Industries Banking/Finance

Capital One introduces credit card focused on food and dining purchases

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McLean-based Capital One Financial Corp. has launched the Savor card, a cash-back credit card focused on purchases related to food and dining.

Using the card, which has no annual fee, customers can earn unlimited 3 percent cash back on dining, 2 percent on groceries, and 1 percent on other purchases.

Card users also can earn a one-time $150 bonus when they spend $500 within the first three months of opening the account.

"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,” Emilia Lopez, managing vice president of US Card at Capital One.

In announcing the new card, Capital One cited information from the Mastercard SpendingPulse Report showing that during the past three years consumer spending at restaurants has grown 20 percent while grocery spending has risen 5 percent. In dollar amounts, restaurant spending has increased by $100 billion and grocery spending has risen by $30 billion.

The Savor card comes with contactless technology, which allows people to make payments by "tapping" their cards in close proximity to contactless-enabled credit card terminals.

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