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Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, deta...
A long-time points and miles student, Jessica is the former Personal Finance Managing Editor at U.S. News and World Report and is passionate about helping consumers fund their travels for as little ca...
Juan has been involved in credit cards, loyalty, travel, and personal finance for more than 10 years. He has worked for several outlets including The Points Guy and Forbes and was previously Editor-in...
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Earning rewards on the purchases you make can result in a lot of bottom-line value, whether you use those rewards for travel or accumulate cash-back to offset expenses.
We talk frequently about rewards-earning cards such as the Capital One Savor Cash Rewards Credit Card featured in our article today. However, not everyone is in a position to qualify for this type of credit card, so we’re also covering the Capital One Platinum Credit Card for those who are not quite ready for a card that requires good to excellent credit.
Comparing these 2 cards could give you a perspective of how valuable a rewards-earning card can be and how successfully managing a basic card such as the Capital One Platinum card can elevate the quality of your card choices.
We’ll take a look now at what you’ll need to qualify for the Capital One Platinum card and Capital One Savor card and how the cards compare.
Capital One Platinum Card vs. Capital One Savor Card — Overview
Before we dig into the details regarding our featured cards, let’s review a quick side-by-side comparison of both cards’ features and benefits:
Earn $300 after spending $3,000 on purchases in the first 3 months.
Earning Rewards
N/A
10% cash-back on Uber and Uber Eats
8% cash-back on Capital One Entertainment purchases
5% cash-back on Capital One Travel purchases
4% cash-back on dining
4% cash-back on entertainment, including popular streaming services
3% cash-back at grocery stores
1% on all other purchases
Redemption Options
N/A
Cash, statement credits, Shop with Amazon, redeem via PayPal, redeem for gift cards
Minimum Qualifications
Fair credit score of 580 to 669
Good to excellent credit score of 670 to 790
Annual Fee
$0
$95
The Value of a Welcome Bonus
While the Capital One Platinum card does not offer a welcome bonus, the Capital One Savor card offers a welcome bonus in the form of cash earned when you complete minimum spending requirements within the first 3 months after card approval.
The rating for this card has been determined by our own industryexperts who know the in's and out's of credit card products. Bonuses, rewards as well as ratesand fees are all taken into account. Compensation from the issuer does not affect our rating.We only recommend products we either use ourselves or endorse.
The Capital One Platinum card is great for those looking to build up their credit score and credit history, without paying a deposit or annual fee.
The Capital One Platinum card is great for those looking to build up their credit score and credit history, without paying a deposit or annual fee.
None
$0
30.74% (Variable)
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Fair to Good (580-739)
If you’re ready to get serious about building or rebuilding your credit, you’ll want a credit card for which approval is probable, one that has a simple structure and is easy to manage, and ideally, has some benefits you can use. This is where the Capital One Platinum Credit Card really shines.
Pros
No annual fee
Free credit monitoring
Cons
Does not earn rewards
The high APR can be costly if you carry a balance
No annual or hidden fees. See if you're approved in seconds
Be automatically considered for a higher credit line in as little as 6 months
Help build your credit through responsible use of a card like this
Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
Monitor your credit score with CreditWise from Capital One. It's free for everyone
Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app
Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you're all set
Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you
The rating for this card has been determined by our own industryexperts who know the in's and out's of credit card products. Bonuses, rewards as well as ratesand fees are all taken into account. Compensation from the issuer does not affect our rating.We only recommend products we either use ourselves or endorse.
An excellent cash-back card that offers rewards for categories like dining, entertainment, popular streaming services, and grocery stores. (Information collected independently. Not reviewed by Capital One.)
An excellent cash-back card that offers rewards for categories like dining, entertainment, popular streaming services, and grocery stores. (Information collected independently. Not reviewed by Capital One.)
Earn a one-time $300 cash bonus after you spend $3,000 on purchases within the first 3 months from account opening.
$300
$95
20.74%-28.74% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Excellent (740-850)
When it comes to rewards credit cards, you can break up most savvy consumers into 2 camps: those who prefer travel rewards and those who prefer cash-back.
Both options can be very lucrative to you and your wallet, especially if you’re using the right card. For those who fall in the “cash is king” camp, you’ll likely find the Capital One Savor card quite compelling.
Pros
10% cash-back on Uber and Uber Eats
8% cash-back on Capital One Entertainment
5% cash-back on hotels and rental cars booked through Capital One Travel
4% cash-back on dining, entertainment, and popular streaming services
3% cash-back at grocery stores
1% cash-back on all other purchases
Complimentary Uber One membership through November 14, 2024
This is strictly a cash-back card, so it features no travel rewards like other cards offer
Earn a one-time $300 cash bonus after you spend $3,000 on purchases within the first 3 months from account opening
Earn unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases.
Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
Earn 8% cash back on Capital One Entertainment.
