This is a cash back card that comes with no annual fee. This is something that is good to keep in mind as this is a card you could keep for the long haul. This card also comes with no foreign transaction fees, which is a selling point of all Capital One cards. This card also comes with a moderate sign-up bonus of $150 cash back bonus after spending $500 on purchases with the first 3 months of account opening.

Sign-Up Bonus tips

When it comes to the sign-up bonus there are a few things to consider. The first one is capital one includes language in their terms that suggests customers are only eligible for the sign-up bonus if they are a new customer. This is generally being applied to new accounts for a product. So, if you have never had the Savor One card before you should be okay. But bear in mind that the way the language is worded you could be at risk for not receiving the sign-up bonus.

More on not receiving a sign-up bonus. Some have complained that when they used the pre-qualify tool on capital one’s website and then approved they never received their sign-up bonus after meeting the requirements. Keep in mind these are complaints from disgruntled customers, so there may be more to the story. But just to play it safe I would recommend using the pre-qualifying tool and if it looks like you have a good shot at being approved either clear your cookies or open an incognito browser.

Savor One Categories

• 3% cash back on dining and entertainment
• 2% cash back at grocery stores
• 1% cash back on all other purchases

What is an Entertainment Purchase for Savor One?

According to Capital One and entertainment purchase is defined as a ticket purchase made at a movie theater, record store, video rental location, does not include streaming and subscription services. Tourist attraction, amusement park, aquarium, zoo, dance hall, billiard and pool establishment, bowling alley, professional sporting event, theatrical promoter, or concert promoter.

Ultimately if the merchant you are purchasing your entertainment from uses an entertainment code that Capital One determines falls under one of those categories, your purchase will earn you 3% cash back. Some restaurants and stores inside say a sporting arena may be coded as “food” or “merchandise”, respectively.

Interestingly, Capital One lists a few non-qualifying entertainment purchases that they don’t offer 3% cash back for. These would be purchases made at golf courses, country clubs (including membership fees), collegiate sporting events categorized as “universities”, charitable organizations that provide live entertainment, amusement park tickets purchased on third-party sites or on entertainment and resort packages categorized as “travel” or “hotel”.

What is a Dining Purchase with Savor One?

Like the entertainment category, it will mainly come down to how the merchant has set up codes for their business. But according to Capital One, you can expect purchases at restaurants, fast-food places, coffee shops, cafes, lounges, bakeries, bars and nightclubs to count towards Dining purchases.

You can see there are plenty of opportunities to earn that 3% cash back with the Capital One Savor One credit card. While the big brother, if you will to the Savor One card. The Savor card earns 4% on dining and entertainment it does come with a $95 annual fee (waived in year 1).

Earning on Groceries

While not game changing, this card does earn a respectable 2% cash back at the grocery store.  There is no cap to the amount of cash back that you can earn in any category, so that is a plus. But frankly there are better options out there when it comes to purchasing groceries. If you are willing to pay a $95 annual fee The Blue Cash Preferred Card from American Express offers 6% cash back at U.S. supermarkets on up to $6,000 in spending each year.

If you don’t want to pay an annual fee the Walmart Credit card and the Target Red card (both debit and credit versions) offer 5% back that you can use on grocery purchases.

SavorOne Earning Potential

One nice thing about the Capital One Savor One card is that there is no maximum to the amount of cash back you can spend. So if you spend a lot in entertainment and dining out you can rack up that cash back quickly. If you think you spend $10,000 or more you may want to consider the regular Savor card which has a $95 annual fee and you can earn 4% cash back in the dining and entertainment category. Also with no cap on earning potential.

Overall Thoughts

If you like eating out and not paying for an annual fee this very well might be the best option for you. The sign-up bonus is decent for a no annual fee card and you can even use this while travelling internationally. If you want a no annual fee credit card that earns 3X in more than just dining and entertainment. The Wells Fargo Propel card might be a better option for you.

The post Capital One Savor One Review | Deliciousness Straight to your Wallet appeared first on My Credit Card IQ.

The Wells Fargo Propel American Express credit card is quickly becoming one of the most popular credit cards around. For good reason too. In this post we will take a look at how this credit card earns and an amazing perk that more credit cards should offer.

Sign-Up Bonus

This card comes with an outstanding sign-up bonus for a no annual fee credit card. This card earns in points. So you will earn 20,000 points after only spending $1,000 in the first 3 months of account opening. Those 20,000 points are worth a cool $200. Which gives you a 20% return on your spend.

How The Wells Fargo Propel Earning Potential

• Earn 3x points on
  • Eating out and ordering in
  • Gas stations, rideshares, and transit
  • Flights, hotels, homestays, and car rentals
  • Popular streaming services
• Earn 1x points on other purchases
• No limit to the points you can earn
• Points never expire as long as your account is open

Wells Fargo Propel Unique Perk

This card had a benefit that more cards need to include. That is cell phone protection. All you have to do is pay you cell phone bill monthly with the Wells Fargo Propel Credit Card and you receive up to $600 cell phone protection per claim. This covers damage or theft of your cell phone. You must pay a $25 deductible towards the coverage of repairs or replacement of your original phone. No more than $1,200 can be covered in a 12 month period. 

The cell phone coverage goes into effect the 1st day of the calendar month following your first cell phone bill where you pay your cell phone bill.

The terms and conditions on the Wells Fargo website states that this benefit does not cover phones that are lost (i.e. disappear without explanation). It also does not apply to phones that are rented, borrowed, or received as part of a prepaid plan.

I would recommend keeping the receipt for your cell phone purchase incase it is asked for when making a claim. Also do the math to make sure the coverage makes sense over getting one with your cell phone carrier or cell phone company. With many of the hottest phones costing about $1,000 you may not get enough to cover the cost of that new phone of yours.

Additional Benefits

This card also comes with purchase and travel protections that includes:

• Lost luggage reimbursement
• Car rental loss and damage insurance
• Roadside assistance
• 24/7 travel and emergency assistance, and emergency cash advances
• Retail Protection
• Extended Warranty

Link to all the details of each coverage here as it has a lot of legal jargon that I don’t want to mis-represent.

Overall Thoughts

For a no annual fee credit card, the Wells Fargo Propel card is hard to beat. You earn 3X points in some pretty major categories as well as get a solid cell phone protection benefit. I think this card is a contender for the best no annual fee credit card and can definitely be a card that everyone should consider having for the long haul.

If you love cash back cards we bet you’ll love this card that gives 5X back on travel.

The post 9 Amazing Categories for the Wells Fargo Propel appeared first on My Credit Card IQ.