The Capital One Platinum Credit Card interest rate is 29.74% (V). The card’s interest rate is variable, meaning it can change based on certain economic conditions.
How to avoid paying interest on your Capital One Platinum card:
Capital One Platinum gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your Capital One Platinum card, it will accumulate interest daily at the card’s regular APR.
In addition to the regular interest rate, Capital One Platinum also charges a cash advance APR of 29.74% (V). All your Capital One Platinum card’s interest rates will be listed on your statement and on your online account summary.
The credit score that you need for the Capital One Platinum Credit Card is at least 640. The Capital One Platinum Credit Card is also available to people with limited credit history, which means you may be able to get approved even without a credit score.
Other Capital One Platinum Approval Requirements
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Capital One Platinum Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer
If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Capital One Platinum credit score requirement. You can check your credit score for free, right here on WalletHub.
To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Capital One has on file. Capital One will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.
How to Get a Capital One Platinum Credit Limit Increase Online
Choose the Capital One Platinum card from the list of account options (if you have more than one Capital One card).
Click on the “Services” tab, and then select “Request Credit Line Increase”.
Enter your total annual income, employment status, occupation, how much you will spend monthly on the card, your mortgage or rent payment amount, and your desired credit limit.
Confirm the information entered and click “Submit” to complete the request.
You should receive a decision in just a few seconds. If you’re approved for a Capital One Platinum credit limit increase, the new limit is effective immediately.
Impact of a Capital One Platinum Credit Limit Increase on Your Credit Score
Generally, when you request a Capital One Platinum credit limit increase, Capital One will conduct a soft pull of your credit report, which does not affect your credit score. However, some Capital One Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Capital One cannot do a hard pull without your permission.
Alternatively, you could be eligible for a Capital One Platinum credit limit increase without even requesting one. The Capital One Platinum card may offer an automatic credit limit increase if Capital One’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.
Capital One credit card interest rates range from 0% (for a limited time) to 29.74% (V), depending on the card and the cardholder’s creditworthiness. The best Capital One credit card for low interest rates is the Capital One Quicksilver Cash Rewards Credit Card because it offers 0% APR for 15 months on purchases and balance transfers, followed by a regular APR as low as 19.24% - 29.24% (V). This card also has a $0 annual fee.… read full answer
The Capital One credit cards with the highest interest rates are the Capital One Platinum Secured Credit Card (29.74% (V)) and the Capital One Platinum Credit Card (29.74% (V)). They’re also the easiest to get. The Capital One Platinum Credit Card accepts applicants with limited, while Capital One Platinum Secured Credit Card accepts people with bad or bad credit.
Most Capital One credit card interest rates are listed as a range, such as 14.74% - 24.74% (V). The better an applicant’s credit is, the better their chances will be of getting a rate at the low end of the range. All Capital One credit card interest rates are variable, meaning they can go up or down as the market changes.
Capital One also has a number of store branded credit cards, which can only be used at specific retailers. The interest rates for these Capital One store cards range from a low of 19.49% - 31.24% (V) on the Cabela's Credit Card to a high of 29.99% (V) on the Maurices Credit Card.
Your Capital One credit card interest rate will be clearly indicated on your monthly statement. Keep in mind that there’s also a separate interest rate for cash advances. And there’s a penalty rate for missing payments. Expect both of these rates to be equal to or higher than the regular interest rate.
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