Capital One Savor Card Closed To New Applicants

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It appears that Capital One is going to discontinue one of its lucrative cash back cards, or at least will no longer make it available to new applicants.

Capital One Cash Back card removed from product lineup

The Capital One Savor Cash Rewards credit card is closed to new applicants as of July 16, 2024. This doesn’t seem to be just temporary, as a Capital One spokesperson described the development in a statement as follows:

“We always listen to customers and evaluate our products to find the right offering. Based on this, we have decided to remove Saver as a card offering.”

There are no immediate changes planned for existing card members. So it’s possible that the card will continue as it currently is for a long time, or it’s possible that Capital One will migrate existing card members to other products in the future. Only time will tell.

For reference, the Capital One Savor card historically has a $95 annual fee. The main highlight of the card is that it offers 4% cash back on dining, entertainment, and select streaming services, 3% cash back at grocery stores, and 1% cash back on everything else.

It is not entirely clear why the card has been closed for new applicants:

Is this because there hasn’t been much interest in the card lately, so Capital One doesn’t want to continue investing in marketing the card, and instead wants to focus on other products?
Is this because Capital One is finding this product to be unprofitable, as cardholders are using this product almost exclusively in the 3-4% cash back categories and not the others?
Is Capital One planning to refresh this card, and do I want to hold off on applications until an updated card arrives?

This card offers 4% cashback on dining

The Capital One SavorOne card will remain 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 an attractive product, and is essentially a more basic version of the Savor Card.

There’s no annual fee on this card, and it offers 3% cash back on dining, grocery stores, entertainment, and popular streaming services, and 1% cash back on everything else. Best of all, the rewards on the card can be converted into Capital One miles if you have the card with a product like the Capital One Venture X Rewards Credit Card (Review). That’s why I bought this card.

SaveOne is an attractive card for dining too

Ground Level

The Capital One Savor card has closed to new applicants. It remains to be seen if this is permanent, or the card will eventually relaunch with a new value proposition. In the meantime, existing cardholders can continue using the product with the same value proposition.

The no-annual-fee Capital One SavorOne card is open to new applicants, and I’d say it’s a card that could be worth getting.

What do you think about the Capital One Savor card being closed to new applicants?

Disclaimer : The content in this article is for educational and informational purposes only.