What Is the Capital One Platinum Credit Card’s APR?
The card charges a 29.74% (Variable) APR and offers no introductory 0% APR. That APR isn’t unheard of for consumers with fair or limited credit, but 29.74% (Variable) is still above average, according to U.S. News research.
What Are the Fees Associated With the Capital One Platinum Credit Card?
- Annual fee: The card has no annual fee.
- Cash advance fee: The card charges 3% of the amount of the cash advance, but not less than $3. Most cards charge a 2% to 4% cash advance fee, according to a 2019 U.S. News study, so the Capital One Platinum Credit Card is in this majority. Minimum fees are usually between $5 and $10.
- Foreign transaction fee: The Capital One Platinum Credit Card does not have a foreign transaction fee.
- Balance transfer fee: The card also doesn’t have a fee for balances transferred at the transfer APR. Otherwise, it’s 3% of each transferred balance that posts to your account at any promotional APR Capital One may offer.
- Late payment fee: The Capital One Platinum Credit Card has a late payment fee of up to $40.
Should You Get the Capital One Platinum Credit Card?
- Have limited or fair credit and want to improve your credit score with responsible use.
- Aren’t concerned about earning rewards.
- Want to avoid as many fees as possible.
Questions About the Capital One Platinum Credit Card
Q: Does the Capital One Platinum Credit Card have rewards?
A: The Capital One Platinum Credit Card does not offer a rewards program.
Q: Is the Capital One Platinum Credit Card a good credit card?
A: Consumers who want a basic unsecured credit card with no annual fee can take advantage of the Capital One Platinum Credit Card. It is a good alternative to secured cards and offers access to a higher credit line to eligible cardholders in as little as six months. However, it lacks a rewards program and has a high APR.
Q: What credit score Is needed for the Capital One Platinum Credit Card?
A: The Capital One Platinum Credit Card is deshigned for fair credit, so you may need a FICO credit score of at least 580 to qualify. But it’s possible you’ll be approved with a lower score.
Q: What are the other application qualifications for the Capital One Platinum Credit Card?
A: Applicants must meet monthly income requirements and have fewer than two open credit card accounts with Capital One.
Q: Can you get a credit limit increase with the Capital One Platinum Credit Card?
A: Cardholders can be automatically considered for a higher credit line as quickly as six months after opening the account.
For Capital One products listed on this page, some of the above benefits are provided by Visa(R) or Mastercard(R) and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.