What makes a credit card "prime" and should I care?

[Wolf3]

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@Open123 wrote:

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@Wolf3 wrote:

But to answer the posted question?   Should you or I care what others consider prime?     I say NO!

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Interesting question, to which there's no simple answer to, in my view.  Here's what I mean.

1.  In my professional life, the views and perceptions of others (vendors, clients, and other firms with whom we do business) matters a great deal.  When conducting business, I not only represent myself, but also that of my firm, my partners, and everyone who works with us.  It simply will not do using a card with a negative connotation attached (such as Credit One, First Premier, etc...) to it even if undeserved.  There are etiquette and protocol in every endeavor, and for conducting business, perception of credit worthiness (however accurate or not) is of paramount importance.  Would you hire a financial firm who pays for a luncheon with a First Premier card?  While the card used is certainly not a direct reflection of a person's honesty or integrity, one must wonder why would someone who is competing to manage my finances be using such a card.  Often times in a competitive environment, everyone competing for business makes every effor to put his best foot forward--the card we use should certainly not be an exception.  

2.  In my personal life, I couldn't care less.  If we're friends having a good time, who cares?  No need to impress my friends, and vice versa.  If my friend were to think less of me for using a sub-prime credit card, I'd serioulsy have to reevaluate the foundation on which that friendship has been founded.  So, in this case, one should not care. If it's prime to you and works well, who cares?  

3.  Finally, in some estabilishments, I will use a certain card because the card used leads to better service.  Whether we like it or not, in some circles, there are those places who will simply treat you better just because you're using a certain card, wearing a certain suit, or donning a particular shoe or watch.  

So, I think you should care in some cases, and not care in others.

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A very perceptive answer.  Sometimes snobbery matters.

[ficojoe]

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@Wolf3 wrote:

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@LS2982 wrote:
I'm sorry, but for all the hurdles I had to jump to get in with AMEX my Zync card is prime to me. No one can take that away from me, I earned it with exhausting credit repair for over a year. I understand it may not be a popular big rewards AMEX but it is an AMEX none the less with great customer service and good benefits.

Maybe people don't want to pay high AF,s right now, and want a decent charge card. Zync provides that for them.

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It is a prime card to you, but not to others.  I worked hard to rebuild as well, and what I consider prime for my situaltion, is looked down upon by many here.

But to answer the posted question?   Should you or I care what others consider prime?     I say NO!

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I was really wondering if lenders like to see certian cards. i.e., the applicant that has 3 open trade lines with Cap1, First Premier and Orchard vs. the applicant with 3 open trade lines with AmEx, Discover, and PenFed. I assume FICO doesn't care, but what about a manual review?

From what I hear, we should also care about getting good rewards, perks, and rates.

I never really thought about lenders as being prime or sub-prime, more like loans being prime and sub-prime. For example, a mortgage is fairly easy to get from many banks, but a mortgage at the prime rate requires top credit scores.

[ficojoe]

Capital One seems to be labeled as a sub-prime lender. My Capital One secured MasterCard is clearly sub-prime. However, the terms of the Capital One Visa Signature Cash Card seem pretty awesome. 

In fact, hopes of getting that card is the only reason I have not closed my Cap1 Secured. I figured that gardening a while and keeping the secured might look good when it comes time to apply for the Capital One Visa Signature Cash Card.

The only thing I am not sure of is the limit. Will Capital One be awesome with the limit?

Is there some other catch? Why doesn't make those best credit card lists? No AF, 1% cash back, plus 50% cash back bonus, Visa Signature benefits...

[jamie123]

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@ficojoe wrote:

Capital One seems to be labeled as a sub-prime lender. My Capital One secured MasterCard is clearly sub-prime. However, the terms of the Capital One Visa Signature Cash Card seem pretty awesome. 

In fact, hopes of getting that card is the only reason I have not closed my Cap1 Secured. I figured that gardening a while and keeping the secured might look good when it comes time to apply for the Capital One Visa Signature Cash Card.

The only thing I am not sure of is the limit. Will Capital One be awesome with the limit?

Is there some other catch? Why doesn't make those best credit card lists? No AF, 1% cash back, plus 50% cash back bonus, Visa Signature benefits...

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Cap1 has a reputation for being very stingy with CL and CLI. They also have some of the worst customer service in the industry.

[ficojoe]

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@jamie123 wrote:

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@ficojoe wrote:

Capital One seems to be labeled as a sub-prime lender. My Capital One secured MasterCard is clearly sub-prime. However, the terms of the Capital One Visa Signature Cash Card seem pretty awesome. 

