Hi, I did a quick search on the forum and the net, but didn't get anything I would consider "authoritative" on the subject. Most discussions are just anecdotal or very wishy-washy - they say things like "Cards from BofA, Chase, etc, are generally considered prime".
This web page has a pretty good summary of the "typical" characteristics of prime vs. sub-prime. Is there any authoritative definition of a "prime" or "sub-prime" credit card? If not, how would you tell for sure what classification a given card falls into? Is there any indication on the credit reports or card statements as to how a card is classified? If there's no clear definition, how can it be (reliably) factored into credit scoring? Is a card that calls itself "Platinum" automatically a "prime" card?
To attack the issue from a different angle (concrete and specific vs abstract), here are some of my cards. Can anyone tell me if these are prime or sub-prime and why?
1) BofA (formerly MBNA) NFL Visa (Team-specific):
$12100 limit, 15.98% std. purchase APR
2) BofA (formerly MBNA) College Fraternity Platinum Plus MasterCard:
$29200 limit, 18.74% std. purchase APR
3) BofA (formerly MBNA) University Platinum Plus MasterCard:
$20800 limit, 21.24% std. purchase APR
4) BofA Platinum Plus Visa
$11000 limit, 11.74% std. purchase APR
5) BofA (formerly Fleet) Platinum Plus Visa
$10600 limit, 12.74% std. purchase APR
6) Chase Free Cash Rewards (Visa?)
$11200 limit, 10.24% std. purchase APR
7) Barclays/Juniper Midwest Airlines MasterCard
$16000 limit, 15.24% std. purchase APR
8) Citibank Citi Simplicity Rewards (MasterCard?)
$11000 limit, 17.24% std. purchase APR
None of these cards have an annual fee except for the Midwest Airlines card ($75). I Could change this card to a version of the card without the annual fee that earns 1 frequent flyer mile for every $2 spent (as opposed to 1 mile for every $1 spent with the annual fee version). I do all of purchasing with this card, and the majority of my traveling with this airline, so I think I earn more than $75 worth of extra airfare per year by using the version with the annual fee.
Any thoughts anyone?