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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/capital-one-launches-the-savorsm-card-a-new-cash-back-card-that-rewards-people-for-food-and-dining-purchases-300537657.html
SOURCE Capital One Financial Corporation