The Capital One Platinum APR is 26.99% (V). This is the rate that determines the amount of interest charged to your Platinum card account when you carry a balance from billing period to billing period. You can avoid interest charges completely if you pay the entire balance by the due date. The Platinum card has a grace period – a span of 25 days from the end of a billing period to the due date, in which you can pay off the full balance interest-free.
Capital One Platinum also comes with a cash advance APR, which is the same as the regular APR (though cash advances have no grace period). There is no introductory APR for purchases or balance transfers, nor is there a penalty APR for delinquent payments. But keep in mind that if you pay late or miss a payment, you’ll lose the grace period. You’ll have to pay the bill in full for two straight billing cycles in order to have the grace period restored.
The best Visa credit card interest rate is 8.25% (V) from the Simmons Bank Visa Platinum Card. But you can do even better for a limited time with a credit card that offers a low introductory APR. For example, the Capital One Quicksilver Visa and the Chase Freedom Unlimited Visa offer 0% APRs on purchases for 15 months. The trade off is that their regular rates aren’t as good: 15.49% - 25.49% (V) for Quicksilver and 14.99% - 23.74% (V) for Freedom Unlimited.… read full answer
It’s worth noting that Visa credit cards’ interest rates aren’t actually set by Visa. The banks and credit unions that issue Visa credit cards control that. As a card network, Visa is more about where the card is accepted than anything else.
Visa Credit Card Interest Rates:
Simmons Bank Visa Platinum: Regular APR of 8.25% (V). Requires excellent credit.
Capital One Quicksilver Cash Rewards: Intro APR of 0% for 15 months and a regular APR of15.49% - 25.49% (V). Requires good credit.
Chase Sapphire Preferred: Regular APR of 15.99% - 22.99% (V). Requires good credit.
Chase Freedom Unlimited: Intro APR of 0% for 15 months and a regular APR of14.99% - 23.74% (V). Requires good credit.
Wells Fargo Cash Wise Visa: Intro APR of 0% for 15 months and a regular APR of14.49% - 24.99% Variable. Requires good credit.
Credit One Bank Platinum Visa: Regular APR of 17.99% - 23.99% (V). Applicants can get approved with bad credit
By the way, you’ll often see “(V)” after your card’s interest rate. That just means the rate is “variable” and can change a bit over time. Similarly, if a rate is listed as a range, it means your APR could be anywhere between the two numbers, depending on your creditworthiness.
Also keep in mind that you won’t have to worry about interest if you pay in full every month.
Mastercard interest rates are 10.74% to 36%, depending on the card and each applicant’s creditworthiness. Nearly all Mastercard interest rates are variable rather than fixed. Variable rates are tied to an index rate, usually the prime rate that banks use for their most creditworthy customers. Setting specific interest rates is a card issuer’s job, though, not Mastercard’s.… read full answer
Generally, the better your credit history, the better the interest rate. For example, the Bank of America Cash Rewards Mastercard interest rate ranges from 16.24% to 26.24%, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like Capital One Secured: 26.99% (V). Rewards cards like Citi ThankYou Premier – 15.99% to 23.99% (V) – often have higher maximum interest rates to compensate for the additional benefits .This could also be a sign that more than just people with excellent credit can get approved.
Highest Mastercard interest rate: 36% (First Premier Bank Mastercard)
Best 0% Mastercard (balance transfer): 0% for 21 months(Citi Simplicity)
Best 0% Mastercard (purchases): 0% for 18 months (HSBC Gold Mastercard Credit Card)
Credit cards will always have multiple interest rates. There are separate rates for purchases, balance transfers, cash advances and late payments. Cash advance APRs range from 24.99% to 26.99%. Penalty interest rates for late payments can be a maximum of 29.99%. The Barclaycard Arrival Plus and Citi Simplicity cards do not have penalty interest rates, for example.
If a Mastercard with the lowest possible interest rate is your priority, you may need to look beyond the big banks and explore options from credit unions. Credit unions have specific membership requirements, so check to make sure you’re eligible.show less
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