Primeville?

[Dustink]

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@Revelate wrote:

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@jsucool76 wrote:

Moral of the story, when we go strictly by lenders that are VIEWED as prime, we're talking about:

Chase, Amex, Citi, Barclays, (Sometimes) BoA, Discover, and US bank has some products. 

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If you're going to put "sometimes" next to BOFA, you need to put "sometimes" on the rest of them, and "never" by Discover in my opinion .  Discover More has long been obtainable at the current Chase Freedom underwriting standard, which is likely one of the reasons that Chase dropped their requirements on the Freedom to nearly identically match as they are effectively the same card rewards wise.

BOFA / USBank / Citi secured cards among others obtainable at 640 or lower.

Amex, Zync/Green/Delta skymiles (basic MRE blue too)

Chase Freedom

Barclay's Apple for sure, possibly others

Discover More, and presumably IT as well now.

Pretty much every one of the major lenders is big enough to want to diversify their credit portfolio, it's simply not as profitable to compete in the prime-only borrower category anymore.

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More risk=more reward

Or a good way to get burned.

Anybody invest in P2P loans?

[android01]

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@jnkp2001 wrote:

A card with low interest rates would be prime for me......

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+ 1.  My Ameriprise  card has a current rate on 9.24%,  My Barclays Ring card is at 8%,  My BOA Power Rewards card is a 9.9%.  I wish I had those kind of rate when i was younger and carried a balance.  

[distantarray]

@android01 wrote:

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@jnkp2001 wrote:

A card with low interest rates would be prime for me......

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+ 1.  My Ameriprise  card has a current rate on 9.24%,  My Barclays Ring card is at 8%,  My BOA Power Rewards card is a 9.9%.  I wish I had those kind of rate when i was younger and carried a balance.  

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lol my dad's jealous cause I got approved with Navy Federal for 7.24% APR with $17k limit.

But remember generally Prime cards = Low interest rates or great rewards, hopefully both =)  

The funny part is last year I didn't even have a credit card around til around July last year since my credit was so bad. (420's) luckily i was able to remove everything, I'm still shocked though my first two unsecured cards being $5,500 Amex BCP and a 17k Navy 

[android01]

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@HiLine wrote:

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@afbar1114 wrote:

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@HiLine wrote:

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@jsucool76 wrote:

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@navigatethis12 wrote:

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@ccnewcc wrote:

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The borrower would be, not the card.

You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL.  He knows just by looking at your card that is a rebuilder.  You say "oh wow, you got the Chase Freedom Card!"

Little do you know that it is actually a 500$ CL too.

The borrower is subprime, not the Chase Freedom.

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Most people probably have no idea what cards offer what. When they see a card, it is just a card. Before I got into all this credit stuff all cards were just cards. I would not have know that someone pulling out Credit One may have bad credit.

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@Dustink wrote:

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Their lending requirements seem pretty relaxed to me.

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Yes, there have been people posting about chargeoffs, or a recent bankruptcy getting the Chase Freedom with a $500 limit.

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Moral of the story, when we go strictly by lenders that are VIEWED as prime, we're talking about:

Chase, Amex, Citi, Barclays, (Sometimes) BoA, Discover, and US bank has some products. 

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Basically the largest issuers of credit cards, minus Capital One, and Wells Fargo if they do actually issue many credit cards.

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i work in retail and the cards i see most are cap1 freedom discover and amex(charge). boa sometimes but not as much as the others. never really seen a barclays card. 

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According to the following pages, Capital One is about top 5 and Barclays about top 10. BofA is top 3.

http://www.creditcardchaser.com/what-are-the-largest-credit-card-companies/

http://www.cardhub.com/edu/market-share-by-credit-card-issuer/

Capital One has been giving out a huge number of credit cards lately though, and I think they're relatively new, which is why their cards are seen more often.

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I also think that Cap one is popular because they have a HUGE advertising budget.  I see more Cap One advertisments on TV than any other credit card, by far!

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[distantarray]

it's probably more that capital one is more popular cause they actually give sub prime borrowers more chances. Remember when a item gets charged off, the credit card company takes a tax write off for the full amount, then sells the account to a collections agency, they can often make equal or more than if the account was paid. Also subprime borrowers tend to carry more balances and have higher apr. Most other card companies that are advertised are all companies who only offer higher end cards. That's probably a big thing to do with the market as is.

[laboi_22]

There are literally hundreds of topics like this on this forum. It gets old reading the same thing. Search for prime cards or prime. Amazing how much this has been discussed on one site. Wow. Here is just one example:

http://ficoforums.myfico.com/t5/Credit-Cards/Prime-Cards/m-p/1601020/highlight/true#M440848

[Revelate]

Oh and here I thought you were going to raise afbar's old similar topic .

It happens that we retread the same topics over again, ain't no big deal and with people continually posting congrats on "that prime card approval" or similar, this particular topic is bound to be a recurring theme.

I apparently need breakfast.