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"Prime" Cards

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gdale6
Moderator Emeritus

Re: "Prime" Cards

The following are legends only in the minds of the individuals seeking them AMEX, Chase, BoA, Citi while in fact they are the opposite, I would not be caught dead with an AMEX in my pocket for reasons that every one of you should be aware (FR), I dont cotton to such demands and terminate relationships over it, none of these banks are "Prime" most of them are wards of the state. Prime cards are ones that supply below 10% APRs and fantastic customer service, think CUs. You will not find fantastic customer service at any of these banks. Rant over....

Message 11 of 34
09Lexie
Moderator Emerita

Re: "Prime" Cards


@TheGardner wrote:

@09Lexie wrote:

@TheGardner wrote:

I think this term gets thrown around too much and wrongly so..

 

Take AMEX for example, universally considered a "prime lender/card". When viewing thier terms on most available cards it appears the lowest APR on current cards is 12.99% this in my opinion is Boarderline prime card.

 

Anything over 15 I would consider to be outside of "Prime" Which most of AMEX offerings over that.

 

So why is it we consider these higher APR cards prime? Legacy? Reputation? Why do we accept such offers as prime when they are obviously not?


Cannot go by APR. Chase rates for their signature cards is 15 .24% for example. BoA Merrill+ is 12.99. There are lenders that do offer rates less than 10% as their standard but they are no more prime than the other cc's mentioned.

 

I like my DCU for its 8.50% rate but I wouldn't cosnider it anymore prime than my other cc sporting the 12.99 or 15.24% rates


I agree, but also shouldn't consider your AMEX more prime with a higher rate either. It just strikes me odd is all, this is not meant to bash AMEX But maybe the way we view legacy lenders in general.


Prime is truly subjective. If your credit is 'worthy' of the lower APR Amex offers (12.99-21.99%) then is the card prime now?  I give you this example because I have several Amex cards with rates from the lowest to their mid range. Chase doesn't give you the range for their 'prime' cards but I was well aware of that when I accepted their cards.

 

If, like most posters I don't think of the APR when selecting a card. I think of how their rewards and point structure would benefit me.  The cards that I have from the legacy lenders all provide a benefit to me. My DCU card is used for emergencies only as their reward structure cannot touch those of my 'prime' cards. 

Message 12 of 34
TheGardner
Valued Contributor

Re: "Prime" Cards

I kind of agree, if you are a "prime lender" you should at least offer sub 10% cards. Of course you would need to qualify (super prime scores)  but this would reward your history/scores.

 

I don't think a lender should not be allowed to FR an individule, they are lending you money after all.. But Amex will close your account for carrying a balance on another issuers card if deemed to be too high or for too long. I understand this is why they lead the industry in CO BUT they don't use those savings to reward thier good customers via better rates. Are they worth the hassle?

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 13 of 34
Imua
Frequent Contributor

Re: "Prime" Cards


@TheGardner wrote:

I do get that, but over 15% still seems high considering AF/Processing Fee and the additional 5+% APR for a couple percent "Reward" ? 

 

Of course paying in full minimizes the additional APR but still doesn't feel like these cards are "Prime". 

 

Chase/Citi/BofA has reward cards for 13.99 as do several other banks and credit unions that are considered less than prime.


my chase freedom is 9.74%

and my BofA Cash Rewards is 12.99%

no AFs for either

Message 14 of 34
TheGardner
Valued Contributor

Re: "Prime" Cards


@09Lexie wrote:

@TheGardner wrote:

@09Lexie wrote:

@TheGardner wrote:

I think this term gets thrown around too much and wrongly so..

 

Take AMEX for example, universally considered a "prime lender/card". When viewing thier terms on most available cards it appears the lowest APR on current cards is 12.99% this in my opinion is Boarderline prime card.

 

Anything over 15 I would consider to be outside of "Prime" Which most of AMEX offerings over that.

 

So why is it we consider these higher APR cards prime? Legacy? Reputation? Why do we accept such offers as prime when they are obviously not?


Cannot go by APR. Chase rates for their signature cards is 15 .24% for example. BoA Merrill+ is 12.99. There are lenders that do offer rates less than 10% as their standard but they are no more prime than the other cc's mentioned.

 

I like my DCU for its 8.50% rate but I wouldn't cosnider it anymore prime than my other cc sporting the 12.99 or 15.24% rates


I agree, but also shouldn't consider your AMEX more prime with a higher rate either. It just strikes me odd is all, this is not meant to bash AMEX But maybe the way we view legacy lenders in general.


Prime is truly subjective. If your credit is 'worthy' of the lower APR Amex offers (12.99-21.99%) then is the card prime now?  I give you this example because I have several Amex cards with rates from the lowest to their mid range. Chase doesn't give you the range for their 'prime' cards but I was well aware of that when I accepted their cards.

 

If, like most posters I don't think of the APR when selecting a card. I think of how their rewards and point structure would benefit me.  The cards that I have from the legacy lenders all provide a benefit to me. My DCU card is used for emergencies only as their reward structure cannot touch those of my 'prime' cards. 


I do agree, lower the APR the worse the rewards program. But using your 8.5 as an example, say they charged an additional  4%  (12.5%) and offered a 2% cash back. Of course there would likely be an AF as well . But could still offer decent rewards on a lower APR.

 

If CU would figure out a decent reward program I would likely Only use them but sadly they do not Smiley Sad

 

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 15 of 34
gdale6
Moderator Emeritus

Re: "Prime" Cards


@TheGardner wrote:

I kind of agree, if you are a "prime lender" you should at least offer sub 10% cards. Of course you would need to qualify (super prime scores)  but this would reward your history/scores.

