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 29.74% (V).
The Capital One minimum payment for most credit cards is either $25 or 1% of your statement balance plus any interest and late fees, whichever is greater. If your balance is less than $25, the entire amount is your minimum payment. However, the minimum payment amount for business and co-branded credit cards varies by card.… read full answer
A minimum payment is the least amount you can pay by the due date to keep your account in good standing. There is no standard formula or guidelines for calculating minimum payments, but issuers generally require a percentage of the balance, including fees and interest.
What you should know before making only minimum payments on your Capital One credit card:
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.
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 you can without sacrificing your other monthly debts. Any payment above the minimum will be applied to your balance with the highest interest rate.
Not making at least the minimum payment due comes with another set of issues. You will be charged a late payment fee of up to $40 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.
The easiest way you can make a Capital One Platinum payment is either online or over the phone, by calling the number you see on the back of your card. Alternatively, you can make a payment in person, or by mail.
Here’s how you can make a Capital One Platinum payment:
Online: Log in to your account on … read full answercom or the Capital One mobile app, then go to the “Accounts Summary” page and click on the Capital One Platinum followed by “Pay Bill.” After that, enter the information for the bank account you’re using to pay your Capital One Platinum’s bill. The money should be taken out in less than 24 hours.
Be sure to submit the payment by the due date each month to avoid late fees. It’s also possible to set up auto pay online, where Capital One automatically withdraws a payment each month so you don’t have to remember to do it manually.
Over the phone: If you decide to pay your Capital One Platinum by phone, call the number you see on the back of your card and enter your card number to speak to a representative. Then, give them the same bank account info that you’d enter online.
In person: If you’d like to make a Capital One Platinum payment in person, there are several ways you can do so. You can go to a Capital One branch and pay there. Or, you can pay at Western Union or MoneyGram, but you’ll need to have your credit card number on hand to complete the transaction.
By mail: To pay by mail, send a check or money order to:
Capital One Attn: Payment Processing PO Box 71083 Charlotte, NC 28272-1083
Capital One Attn: Payment Processing 6125 Lakeview Rd Suite 800 Charlotte, NC 28269
Write your account number on the check or money order. Capital One doesn’t accept cash by mail.
Keep in mind that payments via regular mail take the longest time to post. So, in order to avoid being late, always send your payments at least 5-7 days before your due date.
The Capital One grace period lasts at least 25 days. It is the time between the close of a billing cycle and when your bill is due. You won’t be charged interest during the grace period if you pay your balance in full by the due date every month. Grace periods aren’t permanent, though. You will lose your Capital One grace period if you don’t pay your bill in full one month. As a result, purchases will begin to accrue interest right away. Plus, you’ll have to pay in full two months in a row to get the grace period back.… read full answer
Those are the basics of the grace period, but there are a few more relevant details to be aware of.
Here’s what you should know about the Capital One grace period:
The grace period for Capital One cards is at least 25 days. It allows you to avoid interest on your monthly balance between the end of your billing period and your due date.
If you lose your grace period, you can get it back by paying your full balance on time for two consecutive months.
The grace period doesn’t apply to cash advances or balance transfers. Interest starts accruing as soon as you get a cash advance. It starts accruing right away on balance transfers too, unless you have a 0% APR introductory period.
The Capital One grace period is a useful perk that saves you money on interest. So, it’s yet another reason to always pay your bill in full and on time. And setting up automatic monthly payments from a bank account is a great way to make sure that happens.
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