A Capital One Platinum balance transfer allows a cardholder to move high-interest debt from other credit accounts to the Platinum card. The Capital One Platinum card does not offer a low introductory interest rate for balance transfers, which means any savings will depend on whether the existing debt has an APR higher than the Platinum card’s regular rate. Capital One Platinum balance transfers accumulate interest daily at an APR of 26.99% (V). There is no Capital One Platinum balance transfer fee.
To request a Capital One Platinum balance transfer, call 1 (800) 227-4825 or go online and select the balance transfer option. Capital One Platinum (and all the other Capital One cards that permit balance transfers) will accept debt from credit cards, auto loans, personal loans, student loans, and more. But balance transfers from other Capital One accounts are not allowed.
You can transfer a balance to a Capital One credit card at any time, as long as that balance is not coming from another Capital One credit card or loan. Just sign into your account on Capital One’s website (or the Capital One mobile app), navigate to “More Account Services” and select “Transfer a Balance.” At this point, you may even receive a few different combinations of introductory APRs and balance transfer fees to pick from.… read full answer
For example, a Capital One balance transfer offer for an existing customer might include a choice between options like these:
0% for 12 months with a 2% transfer fee
3.99% for 24 months with no transfer fee
Current purchase APR with no transfer fee
However, there’s no guarantee that you will receive special transfer terms for an existing Capital One credit card. And 0% balance transfer promotions for new applicants only last for a certain number of months from the date of account opening. So there’s a good chance you’ll wind up paying interest on your transferred balance at the card’s high regular rate. And you’re unlikely to save money that way.
The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So as long as you’re approved for the card, you’re guaranteed at least a $300 spending limit. But if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit. Some users have reported Capital One Platinum credit limits of $500 to $1,500 to start.… read full answer
Keep in mind that you aren’t stuck with your starting Capital One Platinum credit limit forever. Capital One may increase your limit if you make your first 5 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.
Capital One Platinum credit limit details:
You’re guaranteed a credit limit of at least $300 if you’re approved for Capital One Platinum.
Capital One Platinum only requires limited credit for approval. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit. Some users report getting $500-$1,500 initially.
Capital One may increase your credit limit after you make your first 5 monthly payments on time. After the first 5 months, they will review your account periodically to see if you deserve a higher limit. Pay more than the minimum each month, if possible, to boost your chances.
You can request a credit limit increase yourself by calling customer service at 1 (800) 227-4825. You can also log into your Capital One account. Just choose “Request Credit Line Increase” from the “Services” tab. You’ll have to provide information about your income and employment for Capital One to make their decision.
So you’ll get $300+ from Capital One Platinum to start. If you use your card responsibly, you’ll provide yourself with opportunities to increase your limit. But it’s best not to ask for an increase before five months of on-time payments, as you’ll probably be denied. If you do request an increase, Capital One may generate a hard inquiry, or “hard pull,” of your credit report. This will cause a slight drop in your credit score. That’s pretty standard.
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