Alex Johnson, WalletHub Credit Card Consultant
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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.
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 29.99% (V).
Capital One Platinum Credit Card
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