The Capital One Savor offers 4% cash back on dining and entertainment - here's how much the average American saves each year with the card

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• An industry-high 4% cash back on dining and entertainment makes the Capital One Savor Cash Rewards Credit Card one of the highest earning cards for those who spend a lot on food.
• Benefits are redeemable in cash, giving greater flexibility over point systems.
• New card members get a $500 sign-up bonus, and $0 annual fee for the first year.
• Read on to see how much the average American saves using this card.

There's a general rule when evaluating which rewards credit cards are right for you, and that's how do you earn rewards and how do you "burn," or spend, them. While some cards rewards benefit travelers or small business owners, the Capital One Savor benefits virtually anyone who goes out to eat - with a whopping 4% back on dining and entertainment, earned in straight cash.

How much will I save?

When looking for credit card rewards programs, many people have a deserved skepticism when it comes vague terms - as often times deals can sound much better in theory than their restrictions make them in actuality. However in the case of the Capital One Savor, the 4% earned at "dining" truly means anywhere you'd go out to eat - restaurants, cafes, bars, lounges, fast-food chains, and bakeries.

In the same vein, virtually anything you'd consider as entertainment outside your house - including movies, plays, concerts, sporting events, tourist attractions, or theme parks - all qualify for the high 4% cash-back bracket. Additionally, the card earns 2% at grocery stores and 1% on everything else, making it an excellent all-around spending card.

Based on existing data, by using this card the average 35-54 year old American would be earning $168 a year back on dining, $101 for groceries - and for those who go to sports games and concerts, and additional $108 on venue admissions. The combined $377 a year in cash back is absolutely worth it in the first year when there is no annual fee, and still worth $282 after the fee kicks in.

In addition to the cash back on spending, the Capital One Savor has a nice $500 sign-up bonus when spending $3,000 or more in the first three months of the card. The cash doesn't expire for the life of the account, and there's no limit on how much you can earn.

Get access to even more events

The Capital One Savor Rewards card also offers exclusive premium access to a variety of events, including VIP packages to sports games and concerts, and access to curate chef collaborations.

These aren't just vague small name events either. A list of previous and upcoming experiences include discounts of up to 10% for Washington Capitals and Wizards games, presales to the iHeartRadio Jingle Ball festival, and exclusive access to the Food Channel's Wine and Food Festival.

Additional benefits

In addition to cash back, the Capital One Savor card has many of the travel and warranty services associated with all Capital One cards, including:

• Extended warranty - The Capital One Savor extends warranties for many items with manufacturer warranties of less than three years, and for less than $10,000.

• Auto rental collision damage waiver - Get automatic collision damage on rental cars when making the entire booking on your Savor card.

• Travel accident insurance - Get coverage up to $100,000 on medical expenses in the case of accidents that occur while on a trip booked through your Savor card.
• 24-hour travel assistance - If you lose your card while traveling, Capital One will immediately send you an emergency card with a cash advance.

The bottom line

The Capital One Savor Cash Rewards Credit Card card is a simple and straightforward card, ideal for those who enjoy spending while out, and having their rewards in the form of cash, instead of travel or hotel points.

The 4% cash back on dining and events is as high as we've seen, and Capital One has very fair interpretations as to what constitute those categories. Even average American spending habits justify the $95 annual fee, and the waived annual fee in the first year along with a $500 sign-up bonus make it an enticing card to open.

Click here to learn more about the Capital One Savor Cash Rewards card from Insider Picks' partner The Points Guy.