The saga of my first-ever rewards credit card stretched over nearly five years. Holding that slim, unassuming piece of metal stirred daydreams of exciting splurges and memorable nights out, all funded by my cashback haul.
For a good stretch, I lived that dream.
During the inaugural year of wielding this card, I racked up over $500 in cashback—a small fortune for my early twenties. However, in recent years, I switched gears and grabbed a newer card, previously known as the Capital One SavorOne Cash Rewards Credit Card. Turns out, I’m not alone in this move.
What’s the Deal with the Capital One SavorOne Card?
Mid-2024 marked a shift: Capital One pulled the plug on new applications for the Savor card. They revealed that the SavorOne card would ascend as the flagship Savor offering, while the original Savor would now be dubbed the “legacy Savor.”
Legacy Savor holders will keep paying their annual fee and continue enjoying the same perks. Meanwhile, SavorOne users will soon see the refreshed Savor branding in their accounts and receive a new card with updated aesthetics when theirs expires or is replaced.
Curious about whether to swap your legacy Savor for the revamped version? Here’s the story of why I made the leap.
My Life Took a New Turn
Back when I first got my legacy Savor card, the buzz of city life—dining out, clinking drinks at happy hours, catching live shows—was my daily backdrop. Those adventures earned me a juicy 4% cashback, alongside 3% at grocery stores and 1% on everything else.
Fast forward, and I’ve relocated to a quieter town, trading city lights for open skies and travel escapades. My nights out turned into trips out of town. I grabbed an airline rewards card, which has covered nearly every recent flight with points.
Nowadays, the airline card is my go-to for most spending, while my legacy Savor gets occasional use for dining, groceries, or rideshares.
Bankrate’s insight:
Your everyday habits shape the rewards you actually earn. Does your chosen rewards game fit your current spending moves?
Annual Fees Outweighed My Gains
With a $95 yearly fee for the legacy Savor and a $149 fee for my new airline card, I questioned whether my legacy card’s rewards still covered their cost.
I pulled last year’s rewards data straight from Capital One’s website. The summary box on statements lays out your rewards clearly, like so:
My haul? Disappointingly slim. Crunching the numbers, I’d only netted about $90 in cashback across twelve months—barely half the annual fee.
Clearly, clinging to the legacy card was becoming a money drain.
Bankrate’s insight:
Crunch your rewards vs. fees annually. Add up your earned cashback from statements, convert it to dollars, and ask yourself: Is my card payment actually paying off?
Still Craving Cashback, But Smarter
Giving up dining out entirely wasn’t on my radar, and I valued the top-tier cashback categories the legacy Savor provided. It helped fund the odd Amazon spree or Capital One Shopping splurge.
Here’s how the two Savor cards compare:
| Entertainment (Capital One) | 8% cashback | 8% cashback |
| Hotels & Rental Cars (Capital One Travel) | 5% cashback | Unlimited 5% cashback |
| Dining, Entertainment, Streaming | 4% cashback | Unlimited 3% cashback |
| Groceries * | 3% cashback (excludes Walmart, Target) | Unlimited 3% cashback (excludes Walmart®, Target®) |
| Other Purchases | 1% cashback | 1% cashback |
Annual Fee: Legacy card charges $95, while the new card is fee-free.
Swapping meant a slight dip—from 4% to 3%—on dining and streaming cashback, but zero annual fee made the deal shine brighter.
Bankrate’s insight:
Plenty of no-fee cards exist, though sometimes they offer lower rewards rates. Shopping around for cards with different fee structures can reveal unexpected gems.
Financial Snapshot (2023-2024)
Capital One processed approximately 45 million credit card applications in 2023, with the Savor portfolio comprising about 2 million active cardholders worldwide. The average cashback earned annually per Savor card user is estimated at $130, factoring in a typical annual fee of $95 for legacy products.
Switching Cards Without a Credit Score Hit
Once I decided, getting the new card was a breeze. Calling Capital One and requesting a product switch bypassed the usual phone menu maze. The representative handled the change smoothly, ensuring my credit score remained untouched. The downside? Missing out on the new card’s signup bonus:
- $100 credit toward travel bookings (flights, stays, rental cars) through Capital One Travel during year one
- $200 cash bonus after spending $500 in the first three months
While you can inquire about eligibility for this bonus, generally, it’s reserved for fresh applicants.
Bankrate’s insight:
Card switch-ups within the same issuer’s family can often dodge hard credit pulls. Checking your offers via your account portal or phone call is the way to go.
Final Thoughts on the Legacy Savor
As your spending habits morph, your credit cards should adapt alongside. Swapping cards without dinging your credit score is typically doable.
If you treasure that extra 1% on dining and streaming and find the $95 fee justifiable, sticking with the legacy Savor isn’t a bad call. But if, like me and many others, the value no longer stacks up, the fee-free new Savor card is ready and waiting.
Note: Details on the legacy Capital One Savor Cash Rewards and Capital One SavorOne cards have been independently compiled by Bankrate. The issuer has not reviewed or endorsed this information.