and control over their credit cards and card history. This is a total rip off! I suggest you pay off your balance and not use the card until you receive a new card, which the letter said would be "sometime in the spring". Also, rewards are no longer cash, but restricted solely toward purchase of GM vehicles or toward your bill. Capital One gave me cut off dates in February when you can no longer access your GM account through Capital One and a date you can no longer pay your balance. I received only 1 short non-detail letter and no way to contact them. GM Extended Family Card buy out from Capital One by Goldman Sachs. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future.
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