MCLEAN, Va., Oct. 17, 2017 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced the launch of the Savor SM card, a new cash back credit card that makes it more rewarding for people to enjoy the food and dining experiences they are passionate about. The Savor card, which has no annual fee, enables people to earn unlimited 3% cash back on dining, 2% on groceries, and 1% on all other purchases. Customers can also earn a one-time $150 bonus when they spend $500 within the first three months of opening the account. The Savor card was developed to provide people with a credit card that makes it easy to earn valuable, unlimited rewards when spending in areas that are central to their lives—food and dining.
"When we asked people to share what matters most to them, we heard repeatedly that food and dining are an important part of their lives. We created the Savor card to give customers a simple way to earn more when they are doing what we know they love. Whether it's cooking a meal with family, enjoying coffee with friends, or celebrating a special occasion at a favorite restaurant, the Savor card helps make life's moments more rewarding," said Emilia Lopez, Managing Vice President of US Card at Capital One.
Data supports the growing emphasis people are placing on food spend. According to the Mastercard SpendingPulse™ Report, over the last three years, consumer spending has grown in both the restaurant (20%) and grocery (5%) categories. Specifically, restaurant spending has increased by $100 billion and grocery spending has increased by $30 billion.
The Savor card was developed with Capital One's commitment to simplicity and value in mind. There is no limit to how much customers can earn, there is no annual fee, categories do not change, and cash rewards don't expire for the life of an account. In addition to the added value through cash back, the Savor card has an easy and flexible redemption process so customers can enjoy their rewards on their terms, with no minimum amount needed. Another benefit is Second Look from Capital One, a free alert service that notifies cardholders of unusual patterns such as double charges, a tip that is higher than that customer's norm or a repeating charge that is higher than the previous month.
Features of the Savor card from Capital One include:
- Unlimited 3% cash back on dining, 2% on groceries, and 1% on all other purchases, every day
- No annual fee
- Enjoy a one-time $150 bonus when you spend $500 in the first three months of opening the account
- Earn unlimited cash back that doesn't expire for the life of the account
- No minimums for cash back reward redemption, no rotating categories, and no complicated sign-ups
- No foreign transaction fees, like all other Capital One cards
- The Savor card also comes with contactless technology, which allows people to make payments by "tapping" their cards in close proximity to contactless-enabled credit card terminals
For more information about the Savor Card from new Capital One: visit https://www.capitalone.com/credit-cards/savor-dining-rewards/.
Additional data from the Mastercard SpendingPulse Report:
- Overall restaurant sales have been one of the leading areas of spending growth across retail and food services over the past several years.
- Since 2014, annual grocery sales have increased by approximately $30 billion.
- Over the past three years, fast casual restaurants have experienced a growth of over 36%.
- Restaurant sales have significantly outpaced overall retail sales growth over the past decade. Specially, over the past 10 years, restaurant sales have increased by over 59%.
- Year-over-Year growth for family and fine dining has picked up over the past quarter (Q2 2017).
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $239.8 billion in deposits and $350.6 billion in total assets as of June 30, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About MasterCard SpendingPulse™
Launched in 2006 by Mastercard Advisors, Mastercard SpendingPulse is a macroeconomic indicator that reports on national retail spending and performance. The report is based on aggregate sales activity on Mastercard cards, coupled with estimates for all other payment forms, including cash. Mastercard SpendingPulse reports and content, including estimated forecasts of spending trends, do not in any way contain, reflect or relate to actual Mastercard operational or financial performance, or specific payment-card-issuer data.
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SOURCE Capital One Financial Corporation
Meredith Reilly, Meredith.Reilly @capitalone.com, (703) 483-1490