Edited by: Jessica Merritt
& Juan Ruiz
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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.
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:
|Capital One Platinum Credit Card||Capital One Savor Cash Rewards Credit Card|
|Welcome Offer||No welcome offer is available.||Earn $300 after spending $3,000 on purchases in the first 3 months.|
|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|
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 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.
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.
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.)
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.
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-back on 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.
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.
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.
Capital One also has a pre-qualification tool that requires more detailed information.
To learn more about pre-approval offers, you’ll want to review our article with all the information you’ll need on the topic.
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.
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.
Additionally, this collection of cards that are well-suited for those with bad credit could offer some card options for which you’d qualify.
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.
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.
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