In fact, hopes of getting that card is the only reason I have not closed my Cap1 Secured. I figured that gardening a while and keeping the secured might look good when it comes time to apply for the Capital One Visa Signature Cash Card.

The only thing I am not sure of is the limit. Will Capital One be awesome with the limit?

Is there some other catch? Why doesn't make those best credit card lists? No AF, 1% cash back, plus 50% cash back bonus, Visa Signature benefits...

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Cap1 has a reputation for being very stingy with CL and CLI. They also have some of the worst customer service in the industry.

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Hmmm, perhaps it is time to get me secuirty deposit back and say farewell to Capital One.

[Wolf3]

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@ficojoe wrote:

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@jamie123 wrote:

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@ficojoe wrote:

Capital One seems to be labeled as a sub-prime lender. My Capital One secured MasterCard is clearly sub-prime. However, the terms of the Capital One Visa Signature Cash Card seem pretty awesome. 

In fact, hopes of getting that card is the only reason I have not closed my Cap1 Secured. I figured that gardening a while and keeping the secured might look good when it comes time to apply for the Capital One Visa Signature Cash Card.

The only thing I am not sure of is the limit. Will Capital One be awesome with the limit?

Is there some other catch? Why doesn't make those best credit card lists? No AF, 1% cash back, plus 50% cash back bonus, Visa Signature benefits...

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Cap1 has a reputation for being very stingy with CL and CLI. They also have some of the worst customer service in the industry.

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Hmmm, perhaps it is time to get me secuirty deposit back and say farewell to Capital One.

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Capital One was generous with CL on my first unsecured card with them while I had their secured card.  

[jamie123]

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@Wolf3 wrote:

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@ficojoe wrote:

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@jamie123 wrote:

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@ficojoe wrote:

Capital One seems to be labeled as a sub-prime lender. My Capital One secured MasterCard is clearly sub-prime. However, the terms of the Capital One Visa Signature Cash Card seem pretty awesome. 

In fact, hopes of getting that card is the only reason I have not closed my Cap1 Secured. I figured that gardening a while and keeping the secured might look good when it comes time to apply for the Capital One Visa Signature Cash Card.

The only thing I am not sure of is the limit. Will Capital One be awesome with the limit?

Is there some other catch? Why doesn't make those best credit card lists? No AF, 1% cash back, plus 50% cash back bonus, Visa Signature benefits...

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Cap1 has a reputation for being very stingy with CL and CLI. They also have some of the worst customer service in the industry.

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Hmmm, perhaps it is time to get me secuirty deposit back and say farewell to Capital One.

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Capital One was generous with CL on my first unsecured card with them while I had their secured card.  

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There are very few people on these forums with 5K+ CL from Cap1, and almost everyone has a Cap1 card. I don't ever remember seeing anyone with a Cap1 CL over 10K. Don't get me wrong Cap1 is great at what they do, low limit rebuilder cards. The problem comes in when your credit scores recover, Cap1 won't grow with you.

I have a Cap1 secured card and it serves me well but it is certainly not a prime card. Their customer service leaves a lot to be desired. It took me 3 phone calls over 3 days just to increase my deposit/credit line from $500 to $1000.

When you say Cap1 was generous, what was your secured card CL and then your unsecured card credit line?

[ItchyAppFingers]

I think YMMV. Everyone has their own concept on what banks/lenders are prime ans sub-prime. For example Chase is consider a prime lender but they gave me their Freedom card with a toy limit of $500. Cap one is both sub prime and prime for having rebuilder cards and cards that require "Excellent credit" like their Venture card. I think prime cards and sub prime cards depends on the credit card granted by the lender whether you have "Poor credit" "Average credit" or "Excellent credit" if you fall into one of those categories you could probably tell who is who....prime or sub prime when applying for a card. Does it matter...Not really unless you care about how good your wallet looks inside or if people are judging you by what type of card you pull out when your paying in public. Lol.

[JonStur]

I think we've veered off topic a bit. It's what makes a card prime, not what makes a lender prime. While AMEX has the Zinc, which doesn't impress people, the BCE is definitely prime! Futhermore, the company offer a card with a $450 af. I kind of consider that prime as well. Cap 1 has many subprime/ rebuilder cards, but I have a prime card with them. On their website they plainly state the criteria for obtaining one of their prime instruments. I think we need to understand that you can be a prime lender with prime cards, but offer a few subprime cards because ultimately it makes good business sense to do so.

[Wolf3]

Secured card wass #2200 deposit, + $300 usnsecured CL at six months.  .   Then after 14 months of hisoty with them, I applied and got a $3000 cash back card $39AF, with $500 credit step at 6 months.     Don't know if it will grow beyond the $3500 CL.