Yes, the Capital One Platinum Credit Card does have a late fee of up to $40, which applies when cardholders don't make the minimum payment by the due date. The late fee for the Capital One Platinum card can never exceed the minimum payment amount, though, thanks to the CARD Act of 2009.
If you accidentally make less than the required minimum payment or you miss your Capital One Platinum due date entirely, you can always ask customer service to waive the late fee by calling the phone number on the back of the card. This is much more likely to work if you have a great payment history with Capital One, but even if not, there's no harm in asking.
To avoid getting hit with late fees in the future, make sure to pay at least your minimum required payment each month. The best way to ensure that you never miss a payment is by setting up autopay.
The Capital One Platinum Credit Card interest rate is 28.49% (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.… read full answer
In addition to the regular interest rate, Capital One Platinum also charges a cash advance APR of 28.49% (V). All your Capital One Platinum card’s interest rates will be listed on your statement and on your online account summary.
The Capital One Platinum minimum payment is either $25 or 1% of the balance, plus interest charges and fees, whichever is greater. If your balance is less than $25, the entire amount is your minimum payment. Capital One will also add any accumulated interest, past due amounts, and late payment fees to your minimum payment.… read full answer
Here’s how the Capital One Platinum minimum payment is calculated:
Balance below $25: The minimum payment is the full statement balance
Balance of $25 to $2,500: The minimum payment equals $25
Balance over $2,500: The minimum payment equals 1% of the balance, plus interest and fees
It is worth noting that you don’t have to pay your full balance by the due date, but you do have to pay at least the minimum required. Whatever you don’t pay will carry over into the next billing cycle, incurring interest on a daily basis. Capital One Platinum charges a regular APR of 28.49% (V).
The Capital One Platinum credit limit is $300 or more, depending on your creditworthiness. So, you’re guaranteed at least a $300 spending limit if you’re approved for the card, and if your credit score and income exceed what Capital One is looking for, you could definitely start off with a higher limit.
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 6 payments on time. You can also request an increase yourself. Many users report their limits increasing over time.
Here are some 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 accepts applicants with limited. If you have good credit or a lot of income relative to your debt, you’ll likely start with a higher limit.
Capital One may increase your credit limit after you make your first 6 monthly payments on time. After the first 6 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 (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 six 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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