Premier Dining Rewards From Capital One
April 24, 2017
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Are you looking to earn the most possible rewards from your credit card? If so, then you have to choose between two different types of reward credit cards. One type are those that offer a fixed rate of return on all purchases. Then, there are others that feature bonuses for purchases from specific categories of merchants. When you choose a card that offers bonus rewards, the key is to earn rewards on the type of purchases you make the most. Capital One recently introduced its Premier Dining Rewards card that offers bonus rewards at both grocery stores and restaurants.
How this card works
You earn 3% cash back every time you use your card at restaurants, with no limits. You also earn unlimited 2% cash back from all purchases made at grocery stores, and 1% cash back on all other purchases. Capital One is also offering new customers a $100 cash bonus when they spend $500 on purchases within three months of account opening.
Your cash back rewards never expire and can be redeemed in any amount and at any time. Cash back rewards can be redeemed online or by calling the Capital One Rewards Center. You can even set a specific threshold to automatically receive cash back. Other options for redeeming your rewards include gift cards and charitable donations.
This card is also part of the World Elite Mastercard program, which offers numerous cardholder benefits. You receive extended warranty coverage that adds a year to your manufacturer’s coverage at no additional charge. You also receive a price protection policy that allows you to be reimbursed for the price difference on eligible items when you find the same item for a lower price within 60 days of purchasing it with your credit card.
A travel protection policy allows you to be reimbursed up to $1,500 per trip for non-refundable travel expenses if your trip is cancelled or cut short by things like sickness or injury. The World Elite Mastercard program even offers you travel upgrades and savings including complimentary room upgrades, early check-in and late check-out, when available, as part of its portfolio of Luxury Hotels & Resorts. This program even includes offers for discounted airfare, and complimentary elite status with National, Avis, and Sixt car rentals. You also get discounts with Alamo, Budget, and Enterprise car rentals.
The standard interest rate for this card is 15.24%, 20.24% or 24.24%, based on your creditworthiness at the time you applied. Just note that this is a variable APR that will change with the market based on the Prime Rate. Capital One even offers a 25 day grace period during which you can avoid interest by paying your statement balance in full, even though the law only requires 21 days.
There’s no annual fee for this card, and as with all other Capital One cards, there are no foreign transaction fees. This card is offered to applicants with Excellent credit.
Some reward credit cards will offer bonus categories that not everyone can use, like those for shopping at department stores or for buying gas. But if you purchase food, then you’ll be able to utilize the 3% rewards at restaurants and the 2% rewards at grocery stores. And whereas other credit cards will limit the amount of spending that is eligible for a bonus, this card has no limits whatsoever.
Being part of the World Elite Mastercard program is also an advantage, as it offers wide variety of travel insurance and purchase protection policies. It’s also a great program for enjoying perks and benefits while traveling. For example, you can receive room upgrades and complimentary amenities through its Luxury Hotels & Resorts portfolio. And it’s always nice to skip the line and have your vehicle upgraded because you have elite status with a rental car company.
It’s also an advantage that this card has no annual fee and no foreign transaction fees. There are many reward cards that that offer bonus rewards that are diminished by its annual fee. In addition, most credit cards still impose a 3% foreign transaction fee on all charges processed outside the United States. Capital One deserves tremendous credit for not having ever had this unnecessary fee on any of its cards.
These rewards are generous for a credit card with no annual fee, but it’s sometimes possible to receive even more cash back from a card with an annual fee. And by using this card, you will also be earning just 1% cash back on all purchases that are not eligible for a bonus. In contrast, other cards without bonus categories can offer higher rates of cash back. For example, Capital Ones’ own Quicksilver Rewards card offers 1.5% cash back on all purchases, but doesn’t have bonus categories.
And although the interest rate for this card is competitive with other reward cards, you can usually find lower rates on credit cards that don’t offer rewards. If you tend to carry a balance on your credit card, then you should be looking for a product with the lowest possible interest rate, not one that offers rewards.
Until now Capital One had not offered a credit card that offered bonuses for purchase from certain categories. But now, Capital One’s Premier Dining Rewards card is a competitive product that offers valuable bonuses to anyone who uses their credit card to buy food.
- Annual Fee
- Balance Transfer Fee
- Foreign Trans Fee
- Regular APR
- 15.49% - 24.49% (Variable)
- Product Type
- Credit Recommended
- Excellent, Good
- Earn a one-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining, 2% on groceries and 1% on all other purchases
- No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
- 0% intro APR on purchases for 9 months; 15.49%-24.49% variable APR after that
- 0% intro APR on balance transfers for 9 months; 15.49%-24.49% variable APR after that; 3% fee on the amounts transferred within the first 9 months
- No annual fee
- No foreign transaction fees