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Revelate
Posts: 8,993
Registered: ‎12-30-2011
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Re: what credit cards are not considered to be "prime"

[ Edited ]

namvet wrote:

All cards are either prime or sub-prime!    Prime=low rate/fees    sub-prime=higher rate/fees   It's really not the card that determines this.  It's your credit profile!  IMO


I think a more appropriate statement might be: all cards are neither prime nor subprime.

 

The others are correct in stating that the borrower is either subprime or prime, not the card in and of itself.  End of the day, if the card works for you, then use it, if it doesn't, then don't.  Other labels are pretty meaningless, and I can give examples of cards whose AF is higher than the classic lenders in the subprime space, and yet nobody who isn't a prime borrower cannot obtain one.  

 

Trying to lump cards into prime or subprime categories based on generalizations is honestly an exercise in fustruation, and is of no rational importance when evaluating the effectivenss of a card for any given borrower.

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jsucool76
Posts: 3,228
Registered: ‎12-11-2011
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Re: what credit cards are not considered to be "prime"

So, lets just talk this out a bit...

 

We have a thread like this...basically once a week (it feels like) and we all say the same things. Half of the people argue "prime" doesn't apply to the card itself, the other half actually list lenders that fit into the category the OP asked about. 

 

While You all may be right that neither "prime" nor "subprime" describe the card/lender...we all know what the OP is actually asking about. Why not just answer the question?

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jake619
Posts: 496
Registered: ‎11-13-2012
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Re: what credit cards are not considered to be "prime"


jsucool76 wrote:

So, lets just talk this out a bit...

 

We have a thread like this...basically once a week (it feels like) and we all say the same things. Half of the people argue "prime" doesn't apply to the card itself, the other half actually list lenders that fit into the category the OP asked about. 

 

While You all may be right that neither "prime" nor "subprime" describe the card/lender...we all know what the OP is actually asking about. Why not just answer the question?


Go ahead. I was responding to another poster. 


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



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Revelate
Posts: 8,993
Registered: ‎12-30-2011
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Re: what credit cards are not considered to be "prime"

[ Edited ]

jsucool76 wrote:

So, lets just talk this out a bit...

 

We have a thread like this...basically once a week (it feels like) and we all say the same things. Half of the people argue "prime" doesn't apply to the card itself, the other half actually list lenders that fit into the category the OP asked about. 

 

While You all may be right that neither "prime" nor "subprime" describe the card/lender...we all know what the OP is actually asking about. Why not just answer the question?


I think because categorizations of prime vs. subprime cards lead people to poor financial decisions sometimes.

 

A card has to be evaluated on it's merits for you alone, and prime vs. subprime shouldn't be one of them under any objective measurement; however, people would pass up the old Orchard card with 2% default rewards as subprime.  That's a financial mistake for just about everyone as far as credit card reward structures go, even with the AF that was still tacked onto it though admittedly one's aggregate default (non-other-rewards) spend would have to still justify that AF.

 

The other issue that everyone is racing to the bottom as the subprime lending industry is still blue water competition unlike prime.  Chase, Amex, BOFA, Citi, and pretty much every other lender has a credit card product with subprime underwriting standards at this point, to say nothing of things like Chase auto loans which target the subprime market directly.  Of course they also have prime products as well, and even Capital One now fits in that model in reverse.  There's very few lenders whicih are either categorically prime or subprime, and the reality is today lenders will be in whatever space they feel makes them the best return on investment.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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stormb28
Posts: 104
Registered: ‎12-12-2012
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Re: what credit cards are not considered to be "prime"

What Chase, AMEX, BOA, & Citi products are subprime?
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Revelate
Posts: 8,993
Registered: ‎12-30-2011
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Re: what credit cards are not considered to be "prime"

[ Edited ]

stormb28 wrote:
What Chase, AMEX, BOA, & Citi products are subprime?

Chase Freedom, Amex Zync/Green, BOFA 1-2-3 rewards, Citi Forward.

 

In the sense that underwriting criteria is a traditional subprime strata and individuals who are subprime can obtain an approval on these products.  Where the absurdity in this analysis lies is that the Freedom, Forward, and even the entry charge cards for Amex are all highly recommended; however, it's difficult to label them as targetted towards prime consumers when 640 FICO scores can obtain them anecdotally.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
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Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: what credit cards are not considered to be "prime"


jsucool76 wrote:

So, lets just talk this out a bit...

 

We have a thread like this...basically once a week (it feels like) and we all say the same things. Half of the people argue "prime" doesn't apply to the card itself, the other half actually list lenders that fit into the category the OP asked about. 

 

While You all may be right that neither "prime" nor "subprime" describe the card/lender...we all know what the OP is actually asking about. Why not just answer the question?


It is not clear whether the op means "cards for people with only prime credit" or "very good CC from customers point of View".   This ambiguity makes for a lot of arguments.   I think the first question is not that interesting.   There is no one answer to the second question, since it depends on the needs, wants, and spending patterns of the customer. 

 

I find it great fun to poke at those who worship at the feet of the all and mighty OZ (Amex).

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: what credit cards are not considered to be "prime"


Wolf3 wrote:

 

I find it great fun to poke at those who worship at the feet of the all and mighty OZ (Amex).


May I remind you

 

a) that the internet is there for MY amusement and not yours.

b) Just because Amex Green/Zync is very easy to get, even for people with low scores and short history, doesn't mean it's not the most amazingly prestigious card ever.  Oh, wait, maybe it does.

Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
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Re: what credit cards are not considered to be "prime"


Wolf3 wrote:

This is always a fun topic.   Lets start the firestorm.

AMEX is not prime.   

Big fees.

Financial Review.

Willingness to drop customers with good credit for the minor anomalies.  Not there when you need them.



Wolf3 wrote:

I find it great fun to poke at those who worship at the feet of the all and mighty OZ (Amex).


 It's equally amusing to see people rip Amex with ubsubstantiated statements.:smileysurprised:


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012
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Re: what credit cards are not considered to be "prime"

Revelate,

Those are all subprime? I couldnt get not a single one of them @ this point in time.

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