How Much Is The Capital One Platinum Inactivity Fee? (2024)

FAQs

How Much Is The Capital One Platinum Inactivity Fee? ›

No, there is no inactivity fee for the Capital One Platinum card, so you can use it as often or as seldom as you like.

Not monitoring an open credit card account could cause you to miss potentially fraudulent activity or recurring charges you may want to keep up with. You won't be charged a fee for not using your credit card. Inactivity fees were banned in 2010.

Chip Lupo, Credit Card Writer

The Capital One Platinum late fee is up to $40. The fee applies when cardholders don't make the minimum payment by the due date. The late fee for the Capital One Platinum card can never exceed the minimum payment amount, though, thanks to the CARD Act of 2009.

The Capital One Platinum Mastercard in a nutshell

The card comes with a $0 annual fee. View important rates and disclosures. Plus, it doesn't require a security deposit. And cardholders are automatically considered for a credit limit increase in as little as six months.

To avoid an annual fee, you could apply for a card without one. If you currently have a card that has an annual fee, you might consider asking your card issuer whether they can switch you to a different card that doesn't have a fee.

The Capital One Platinum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation.

deposit of at least $250 • No monthly service charge when you keep a minimum daily balance of $300 or more in this account OR • You receive at least one direct deposit in the amount of $250 or more each statement cycle.

If you're having trouble making on-time payments, contact your credit card issuer as soon as possible. They might be able to work with you. In some cases, it may even waive late fees or penalty rates.

Credit card grace periods

For example, Capital One's grace period is at least 25 days. Grace periods are usually between 25 and 55 days. And if you pay your bill in full each month, you won't be charged credit card interest on your purchases. But if you pay less than the full amount, interest may begin to accrue.

THE WINNER. Capital One Quicksilver is better than Capital One Platinum because it offers attractive rewards and a 0% introductory APR. Capital One Platinum doesn't offer low introductory rates or any kind of rewards – just the ability to build credit without paying an annual fee.

What is the minimum income for Capital One Platinum? ›

Your monthly income needs to be at least $425 more than your monthly rent or mortgage payment to get the Capital One Platinum Credit Card, according to Capital One. The higher your income is above the minimum, the more likely you are to be approved.

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. But, beyond helping you to build your credit, this card doesn't have much to offer.

Which card is best for rebuilding credit? If you're looking to rebuild your credit, that could mean that you've defaulted on a loan more than once or that you've been declined for a credit card in the last three months. The Capital One Platinum Secured Credit Card may be a good option for those rebuilding credit.

Both the Quicksilver suite and Savor suite offer Capital One cash back credit card options with no annual fees.

You will pay a $39 annual fee but receive benefits, including $0 fraud liability, tap-to-pay technology and free credit monitoring with CreditWise from Capital One.

Can I negotiate a payment plan with Capital One? If you've fallen behind on your payments to Capital One for a few months, the company may be willing to negotiate a payment plan for you. You can try to reach an agreement allowing you to pay a set amount of money to the company over a specific period.

Credit card grace periods

For example, Capital One's grace period is at least 25 days. Grace periods are usually between 25 and 55 days. And if you pay your bill in full each month, you won't be charged credit card interest on your purchases. But if you pay less than the full amount, interest may begin to accrue.

When you miss a payment, you'll enter collections where you may be charged late fees and interest.

Pay your balance in full every billing cycle.

But if you can't pay your balance in full, the CFPB recommends paying as much as possible—and making at least the minimum credit card payment. As the CFPB explains, “The higher the balance you carry from month to month, the more interest you pay.”