Capital One MasterCard: Eligibility, Benefits, Internet Rate & Charges

Capital One, which is a renowned financial institution and a bank in the US, offers Platinum Mastercard® with an annual percentage rate (APR) of 30.74% for both purchases and cash advances. It provides a grace period of at least 25 days for paying interest on new purchases if your previous balance is paid in full by the due date each month. Additionally, there’s no annual fee for getting this card, stay tuned to know all about it.

Capital One MasterCard 

Individuals with an even fair credit score can get Platinum Mastercard® from Capital One. It is beneficial to have many terms, as it has no annual fee, it’s budget-friendly and suitable for those who want a credit card without the extra cost. By getting this card one can even establish or improve your credit history, and it even offers a 25-day grace period for paying interest on new purchases, which helps to avoid interest charges.

Card Name Capital One MasterCard
Interest Rates APR for Purchases and Transfers: 30.74% (variable) – APR for Cash Advances: 30.74% (variable)
Grace Period At least 25 days after the billing cycle closes
Annual Fee None
Transfer Fee 3% of the transferred balance for promotional APR – None for balances transferred at the Transfer APR
Cash Advance Fee Either $3 or 3% of the cash advance amount, whichever is greater
Penalty Fees Late Payment Penalty Fee: Up to $40
Minimum Payment Less than $25: Equal to the balance – $25 or 1% of the balance (whichever is greater) plus new interest and late payment fees if

Transfer transaction fee is 3% of the transferred balance for promotional APR balances; no fee for balances transferred at the Transfer APR, and for Cash Advance Transaction fee is there $3 or 3% of the cash advance amount, whichever is greater i.e. it cash advance amount will be below $100, the fee will only $3, and incase of amount exceeding $100, 3% of total amount will be charged.

Capital One MasterCard Eligibility 

If you have a fair credit score (around 580 to 669), you might be eligible for the Capital One MasterCard, but it’s not guaranteed. Your eligibility depends on other things too, like how much money you make and your recent credit history. Just keep in mind that if your credit is fair, you might get the card, but the interest rates and terms may not be as good as those with better credit scores.

Capital One Mastercard

What are the benefits of using a Capital One MasterCard?

Benefits of having a Platinum Mastercard®  from Capital One in terms of Account Management, Fraud Coverage, Mobile Apps and Digital Services, Credit Card Rewards, Travel and Retail Benefits and more are listed below.

Account Management:

  • Eno, your Capital One assistant
  • Automatic Credit Line Reviews
  • Proactive Account Alerts
  • Personalized Payment
  • AutoPay
  • Authorized Users
  • Balance Transfer
  • 24/7 Customer Service

Fraud Coverage:

  • $0 Fraud Liability
  • Virtual Card Numbers
  • Card Lock
  • Security Alerts

Mobile Apps and Digital Services:

  • Capital One Mobile App
  • Eno, your Capital One assistant
  • CreditWise from Capital One
  • Sureswipe / Touch ID

Credit Card Rewards:

  • Unlimited Rewards, No Expirations
  • Travel Rewards
  • Cash Rewards
  • Statement Credit
  • Get Gift Cards
  • Transfer Your Miles
  • Easy to Redeem
  • Shop with Rewards at Amazon.com
  • Redeem Rewards with PayPal

Travel and Retail Benefits:

  • Emergency Card Replacement
  • No Foreign Transaction Fees
  • Capital One Offers
  • Capital One Shopping
  • Capital One Travel
  • Capital One Lounge
  • Partner Lounge Network

Premier Access:

  • Capital One Dining
  • Capital One Entertainment

Special Offers:

  • Venture Cardholders (Up to $100 Credit on Global Entry or TSA PreCheck®)

If you have a fair credit score, which falls 580 to 669 between and want to get this credit card, it is highly recommended to negative to Capital One > Credit Cards > Benefits, to find out the details information for each term.

Are there any annual fees associated with the Capital One MasterCard?

Capital One’s Platinum Mastercard®, whose APR is 30.74% for both purchases and cash advances, does not charge an annual fee. But there is a transfer transaction fee, which is 3% of the amount of each transferred balance that posts to your account at a promotional APR, and there is a also a fee for Cash Advance Transaction, which is $3 or 3% of the amount of each cash advance, whichever is greater. Additionally, there is a late payment penalty fee upto $40, even after not paying the full amount by the 25 days grace deadline.

Capital One MasterCard Interest Rate & Charges

Details context to Interest Rate & Charges for Capital One’s Platinum Mastercard ® are as follows, checkout the listed points.

  • Annual Percentage Rate (APR) for Purchases and Transfers: The APR for purchases and transfers is 30.74%.
  • APR for Cash Advances: The APR for cash advances is also 30.74%, and it may vary with the market based on the Prime Rate.
  • Paying Interest: Your due date is at least 25 days after the close of each billing cycle. If you have paid your previous balance in full by the due date each month, you won’t be charged interest on new purchases. 
  • Variable Rates: The variable rates change with the Prime Rate, which is published in The Wall Street Journal on specific dates (December 25th, March 25th, June 25th, and September 25th). 
  • Daily Periodic Rates: The daily periodic rate for your Purchase APR, Transfer APR, and Cash Advance APR is 0.08422%.

How can I apply for a Capital One MasterCard?

To apply for Platinum Mastercard®, it is mandatory that one’s credit score must be fair, an individual whose score is below 580 can get this card, if you have checked your score, and it is at least equal to 580 or above, then you may go through the step-by-step guide to get this card and avail it’s benefits.

  • Navigate to the official website of the Capital One, which is accessible at https://www.capitalone.com/.
  • Unde the section of the Products, you will find an option of Credit Cards, hit on it and go to the next page.
  • Lookout for the section that reads Platinum Mastercard®, and hit on it.
  • An option of the Apply Now, will be visible before, tap on it.
  • At the, you will be asked to enter your Legal Name, Citizenship, Residential Address, etc, and submit a request to get the card.

Note: After applying online to get a Capital One Platinum Mastercard©, you have to wait upto 72 hours to receive an email of confirmation.

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