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Capital One Savor cardholders earn bonus rewards on streaming services for a limited time

Capital One Savor and SavorOne Cards are temporarily offering cardholders 4% and 3% cash back on eligible streaming services. Here's what we know.

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Note: This article was updated on November 20 to reflect the extension of new cash-back rates for Savor cards from December 31, 2020 to April 30, 2021.

Capital One announced new cash-back rates for its Savor cards today, June 12. If you have the Capital One® Savor® Cash Rewards Credit Card or the Capital One® SavorOne® Cash Rewards Credit Card, you automatically earn 4% (Savor) and 3% (SavorOne) cash back on eligible streaming services through April 30, 2021.

Eligible streaming services include Netflix, Hulu and Disney+. Some subscription services, such as those offering audio books or fitness programming may not be eligible, a Capital One spokesperson confirmed. (Learn more about how Capital One classifies purchases for bonus rewards.)

Previously, streaming purchases earned 1% cash back since they were excluded from the entertainment category which earns 4% (Savor) and 3% (SavorOne) cash back. But Capital One is including them for a limited time to "help make your nights in even more enjoyable," a Capital One spokesperson said.

Below, CNBC Select breaks down the rewards for Savor cards and how you can redeem the cash back you earn.

New rewards for Savor cards

Capital One® Savor® Cash Rewards Credit Card ($95 annual fee)

  • 4% cash back on streaming services through April 30, 2021 (previously 1%)
  • 4% cash back on dining
  • 4% cash back on entertainment
  • 2% cash back at grocery stores
  • 1% cash back on all other purchases

Capital One® SavorOne® Cash Rewards Credit Card ($0 annual fee)

  • 3% cash back on streaming services through April 30, 2021(previously 1%)
  • 3% cash back on dining
  • 3% cash back on entertainment
  • 2% cash back at grocery stores
  • 1% cash back on all other purchases

You can redeem the cash back you earn for a statement credit or check at any amount. That's compared to some other cards that set $25 minimum redemption amounts. You also have the option to automatically redeem cash back at a set time each year or when you meet specific threshold ($25, $50, $100, $200, $500 or $1,500). Plus you may receive alternative redemption options, such as gift cards, at Capital One's discretion.

Bottom line

Savor cardholders can benefit from earning a competitive cash-back rate on streaming services, in addition to the already strong rewards on dining purchases. This addition makes the Savor cards a great choice for spending nights-in ordering takeout and watching your favorite movie or show.

While this promotion is set to expire in December, there are alternative cards that consistently reward streaming services. The Blue Cash Preferred® Card from American Express is our top pick, offering an industry-leading 6% cash back on select U.S. streaming subscriptions. There are 28 eligible streaming subscriptions that qualify for 6% cash back, including popular video services like Netflix, Hulu, Disney+ and Prime Video, as well as music services, such as Spotify and Apple Music. (Cash back comes in the form of Reward Dollars that can be redeemed as a statement credit.) Terms apply.

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For rates and fees of the Blue Cash Preferred® Card from American Express, click here.

Information about the  Capital One® SavorOne® Cash Rewards Credit Card and Capital One® Savor® Cash Rewards Credit Card and has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.