Earlier, I had been reading an article which brought up what I thought to be a good point. I don't remember where I read the article however, and as a general rule of thumb, I always clear my histories and cache so I have no way of tracking back to that page. In any event, the author goes on to say that there are no such things as sub-prime cards, only sub-prime users - of course I immediately thought of any secured card (Orchard for example), so I tend to disagree with the author on that point. To add, (s)he continues saying that while most "sub-prime" CCC's have extradonarily high APR's, users who are considered prime generally get the best rates these companies have to offer (which usually are significanlty lower than those rates given to sub-prime users). One card that comes to mind immediately would be C(r)ap One. Your comments are welcomed.
I guess I get the author point that becuase of the subprimer borrow past they are now having to get cards that good credit people would frown upon. But that still does not change the fact they have fees upwards of $180 (first premier) and interest rates over 30% sometimes. In my book even in the rebuilding stage of my credit, I consider that subprime
In my opinion this author has no clue what they are talking about. So, if I am understanding correctly the auther stated that there are no sub-prime cards per se, just subprime users/terms (i.e. interest rates, etc.). If that were the case first premier would be a prime card because my interest rate was 5.9% and chase would be subprime (or I would be a subprime user) because the interest rate with them is 14.99%.