Ask a Trainer: What Cash Back Credit Card Should I Get?
This post contains affiliate links and The Financial Gym may earn a commission on products that you purchase or apply for through these links. To learn more about why TFG participates in affiliate programs, read this message from our CEO.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
So, you have a great credit score, your spending is under control, and you want to maximize your great score by getting into the habit of using cards that earn you points and save you money.
Great news! While we always recommend that you resist the urge to rack up points until you know that you aren’t going to rack up debt, once you’ve reached that milestone, using cards to your advantage is a great part of your overall financial strategy.
Some people are into building up travel points to get discounts on things like flights and hotels, and we’ve written about this before on the blog. However, whether it’s because of Covid or just because you’re a homebody, travel hacking isn’t for everyone. Some of us might be looking for cash back cards so we can get rewarded for the kind of spending we are more likely to do.
Enter the Capital One Savor Cash Rewards Credit Card. The Capital One Savor Cash Rewards Credit Card has great cash back earning potential in categories that almost everyone can make good use of, including 4% cash back on dining, entertainment, and popular streaming services. They also offer 3% cashback on grocery stores (excluding superstores like Walmart and Target), and 1% cashback on all other purchases.
This is a rewarding offer! It’s also unique. Right now, the Capital One Savor Cash Rewards Card is the only one that offers 4% cashback on both dining and entertainment, and if our experience is any indication, these are 2 categories that are big line items on a lot of people’s budgets. Also, we’re all feeling the pinch of consumer goods having spiked by 5% since this time last year. Getting 3% cashback on groceries goes a long way for easing the extra pressure on our wallets.
On top of the value this card brings, when you sign up you’ll also benefit from a $300 sign on bonus after spending $3,000 in the first 3 months. This is currently one of the highest bonuses of any personal cash back cards. There are also a few other perks that might come in handy, like secondary rental car insurance, access to a concierge service that can help you with planning your next trip, and extended warranty protection on items you purchase with the card. Oh! And if you do find yourself far afield, there are no foreign transaction fees to worry about.
Redeeming your rewards with this card is really easy, and that’s great news for people who like the idea of earning points and miles but who don’t love having to study the best ways to redeem points or finding that they are not always able to find award availability for multiple people traveling together. Once you earn your points, they are yours, and you can just redeem them as statement credits or get them as a check.
There are some things to know before applying for this card. One is that you have the best chance of approval if you have a score of 700 or above. Another caveat is that each user can only have one Capital One card at a time, so if this is a third for you you may not get approved.
If you think this might be a good card for you, use our Card Match Tool to see if you are pre-approved. If not, check out the ones you are eligible for, and be sure to read up on the perks and benefits, as well as the costs. A little research goes a long way with rewards cards, so get reading!
Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.