Capital One Savor Card Closes To New Applicants

Capital One appears to be discontinuing one of its lucrative cash back cards, or at least is no longer making it available to new applicants.

Capital One cash back card removed from product lineup

As of July 16, 2024, the Capital One Savor Cash Rewards Credit Card has closed to new applicants. This doesn’t seem to just be temporary, as here’s how a Capital One spokesperson describes this development in a statement:

“We’re always listening to customers and evaluating our products for the right offerings. Based on this, we have made the decision to remove Savor as a card offering.” 

There are no immediate changes planned for those who are existing cardmembers. So it’s possible the card just continues as it currently is in the long term, or it’s possible that Capital One may transition existing cardmembers to other products in the future. Only time will tell.

For context, the Capital One Savor Card has historically had a $95 annual fee. The primary draw of the card has been that it offers 4% cash back on dining, entertainment, and select streaming services, 3% cash back on grocery stores, and 1% cash back on everything else.

It’s not entirely clear why the card has closed to new applicants:

• Is it because there hasn’t been much interest in the card lately, so Capital One doesn’t want to keep investing in marketing the card, and instead wants to focus on other products?
• Is it because Capital One is finding this product to be unprofitable, as cardmembers are using the product almost exclusively in the 3-4% cash back categories, and not in others?
• Is Capital One planning a refresh of this card, and just wants to close applications until the updated card is introduced?

The Capital One SavorOne Card remains unchanged

I want to emphasize that while the Capital One Savor Card has closed to new applicants, the Capital One SavorOne Cash Rewards Credit Card (review) remains unchanged, and is still open to new applicants. It’s a lucrative product, and is essentially the more basic version of the Savor Card.

The card has no annual fee, and offers 3% cash back on dining, grocery stores, entertainment, and popular streaming services, and 1% cash back on everything else. What’s especially awesome is that the rewards on the card can be converted into Capital One miles, if you have the card in conjunction with a product like the Capital One Venture X Rewards Credit Card (review). That’s what caused me to pick up the card.

Bottom line

The Capital One Savor Card has closed to new applicants. It remains to be seen if this permanent, or if the card eventually relaunches with a new value proposition. In the meantime, existing cardmembers can continue to use the product with the same value proposition.

The no annual fee Capital One SavorOne Card continues to be open to new applicants, and it’s a card that I’d say could be worth picking up.

What do you make of the Capital One Savor Card closing to new applicants?