What is the Capital One Platinum APR?

This question is about the Capital One Platinum Credit Card

Maria Adams, Credit Cards Moderator

@m_adams 03/14/21 This answer was first published on 03/13/21 and it was last updated on 03/14/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The Capital One Platinum APR is 26.99% (V). This is the rate that determines the amount of interest charged to your Capital One Platinum 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 Capital One Platinum 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.

Capital One Platinum Credit Card

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James D Richard, B2B Sales

@b2bfever 04/15/19 This answer was first published on 04/15/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The Capital One Platinum APR is 26.99% (V). Kind of high, if you ask, but you won't deal with it if you do not carry a balance.

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What is the Mastercard interest rate?

Mastercard interest rates are 9.99% 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 credit card interest rate ranges from 13.99% to 23.99% Variable, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like the Secured Mastercard® from Capital One: 26.99% (V). Rewards cards like the Citi Premier® Card – 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 good credit can get approved.

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 Citi Simplicity® Card - No Late Fees Ever doesn't have a 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.

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