Continuing the trend of credit card issuers adjusting the benefits on their cards in light of the coronavirus pandemic, on Friday, Capital One extended the limited-time addition of 4% bonus cash back on purchases made for popular streaming services when using the Capital One® Savor® Cash Rewards Credit Card, and 3% cash back on streaming on the Capital One® SavorOne® Cash Rewards Credit Card.
The bonus cash back, which is available for Savor and SavorOne card holders from now through Dec. 31, includes purchases made for eligible music and video streaming services such as Netflix, Hulu and Disney+.
Previously, Capital One had added limited-time redemption options on streaming services and food delivery to its Capital One® Venture® Rewards Credit Card and Capital One® VentureOne® Rewards Credit Card. But this is the first temporary addition to the issuer’s Savor line of cash back cards.
The additional bonus cash back on streaming services comes on top of the normal Savor and SavorOne bonus categories, which include 4% cash back on entertainment and dining on the Savor card (including restaurant takeout and delivery) and 3% cash back in those categories on the SavorOne. Both cards also earn 2% back at grocery stores and 1% back on all other purchases.
While the Capital One SavorOne card earns cash back at a lower rate than the Savor, it also has no annual fee, as opposed to the $95 annual fee of the Savor. The SavorOne also offers a 0% introductory rate on purchases for the first 15 months you have the card — once the 15 months are up, the rate increases to a variable 15.49%-25.49% APR.
Both cards also currently offer sign-up bonuses for new customers. With the Capital One Savor, you can earn a $300 cash bonus after you spend $3,000 on purchases within three months from opening the account. On the Capital One SavorOne, you’ll earn a $150 cash bonus once you spend $500 on purchases within the first three months from opening the account.
If you’re looking to earn cash back from your credit card, either the Capital One Savor or the Capital One SavorOne card can be a solid choice, as long as you normally spend a significant portion of your household budget on purchases in the bonus categories. You might also consider pairing either card with a strong flat-rate cash back card, such as the no-annual-fee Citi® Double Cash Card, which earns 2% cash back on all purchases — 1% when you make a purchase, and another 1% when you pay it off.
With streaming services growing as an expense for many people right now, it’s great to see Capital One offering bonus cash back on it, even if it is for a limited time. So if you already have a Capital One Savor or Capital One SavorOne credit card, make sure to use it to pay for your streaming services, and if you don’t, take a look to see if it makes sense to add one of the two cards to your purse or wallet.
Considering applying for a new credit card? Read CNN Underscored’s guide to the best credit cards of 2020.