Back in July, Capital One closed applications for its popular Capital One Savor Cash Rewards Credit Card. The card was a favorite among cash-back enthusiasts thanks to its impressive bonus categories and a low annual fee of $95.
Capital One’s credit card lineup can be confusing with its similarly named credit cards, and it’s about to get a little more baffling. Starting Tuesday, the no-annual-fee Capital One SavorOne Cash Rewards Credit Card will be rebranded and called the Capital One Savor Cash Rewards Credit Card.
Slightly confusing, we know. Let’s explore what’s changing and what this means for existing and new cardholders.
New welcome offer
New cardholders can receive a $250 bonus after spending $500 within the first three months from account opening. This offer falls between the now-canceled Savor credit card and the SavorOne credit card offers we’ve seen in the past.
In addition, the card is getting a refreshed design, which will help distinguish it from the previous Savor Cash Rewards credit card, which closed to new cardholders earlier this year.
What will happen to existing cardholders?
Existing SavorOne Cash Rewards Credit Card holders will see the card’s name change on their accounts when signed in on capitalone.com, in the mobile app and on their monthly statement after Tuesday.
If a SavorOne cardholder’s card expires, is lost or is stolen, they will be issued a new card starting in November, reflecting the Savor name change and new card design.
What’s staying the same?
Do not let the SavorOne Cash Rewards card name change trick you into believing new benefits or perks are headed your way. The card will still have no annual fee and continue offering unlimited 3% cash back at grocery stores and on dining, entertainment and popular streaming services; 8% cash back on Capital One Entertainment purchases; and 5% cash back on hotels and rental cars booked through Capital One Travel.
Related: The best Capital One credit cards
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All other purchases made with the rebranded Savor Cash Rewards card will earn 1% cash back.
Bottom line
It’s strange that Capital One would rebrand the SavorOne to a card it recently closed to new applicants, but what do you expect from an issuer that has nomenclature issues with its lineup offering various Venture, Quicksilver and Spark products?
Overall, this is a name change with no added benefit for existing or new cardholders. At most, you can rejoice that your “new” Savor card draws upon the legacy of the true Savor Rewards credit card that was applauded in cash-back-reward circles.
Read more: Capital One Savor Cash Rewards Credit Card review
