Capital One SavorOne Cash Rewards Credit Card review: The best cash-back card for foodies—with no annual fee

If you're hungry for a credit card whose cash-back rewards will satisfy your appetite, look no further than the Capital One SavorOne Cash Rewards Credit Card (see rates and fees).

Cardmembers earn rewards on dining out, groceries and entertainment — as well as a chance to qualify for one of the best credit card welcome bonuses. To determine this ranking, CNBC Select analyzed 117 cards that offer welcome bonuses and rounded up the best deals that can earn you up to $750, if you meet the requirements. (See our methodology for more information on how we choose the best cards.)

Below, we break down the rewards, benefits and fees of the Capital One SavorOne Cash Rewards Credit Card to help you decide if it's the right card for you.

• Rewards
• Additional benefits
• Fees
• Bottom line

Whether you're a foodie who likes to dine out with your family or you often order take-out with friends, using a Capital One SavorOne Cash Rewards Credit Card is a well-rounded choice that can save you money. Select found that the average American using this card could earn an estimated $110 per year in rewards for dining purchases alone. (See rates and fees)

Cardmembers earn a competitive 3% cash back on dining and entertainment purchases, in addition to 3% cash back at grocery stores (excluding superstores like Walmart® and Target®) and 1% cash back on all other purchases. 

If you are an entertainment junkie who loves going to the movies, sporting events, concerts, theater performances or even tourist attractions, you can maximize the number of rewards you earn by using the Capital One SavorOne card. We crunched the numbers and found the average American can earn an estimated $98 cash back on qualifying entertainment purchases.

The best cash-back credit cards have some of the simplest welcome bonuses, offering great rewards with minimum spending requirements — and this card is no exception. With the Capital One SavorOne Cash Rewards Credit Card, new cardmembers can receive a generous one-time $200 cash bonus if they spend $500 on purchases within the first three months from their account opening. This is a great bonus for a low spending requirement.

Select calculated how many rewards the average American can earn if they optimize the way they use their Capital One SavorOne Cash Rewards Credit Card. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.

The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953).

Here's a breakdown of how much cash back you can roughly earn in each category, annually:

• Groceries: $103
• Gas: $22
• Dining out: $110
• Travel: $22
• Utilities: $49
• General purchases: $40
• Total: $346

Cardholders can earn an estimated $496 in cash back the first year (including the cash back from the welcome bonus) and $1,882 over five years.

Your cash-back rewards can be redeemed at any time for a statement credit, check or gift card for any amount. Cash back can also be redeemed via "pay with points" on Amazon. 

Those who swipe with the Capital One SavorOne Cash Rewards Credit Card will also receive insider access to exclusive events and premium experiences, such as the iHeartCountry Festival presented by Capital One and the Capital One JamFest® featuring Taylor Swift.

This cash-back credit card has no annual fee and no foreign transaction fees, making it a good card if you're planning on traveling abroad.

Cardholders who are looking to finance an upcoming purchase or refinance their debt can benefit from 15 months of 0% interest on purchases and balance transfers for 15 months; 19.99% - 29.99% variable APR after that; balance transfer fee applies (3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time; see rates and fees)

If you are looking for a credit card that rewards you dining out without having to fork over an annual fee, the Capital One SavorOne Cash Rewards Credit Card is most satisfying. 

But if you want to earn more cash back at restaurants, you may want to try the Capital One Savor Cash Rewards Credit Card*. With the latter, you earn unlimited 4% cash back on dining and entertainment, and you can take advantage of a higher welcome bonus of $300 once you spend $3,000. The card's annual fee is $95.

To determine which cards offer the best value, CNBC Select analyzed 105 of the most popular credit cards available in the U.S. that are open to anyone and offer welcome bonuses. We compared each card on a range of features, including cash-back rewards, annual fee, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available.

Select teamed up with location intelligence firm Esri. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here.

Esri's data team created a sample annual budget of approximately $22,126 in retail spending. The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.

Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee.

It's important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming cash back for a typical maximum value of 1 cent per point or mile. (Extreme optimizers might be able to achieve more value.)

Our final picks are weighted heavily toward the highest five-year returns, since it's generally wise to hold onto a credit card for years. This method also avoids giving an unfair advantage to cards with large welcome bonuses.

While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits.

*Information about the Capital One Savor Cash Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.