No rotating categories or sign-ups needed to earn cash rewards; plus cash back won’t expire for the life of the account and there’s no limit to how much you can earn.
The Capital One Savor card is one of the best cards for earning rewards on dining. Image Credit: jaywennington via Unsplash
The Capital One Platinum card is designed primarily to build credit and does not earn rewards.
The Capital One Savor card, on the other hand, is one of the best cards available for earning rewards at restaurants with 4% cash-backon qualifying dining purchases. The card also earns 4% cash-back on entertainment purchases, including popular streaming services. There are additional earnings of 3% cash-back at grocery stores (excluding Walmart and Target) and 1% on all other purchases. Cardholders also earn 8% cash-back at Capital One Entertainment, 10% cash-back on Uber and Uber Eats purchases, and 5% cash-back on Capital One Travel purchases.
Redemption Options
The Capital One Savor card earns cash-back that can be redeemed for cash, statement credits, gift cards, or for shopping with Amazon. You can also redeem your cash-back via PayPal for purchases.
The Capital One Platinum card does not earn rewards.
Bottom Line: The Capital One Savor card is big on everyday earnings, offers a generous welcome bonus, and has simple redemption options. The Capital One Platinum card is designed primarily to build credit and does not earn rewards or offer a welcome bonus.
Minimum Qualification Requirements
According to Capital One, you’re encouraged to have at least a fair credit score to qualify for the Capital One Platinum card. Capital One also gives a description of a qualifying cardholder as “having defaulted on a loan in the past 5 years or having a limited credit history of less than 3 years.” Credit scoring company FICO describes a fair credit score as one falling between 580 and 669.
For the Capital One Savor card, an excellent credit score is recommended. An excellent credit score, according to FICO, is a score that falls between 740 and 790. Capital One adds that a qualifying applicant has “never declared bankruptcy or defaulted on a loan, not been more than 60 days late on any credit card, medical bill, or loan in the last year, and has a loan or credit card for 3 years or more with a credit limit above $5,000.”
It is worth noting, however, that if your credit history closely matches the description of a qualifying applicant and your score is good (670 to 739), you may qualify for the Capital One Savor card.
Once you know your starting point, you can search for prequalified offers using the CardMatch tool. The tool can be used quickly and risk-free, with no hard inquiry added to your credit report, to find out if you already have card offers available to you.
To learn more about pre-approval offers, you’ll want to review our article with all the information you’ll need on the topic.
Bottom Line: You will need a fair (or better) credit score to qualify for the Capital One Platinum card and a good to excellent score to qualify for the Capital One Savor card. You can find out if you already have card offers by using the risk-free CardMatch tool.
Everything Else You Need To Know
The Capital One Platinum card does not charge an annual fee. While the Capital One Savor card does have a $95 annual fee, if you spend more than $2,375 in the card’s 4% bonus categories each year, you will earn enough cash-back to offset the fee.
Pre-qualification or pre-approval tools do not guarantee you will be approved for any specific card, but they do give you an idea of the cards you’re most likely to be approved for.
If approved for the Capital One Savor card, you should receive a minimum initial credit limit of $2,000.
The Capital One Platinum card is issued with a credit limit of $300. After as few as 6 months of positive transactions, Capital One can review your history and could grant you a higher credit limit. Also, you should be able to upgrade the card to a rewards-earning card after building a successful track record.
There is no charge for adding an authorized user to either card.
Final Thoughts
If you have limited credit, starting with the Capital One Platinum card may be a good first step toward securing a rewards-earning card.
If you have bad credit or no credit, however, you may want to learn more about your card options, including the best secured cards.
If you have elevated your credit to good or excellent, the Capital One Savor card is an excellent option for your next step card. Its earning categories focus on everyday spending and can result in accumulating a lot of rewards in a short amount of time.
For a broader look at Capital One cards, you’ll appreciate this list of some of the best Capital One cards available with an overview of each card’s features and benefits.
The information regarding the Capital One Savor Cash Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. The information regarding the Capital One Platinum Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Featured Image Credit: Upgraded Points
Frequently Asked Questions
The better of the 2 cards is the one you can qualify for. The Capital One Platinum card is primarily designed to build credit and requires just a fair credit score. The card is not appropriate for those with good or better credit.
The Capital One Savor card requires a good to excellent credit score but earns cash-back rewards. If you have a good to excellent credit score, this is the better card of the 2 for your situation.
No. The Capital One Platinum card is not a secured card and does not require a security deposit.
If you are approved for the Capital One Savor card, you should receive a credit limit of at least $2,000.
The no-annual-fee Capital One Platinum card is a card designed for those with fair credit. The card does not earn rewards but serves as a vehicle to help you build a positive credit history.
After 6 months of positive history with the card, Capital One may grant you a higher credit limit. Once you’ve developed a track record with Capital One, you will receive offers to upgrade your card.
Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.
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