How much is the Capital One Platinum minimum payment?

The Capital One credit card minimum payment is your balance if it is less than $25. For balances higher than $25, the minimum payment is 1% of the balance, plus any accumulated interest. Capital One will also add any past due amount and late payment fees to your minimum payment.

A minimum payment is the least amount you can pay by the due date and still be in good standing on your account. There is no standard formula or guidelines for calculating minimum payments, but issuers such as Capital One generally require a percentage of the balance, including fees and interest.

Making only the minimum payment each month may seem like you’re saving money, because you’re taking such a small amount from your budget while still meeting your monthly obligations. But if you carry a balance, you’ll notice that the balance doesn’t appear to be getting any smaller each month. That’s because a chunk of your minimum payment is applied to interest, and very little, if any, is paying down the actual balance.

By law, Capital One and all other issuers are required to publish an informational chart on your credit card that illustrates how long it will take you to pay off the balance if you make only the minimum payment, and how much you will end up paying in interest. It also shows you how much you should pay in order to pay off the balance, assuming you make no additional purchases on your card.

Not making at least the minimum payment due comes with another set of issues. There’s no penalty, per se, for failing to pay the minimum amount due, but, you will be charged a late payment fee of at least $27 if Capital One doesn’t receive the required minimum payment by the due date. The late fee will be tacked on to your next month’s statement, along with additional interest on top of the unpaid balance.

When making just the Capital One minimum payment, less will end up being more in the long run. If you’re unable to pay off your entire balance, put down as much as can without sacrificing your other monthly debts. As little as $10 or $20 more than the minimum will make a sizeable difference.

Also, consider a card with an 0% introductory APR on balance transfers such as The Capital One Quicksilver. It has a 0% APR for 15 months on balance transfers with a 3% transfer fee. Without the heavy burden of interest every month, the balance will rapidly dwindle, making it easier to pay down your debt faster.

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.… read full answer

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.