If your expenses are mostly related to entertainment and you love to host family members and friends then you would want to consider applying for a Capital One Savor card.
Capital One Savor offers attractive rewards in terms of cash back
What we have here is an overview of the cash back offerings which will help us understand how we can better utilize the Savor card to our advantage
You can earn 4% on dining and entertainment, 2% on your spending’s on grocery shopping and 1% on all other purchases.
To address your entertainment requirements, Capital One has a tie-up with Vivid Seats up to May 31, 2020. Wherein if you shop for concerts or sporting events using a Savor credit card you would earn 8% cash back
Category awareness is key to earning cashback
To maximize your rewards, having information regarding your spending categories will help you in accelerating the process of point accumulation.
Let’s say you ate at a fast food chain in the food court and you use a card that gives you cashback on dining. Now it is important to know here whether such food outlets fall under the maximum cash back category or the regular 1% cash back. Capital One classifies purchases made at restaurants, fast-food chains, bars, lounges, cafes, and bakeries as dining.
So essentially you could qualify for 4% cash back however a quick glance at your reward program details will let you know if there are any exclusions such as the shop must not be in a mall or it should be a stand-alone food chain.
There may be exclusions in the cash back category that are predefined by the bank. Superstores like Walmart and Target are not considered for grocery and the purchases you make at these stores do not receive a cash back.
When earning cash back awareness of the Merchant Code(MCC- is the four-digit code indicates the type of business) assigned to the business where your shop is helpful. Based on this code your bank will credit you the cash back points. Looking at your card statement will give you an idea of the code assigned to different retailers. You can also contact the customer support to get a better understanding of the classifications.
What are the other benefits offered by Savor Card?
Postmates Unlimited Offer
When you have people over at your house, you may not always be in the mood for dining out. To make ordering in easy, you can use your Postmates delivery service. If you have a membership for Postmates Unlimited, then you can get reimbursed for your monthly payments if you use Savor card for the subscription fee. This perk will allow you to receive $9.99 as a statement credit till December 2019. Beyond this period, you can either opt out or continue the subscription without the benefit. The offer does not apply to the Annual Postmates Unlimited membership.
Exclusive access to events
Now you can get early bird tickets to one of a kind events such as Food Network & Cooking Channel New York City Wine & Food Festival or iHeartRadio Music Festival. The new cardholder can find the details on this website .
Benefits offered on Capital One Savor card related to retail and travel.
As Savor card qualifies as a World Elite MasterCard, all the cardholders can avail these benefits.
Price protection: While most issuers no longer offer this benefit to the users, Savor card offers up to 120 days to file a claim in case the price drops for an item you recently purchased.
Extended Warranty: You can get up to 24 months of extended warranty on your purchases. The coverage limitations are that the repair or replacement cost should not exceed the actual amount charged to your card or $10,000, whichever is less. There are items which do not qualify for extended warranty. You can learn more about it by referring to your benefits guide.
Travel Accident insurance: The card offers up to $1,000,000 as coverage for travel accident insurance.
Auto Rental Collision Damage Waiver: When you rent a vehicle for 31 or less consecutive days you are eligible for auto rental insurance coverage.
Baggage Delay Insurance: As a cardholder, you can get up to $100 per day, for 3 days for your essential purchases in the event of a Baggage Delay.
Travel and emergency assistance services: In case of a car break down that requires a road dispatch service you can reach out to 1-800-MC-ASSIST to have your vehicle towed (Separate charges may apply). Similarly, to report a card lost or stolen or if you require emergency cash advance you can call travel and emergency assistance as this service is available 24 hours/7 days a week.
Trip Cancellation/Trip Interruption Insurance: If you have had to cancel a trip due to a covered loss for which you paid using your Savor card you could get reimbursed up to $1,500 per trip.
The Savor card is a no annual fee card only during the first year, from the second year the cost of card membership is $95.
The generous cashback rewards on Savor card are designed for users who love dining and entertainment and if you would spend on these categories then you would find that the annual fee is well compensated through the many benefits which come as a part of this card.