Yes, the Capital One Platinum Secured 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 Secured 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 Secured 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.
Key Things to Know About Capital One Secured Card Interest Rates
Capital One’s credit card interest rates are listed under the “Interest Charge Calculation” section of a card’s monthly statement.
Both Capital One Platinum Secured and Capital One Quicksilver Secured provide a “grace period” that runs from the day your statement closes until the payment due date. You’ll avoid paying interest on purchases if you pay the statement balance in full during this timeframe every month. Keep in mind that carrying a balance past the due date will cancel the grace period. To restore the grace period, you will need to pay the entire balance for two consecutive months.
Note that cash advances on both Capital One Platinum Secured and Capital One Quicksilver Secured will also accrue interest. But unlike regular credit card purchases, cash advances accrue interest immediately, with no grace period.
You can add money to a Capital One Platinum Secured card either through the Capital One deposit page online or by calling their dedicated line, within 35 days of approval. For online deposits, enter your zip code and the last four digits of your Social Security number.
Here’s what you need to know about adding money to a Capital One Platinum Secured deposit:… read full answer
How to do it: You can add money either online or by calling the Capital One Platinum Secured dedicated line within 35 days of approval. Adding money online requires you to enter your ZIP code, the last four digits of your SSN, and the customer number you received when you were approved. If you don’t have the customer number, simply call customer service to make a deposit by phone.
Minimum deposit: You can add up to a $1,000 total limit, but you must first meet the required minimum deposit. Minimum deposits will be $49, $99 or $200, depending on the specifics of your credit. Regardless of the minimum deposit amount, the Capital One Platinum Secured card guarantees an initial credit limit of $200.
Additional deposits: Any money you add to your Capital One Platinum Secured card above the minimum amount required will raise the card’s credit limit by that same amount. So if you pay an additional $300 on top of your original deposit, the new credit limit will be $500. The maximum overall limit is $1,000 and any additional deposits must be made within 25 days of approval, in multiples of $20.
Payments are made electronically through your bank account. Capital One does not accept cash payments or checks. Once you’ve paid the full minimum deposit, your Capital One Platinum Secured car will be mailed within 2-3 weeks.
The Capital One Platinum Secured credit limit is $200, at a minimum. The minimum security deposit required to open a Capital One Platinum Secured Credit Card account is $49, $99 or $200, depending on your creditworthiness.
Keep in mind that the Capital One Platinum Secured card credit limit that you start with isn't necessarily your credit line forever. Capital One will usually allow you to increase your security deposit for a higher credit line. If you’ve used it responsibly, they may also … read full answergraduate your Capital One Platinum Secured to an unsecured card. This could get you a higher credit limit, too.
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