topic Re: SubPrime and Prime CC? in Credit Cards

SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:13:30 GMT

what is the different between suprime and prime cc..

subprime come with AF?

Prime is no AF?...

Re: SubPrime and Prime CC?

LS2982 — Mon, 16 Apr 2012 23:18:25 GMT

@Anonymous wrote:
what is the different between suprime and prime cc..

subprime come with AF?
Prime is no AF?...

Prime is basically great rewards with little to no AF. Excellent CL's and great customer service.

Subprime is pretty much the opposite of all of that

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:21:42 GMT

so if a prime cc have AF with a decent CL it is a good card..

Re: SubPrime and Prime CC?

webhopper — Mon, 16 Apr 2012 23:23:56 GMT

It depends on the individual User. If the User uses the card a lot; the AF may be a good investment for. Larger net gains in that same year.

Re: SubPrime and Prime CC?

LS2982 — Mon, 16 Apr 2012 23:25:15 GMT

@Anonymous wrote:
so if a prime cc have AF with a decent CL it is a good card..

Depends on the actual AF and CL numbers. Also how CLI friendly they are counts.

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:35:26 GMT

Prime == Beauty

It's in the eye of the beerholder. errr.. beholder.

If a card serves your needs and you consider it a great card, you consider it "prime."

Many other won't. Many cards others have, you may not consider "prime." There is no set definition.

People that treat their Amex card like a little child because they are afraid to use it certain places in fear of FR... I consider that a subprime card. But most people think Amex is super-prime. My NFCU card is available to a lot of people with not-so-great credit files, but I consider it my "primest" card at this point because they offer me 0% BT with no transfer fee and no AF.

My Chase Sapphire Preferred has great rewards and great customer service.. but I pay an AF for it (at least I will NEXT year after the 1st year is up) and the credit line is 25% of my NFCU. Is it Prime? I like it. So yes. In my eyes.

Good luck!

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:39:22 GMT

@ jausanka awww I C good explaining it... but i like the "beer " part.. need one asap!!!

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:47:48 GMT

@Anonymous wrote:
what is the different between suprime and prime cc..

subprime come with AF?
Prime is no AF?...

A lot of "prime" cards carry an AF. Typically they will offer some extra rewards or benefits that justify the cost, e.g. complimentary lounge access at airports, free checked bags, 1:1 transfers to FF programs, a high cash back rate, etc.

As a rule of thumb, I think of "prime" cards as having high credit lines (one may start out with a lower amount but it can increase over time), low to reasonable interest rates, and a combination of good rewards/benefits/customer service.

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:51:10 GMT

@ dyv8914 how about Cap1 and HSBC what category they fall on?

Re: SubPrime and Prime CC?

Anonymous — Mon, 16 Apr 2012 23:59:23 GMT

@Anonymous wrote:
@ dyv8914 how about Cap1 and HSBC what category they fall on?

Cap1 has both prime and sub prime.

So does HSBC.

The actual difference is you can qualify for a subprime card with poor credit. Prime cards require good credit.

Re: SubPrime and Prime CC?

Anonymous — Tue, 17 Apr 2012 00:19:34 GMT

@Anonymous wrote:
@ dyv8914 how about Cap1 and HSBC what category they fall on?

I've seen a lot of credit card companies get labeled as "prime" or "subprime" (on here, in the news, etc.) but I don't think there is a clear definition of what makes a company one or the other.

For example, Cap1 is considered "subprime" by some people because they offer a lot of starter and rebuilder products that carry high APRs and low CLs. Some people are unhappy with their customer service and the fact that these accounts don't usually grow with the user as his/her credit improves. On the other hand, Cap1 offers some of the best rewards cards on the market and doesn't charge foreign transaction fees on any of their products, not what you would consider "subprime" at all.

HSBC is another good example of how blurry the line gets between "prime" and "subprime." I'm from HK where HSBC is a behemoth alongside Bank of China, Citibank, etc. When they moved into the North American market, HSBC absorbed some of the higher risk banks which lent some people to associate them with the "subprime" label on this side of the world. HSBC never really established itself in this new market, hence them selling off the bulk of their North American assets to Cap1 recently.

Re: SubPrime and Prime CC?

Anonymous — Tue, 17 Apr 2012 01:54:40 GMT

It is a spectrum.

$300 CL with no rewards and $75 AF == sub-prime

$20000 CL with great rewards == prime

And there are many shades in between.

Re: SubPrime and Prime CC?

JusdoNit — Tue, 17 Apr 2012 03:15:02 GMT

$20k limit with AF and low interest rate....still Prime

Re: SubPrime and Prime CC?

Anonymous — Tue, 17 Apr 2012 13:51:17 GMT

And I belive you can have a prime card with a sub prime rate, just depenfds on your scores

ie Chase Freedom has Variable APR of 12.99% - 22.99%