In response to growing consumer food and dining spending, on Tuesday (Oct. 17) Capital One announced news of its Savor Card, a cash back credit card that gives foodies cash back rewards on dining, groceries and general retail purchases.
“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 U.S. Card at Capital One.
Consumer spending on food and dining has grown significantly in the last three years, suggests the Mastercard SpendingPulse report, with consumers spending 20 percent more on restaurants and 5 percent more on groceries. In absolute terms, that’s $100 billion more spent on restaurants and $30 billion more spent on groceries.
Also discovered by the SpendingPulse report, which is based on aggregate data collected through Mastercard use and estimates of other spending options, restaurant sales growth has outpaced that of general retail, both in the short term and over the span of a decade. Since 2007, restaurant spending has increased by 59 percent.
In addition to cash back, the Savor Card offers a $150 bonus reward when the consumer spends at least $500 using the credit card within three months of opening an account, with no annual fee and no minimum purchase amounts necessary to earn cash back through use of the card. The Savor Card also features contactless technology, which means that consumers can make payments by “tapping” their cards at points of sale where the feature is enabled.
Like other Capital One credit cards, consumers incur no transaction fees when using the card abroad.
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