The Savor annual fee wasn’t worth it, so I changed cards

The legacy Capital One Savor Cash Rewards Credit Card is no longer taking new applicants as of July 2024, although existing cardholders can still use the card. Those interested in the legacy Savor card can check out the new Capital One Savor Cash Rewards Credit Card*, formerly called the SavorOne card, instead.

I was a proud owner of the Capital One Savor Cash Rewards Credit Card* for nearly five years. It was my first rewards credit card, and just the weight of the slim piece of metal in my hand had me envisioning the fun purchases and parties I’d pay for with my cash back.

And for a while, I did just that.

In the first year of swiping the card, I earned more than $500 in cash rewards, which felt like a fortune in my early 20s. But within the last couple years, I acquired a new rewards credit card and reprioritized some of my spending. My Savor card made appearances less frequently. Since I was paying $95 for it to sit in my wallet, I thought it might be time to swap the card for something a little less flashy and more straightforward.

That’s how I ended up with the Capital One Savor Cash Rewards Credit Card — formerly named the Capital One SavorOne Cash Rewards Credit Card* — instead. As it turns out, other people might have agreed with me.

Are you also a legacy Savor cardholder considering switching to the new card terms? Here’s why and how I changed my legacy Savor card.

My lifestyle changed

When I first got the legacy Savor card, I lived in a big city and spent time with friends at restaurants, happy hours and concerts. Those purchases got me 4 percent cash back. Plus, I could earn 3 percent at grocery stores and 1 percent on everything else.

Since then, I’ve moved to a smaller city and spend more time outdoors and traveling. Instead of going out on the town, I’m getting out of town. I applied for an airline credit card and have been able to buy nearly all my recent flights with points.

With my current lifestyle, I’m more likely to swipe my airline card for most purchases. I only used my legacy Savor card when I went to the occasional restaurant or bar, bought groceries or booked an Uber.

My rewards weren’t worth the annual fee

I was paying a $95 annual fee for the legacy Savor card in addition to a $149 annual fee for the new airline card. But since I was using the legacy Savor card less often, I wanted to see if the cash back rewards I earned still justified the fee.

To do this, I checked my monthly statements from the past year on Capital One’s website. On a Capital One statement, there’s a box showing your rewards summary, like this:

I know — my rewards were pretty pitiful. When I added up the last 12 months’ of rewards, I discovered I’d only earned around $90 in cash back. That wasn’t even enough to cover the annual fee.

In the end, there was no reason for me to still be paying for the legacy Savor card.

I still wanted to earn cash back

However, I had a slight dilemma. I didn’t want to give up going out completely, and I still liked to earn cash back on the highest-earning categories the legacy Savor offered. Those rewards could cover my next Amazon order or a purchase on Capital One Shopping. But by maximizing my cash back strategy, I could get the most bang for my buck without paying an annual fee.

Fortunately, the new Capital One Savor card offers similar rewards for no fee. Here’s a comparison of the two cards:

Essentially, I’d earn just 1 percent less on dining, entertainment and streaming services with the new Savor card. It wasn’t hard to get behind a card with very similar cash back earnings to what I’d had before, but now with no annual fee.

I could change cards with no impact on my credit

Once I made the decision, it was easy to change my card. I called Capital One and asked to speak to a representative, since the phone tree didn’t offer me an option to change my card type. She helped me “upgrade” my card — they won’t call it a downgrade — and told me I’d receive my new card in a couple of weeks. The card number would stay the same, although the expiration date and PIN changed.

I was even pleased to get a refund for the remainder of my annual fee. And getting the new card didn’t require another hard credit inquiry, which meant no impact to my credit score. However, I didn’t get the new welcome bonus:

• $200 Cash Back after you spend $500 on purchases within 3 months from account opening

You can ask if you qualify for the bonus, but it may only be possible to get it by applying for the Savor card as a new cardholder.

The bottom line

As your spending habits evolve, you might find yourself wanting to upgrade or downgrade a credit card to get better rewards, lower your annual fee or access different benefits. As long as you’re changing cards within the same card issuer, it’s usually possible to do so without a hit to your credit score.

If you still love your legacy Savor card and think that an extra 1 percent on dining, entertainment and streaming services is worth the $95 annual fee, then carry on. But if you’re like me — and many other cardholders — who just weren’t getting enough value from the old card, the new Savor card is waiting for you.

*Information about the legacy Capital One Savor Cash Rewards Credit Card and Capital One SavorOne Cash Rewards Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.