 

I don't think a lender should not be allowed to FR an individule, they are lending you money after all.. But Amex will close your account for carrying a balance on another issuers card if deemed to be too high or for too long. I understand this is why they lead the industry in CO BUT they don't use those savings to reward thier good customers via better rates. Are they worth the hassle?


Not saying they should not be allowed FR, I supply 2 paystubs like anyone else when asked for them, what I wont do and have never done is sign a form for a bank to pull my tax records from the IRS nor have I handed over tax returns for such over lousy credit cards. The only people that get to see my "private" tax records are mortgage issuers. Amex acts like the gestapo shutting down accounts at random demanding you hand over the keys to your tax returns, what they would get from me is every one of their cards cut up delivered to the CEO with a note you can put these where the sun doesnt shine..

Message 16 of 34
09Lexie
Moderator Emerita

Re: "Prime" Cards


@TheGardner wrote:

I kind of agree, if you are a "prime lender" you should at least offer sub 10% cards. Of course you would need to qualify (super prime scores)  but this would reward your history/scores.

 

I don't think a lender should not be allowed to FR an individule, they are lending you money after all.. But Amex will close your account for carrying a balance on another issuers card if deemed to be too high or for too long. I understand this is why they lead the industry in CO BUT they don't use those savings to reward thier good customers via better rates. Are they worth the hassle?


Not sure why you consider managing your finances so that you are not at risk of an AA a hassle. Amex, Citi, Chase, BoA - any lender can and will CLD you if your credit profile warrants the AA.  Most lenders will simply cut you off and you'll get a letter. Amex at least offers you the ability to provide income documents. 

I am not tooting Amex's horn and don't want you to think they are the end all be all. Like anything, if the lender doesn't fit with your comfort level, move on to one that gives you what you are needing. 

 

I like the diversity of having cards from big banks to CU.  Never put all your eggs in one basket. Smiley Wink

Message 17 of 34
TheGardner
Valued Contributor

Re: "Prime" Cards


@Imua wrote:

@TheGardner wrote:

I do get that, but over 15% still seems high considering AF/Processing Fee and the additional 5+% APR for a couple percent "Reward" ? 

 

Of course paying in full minimizes the additional APR but still doesn't feel like these cards are "Prime". 

 

Chase/Citi/BofA has reward cards for 13.99 as do several other banks and credit unions that are considered less than prime.


my chase freedom is 9.74%

and my BofA Cash Rewards is 12.99%

no AFs for either


These are 2 perfect examples of prime working for you. 

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 18 of 34
lg8302ch
Senior Contributor

Re: "Prime" Cards

Why should we rate the cards according to APR? I would have a very interesting result...Superprime for BofA with  9,99% APR for the Cash and Travel rewards card...but what should I say to Chase with 22,99% APR ?? Smiley Sad  For me it is the big and major  lenders and the overall package but that includes a bit more than just  APR ...LOL

Message 19 of 34
09Lexie
Moderator Emerita

Re: "Prime" Cards


@TheGardner wrote:

@09Lexie wrote:

@TheGardner wrote:

@09Lexie wrote:

@TheGardner wrote:

I think this term gets thrown around too much and wrongly so..

 

Take AMEX for example, universally considered a "prime lender/card". When viewing thier terms on most available cards it appears the lowest APR on current cards is 12.99% this in my opinion is Boarderline prime card.

 

Anything over 15 I would consider to be outside of "Prime" Which most of AMEX offerings over that.

 

So why is it we consider these higher APR cards prime? Legacy? Reputation? Why do we accept such offers as prime when they are obviously not?


Cannot go by APR. Chase rates for their signature cards is 15 .24% for example. BoA Merrill+ is 12.99. There are lenders that do offer rates less than 10% as their standard but they are no more prime than the other cc's mentioned.

 

I like my DCU for its 8.50% rate but I wouldn't cosnider it anymore prime than my other cc sporting the 12.99 or 15.24% rates


I agree, but also shouldn't consider your AMEX more prime with a higher rate either. It just strikes me odd is all, this is not meant to bash AMEX But maybe the way we view legacy lenders in general.


Prime is truly subjective. If your credit is 'worthy' of the lower APR Amex offers (12.99-21.99%) then is the card prime now?  I give you this example because I have several Amex cards with rates from the lowest to their mid range. Chase doesn't give you the range for their 'prime' cards but I was well aware of that when I accepted their cards.

 

If, like most posters I don't think of the APR when selecting a card. I think of how their rewards and point structure would benefit me.  The cards that I have from the legacy lenders all provide a benefit to me. My DCU card is used for emergencies only as their reward structure cannot touch those of my 'prime' cards. 


I do agree, lower the APR the worse the rewards program. But using your 8.5 as an example, say they charged an additional  4%  (12.5%) and offered a 2% cash back. Of course there would likely be an AF as well . But could still offer decent rewards on a lower APR.

 

If CU would figure out a decent reward program I would likely Only use them but sadly they do not Smiley Sad

 


Using my CU as an example, they do offer a cc with rewards. No AF and the rate was a few points higher. However, their rewards cannot come close to my other cards. So why have a higher APR for a card I will not use for rewards?

 

On the other spectrum. I have a PayPal MC with a terrible APR which claims to be a reward card. I think I've gotten 3 gas cards in the past two years but for me that card is simply a util pad with a CL of $15k. 

Message 20 of 34
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