By: Ishan Mukhopadhyay Jul. 05, 2018
Capital One Platinum MasterCard offered by Capital One bank has added an annual fee of $25 from 2018, after charging no annual fees for the last two years. This addition is the highest in the last 5 years of this Mastercard's history. This finding is based on data collected from the Consumer Financial Protection Bureau. This organization asks credit card companies to fill out a standard survey, detailing about the institution’s APR, annual fees, late payment fees and other variables.
The annual fee is the rate that certain credit cards charge per year for all the benefits that come with it. Raltin analyzed credit card information from 2014 and found that the annual fee for Capital One Platinum Mastercard had ebbed from $19 for the first two years to $0 in 2016, only to increase to a high of $25 in the latest phase (from January 2018). The graph below traces this fluctuation.
From 2015-2018, this credit card has offered travel accident insurance, an extension of manufacturer's warranty for purchased products, purchase protection and security as well as some other embellishments. Automobile rental insurance provided till 2014, is no longer offered. Additionally, Capital One MasterCard offers rewards on every purchase you make with it, and anywhere you make it. The rewards you make include travel miles or cash back, as per consumer preference. Also, the rewards you make on your every purchase retain their validity for the entire life of the account.