Difference between prime and subprime?

[krushin84]

New to the forums and couple things stuck out at me. I dont the difference between prime and sub prime. Looking for advice.

Recently my Amex blue cash card has been up to. 12k. Have a capital one card that's at 6.5k but no sure if It's that
High cuz they kept the cl that chase was using. Also have a 6.5k on HSBC. Now that capital one has bought HSBC should I be lookin to dump my cap one cards? I been forced into capital one cards never applied to them. I had a Sony rewards chase card that turn into a capital one card.

[iMacDrew]

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@krushin84 wrote:
New to the forums and couple things stuck out at me. I dont the difference between prime and sub prime. Looking for advice.

Recently my Amex blue cash card has been up to. 12k. Have a capital one card that's at 6.5k but no sure if It's that
High cuz they kept the cl that chase was using. Also have a 6.5k on HSBC. Now that capital one has bought HSBC should I be lookin to dump my cap one cards? I been forced into capital one cards never applied to them. I had a Sony rewards chase card that turn into a capital one card.

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Velcome! Prime to me is a card with a No AF or an AF that basically pays itself off with rewards, something with a decent APR, and a card that typically requires a relativly high credit score. Subprime to me is a card with an AF with crappy rewards and a high APR for no reason.. 

You have 3 credit cards from what ive read and  would keep all of them especially with those CL. assuming that your AF isnt outrageous. If you dont like those cards apply for cards you do like and dump them down the road once those cards establish high credit limits and age.

[tcbofade]

"Prime" is a relative term.

I've got an HSBC card that I've had for nearly five years...most on here would call it "sub prime", but it's 2% cash back is the best rewards card I've got...it does have an AF, but I generally earn $200- $250 cash back in year, which MORE than covers the $39 annual fee.

[Autumnslight]

I don't think an annual fee card with decent rewards would be subprime. After all, a lot of the good Amex cards have annual fees, and no one would call Amex subprime.

[iMacDrew]

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@Autumnslight wrote:

I don't think an annual fee card with decent rewards would be subprime. After all, a lot of the good Amex cards have annual fees, and no one would call Amex subprime.

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absolutely not! American Express imo is probably the hardest lender to obtain a membership with!! as far as credit union goes i think Penfed platinum rewards is right behind american express.

[krushin84]

All of my cards have no af.

was actually just looking into trasffering a balance from my cap1 card to my amex.

my cap1 is at 4k out of 6k. and my amex is at 500 out of 12k.

never done a balance transffer though. gotta look more into this.

Thanks for the replies btw.

been scared of all the cap1 threads saying they dont grow and give out cli.

[Wolf3]

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@krushin84 wrote:
New to the forums and couple things stuck out at me. I dont the difference between prime and sub prime. Looking for advice.

Recently my Amex blue cash card has been up to. 12k. Have a capital one card that's at 6.5k but no sure if It's that
High cuz they kept the cl that chase was using. Also have a 6.5k on HSBC. Now that capital one has bought HSBC should I be lookin to dump my cap one cards? I been forced into capital one cards never applied to them. I had a Sony rewards chase card that turn into a capital one card.

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There is no official distinction, it is in the eyes of the CC holder.   If you think the CC terms are good for your credit situation, that would be prime for you, if you consider them bad for you, it is subprime.

If you don't like your Capital One, close them.   Closing them because someone else thinks they are sub prime is a silly reason. 

[Crashem]

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@tcbofade wrote:

"Prime" is a relative term.

I've got an HSBC card that I've had for nearly five years...most on here would call it "sub prime", but it's 2% cash back is the best rewards card I've got...it does have an AF, but I generally earn $200- $250 cash back in year, which MORE than covers the $39 annual fee.

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I have a similar card but with no af.  Funny thing is clam waiting for it to gO to cap one but nothing so far.  2% on visa/mc is great.  Prime and subprime don't mean much when it comes to credit cards anymore.  Originally referred to whether or not borrower got prime rate or below.  Now more a matter of perspective.

[Wolf3]

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@Crashem wrote:

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@tcbofade wrote:

"Prime" is a relative term.

I've got an HSBC card that I've had for nearly five years...most on here would call it "sub prime", but it's 2% cash back is the best rewards card I've got...it does have an AF, but I generally earn $200- $250 cash back in year, which MORE than covers the $39 annual fee.

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I have a similar card but with no af.  Funny thing is clam waiting for it to gO to cap one but nothing so far.  2% on visa/mc is great.  Prime and subprime don't mean much when it comes to credit cards anymore.  Originally referred to whether or not borrower got prime rate or below.  Now more a matter of perspective.

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Not all HSBC cards were transferred to Capital One, I think you are stuck with HSBC.  

[Revelate]

If you can regularly qualify with a score beneath 680 = subprime.  And that's a pretty arbitrary figure these days too.

You can't really call many lenders prime or subprime these days, anyone prime only is moving into subprime (see: Amex Zync) faster than, insert your own overly colorful euphemism here.

Amex Zync = subprime.  Amex BC Anything = prime

Chase Freedom = subprime *and* prime, Chase Sapphire = Prime

Discover More = subprime.

These cards have plenty of rewards, some have AF's, some don't, and the line is blurring all the time.  I have a 5K BOFA 1-2-3 rewards card... prime or subprime?  Without the information that it's secured, it's probably prime; however, it is secured = subprime, yet still a good card.  

The whole distinction is really pretty moot: that Orchard card tcfobade has: originally subprime no doubt, and now with a most excellent reward tacked on to it (2% on ALL SPENDING), which I don't know of any other lender matching, including the big 5ish.