Capital One Platinum credit card APR, balance transfer fee
The requirements for this card can be beneficial to people who are aiming to gradually build up their credit score, as cardholders have the capability to do a product change eventually, and upgrade this to a better Capital One product. The most exceptional feature of the Capital One Platinum Credit Card is that it has no fee for balance transfers.
Usually, credit cards charge between 3% and 5% for customers to transfer a balance from another card, therefore, make sure you check your application status. Regrettably, the Capital One Platinum credit card has a flexible APR of 24.99% - considerably greater than the average credit card interest rate.
As a result, it makes no sense to transfer any balance from another card onto it. The only exemption could be people who are presently recompensing a penalty APR on their credit card which is normally between 27% and 29%. If that's the case, and your credit rating is not ideal to qualify for one of the better balance transfer credit cards, it is logical to shift your credit balance to the Capital One Platinum Credit Card.
It can be a sensible option for clients who've had trouble being accepted for other cards. If you have no credit history or a lesser income, this card can be a decent choice. If your economic position advances, you can use capital one credit card to build credit giving you the ability to improve this card to a better Capital One product, like the Capital One Quicksilver Cash Rewards Credit Card.
Capital One Platinum Credit Card benefits
As it doesn't come with any annual fees, it's hard to begrudge the Capital One Platinum Credit Card. Whereas it doesn't have any noteworthy features and has a very high-interest rate, it can deliver a line of credit to people with little FICO scores. In a crisis situation, you can get a cash advance which may come with a greater APR than a regular credit card acquisition. One of the attributes of the Capital One Platinum Credit Card that is worth mentioning is the point that it has zero transfer fee. If currently paying interest on credit card debt with a rate higher than 24.99%, it is recommended to shift to this card in the occasion that balance transfer offers are unavailable to you. If possible, evade carrying a balance on this card month-to-month as you might lose a significant amount of money to interest due to the high APR.
Capital One Platinum Credit Card benefits and features include:
- A 24.99% flexible APR for acquisitions and transfers.
- Zero annual fee.
- Increases credit limit after making your initial 5 monthly payments on time.
- Fraud coverage in case your card is misplaced or stolen.
- Utilize online banking platform to access your account from your smartphone with the mobile app.
- Recompense by check, online, or at a local branch with no fee and select the monthly due date that it suitable for you.
- Acquire access to your account 24 hours a day, 7 days a week.
Credit card options
Even with elevated expenditure, and timely disbursements, some consumers only experienced an upsurge of $500 to their credit line. As with all other Capital One credit cards, the Capital One Platinum Credit Card gives customers’ access to the Capital One CreditWise, a provision that permits you to scrutinize and analyze your credit score. For people presently in the route of reconstructing their credit, this can be a good way of monitoring progress.
However, this is not a feature that’s limited to Capital One. To a greater extent, more banks are making credit monitoring a regular feature for their cardholders. There are no foreign transaction fees on the Capital One Platinum Credit Card, making it simpler to use abroad. Most credit cards enforce a 3% fee on all acquisitions outside the United States but Capital One relinquishes that fee for all their cardholders. When traveling abroad, and don’t desire to deal with the bother of converting your currency, as the card well serves you just right.