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Capital One Platinum Credit Card

What Is the Capital One Platinum Credit Card’s APR?

The card charges a 28.49% (Variable) APR and offers no introductory 0% APR. That APR isn’t unheard of for consumers with fair or limited credit, but 28.49% (Variable) is still above average, according to US 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 a 3% cash advance fee, with a $3 minimum. Most cards charge a 2% to 4% cash advance fee, according to a 2019 US News study, so the Capital One Platinum Credit Card is in the 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 designed 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.

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