For those of you who are confused about what a prime card is, this is another way to look at it. A card is prime if it has at least five of the following eight characteristics: 1. An interest rate below 15% for purchases; 2. low interest balance transfer options offered from time to time; 3. A grace period; 4. A credit line of at least $5,000; 5. Convenience checks; 6. Standard gold or platinum benefits; 7. A rewards program. 8. No annual fee I hope this clears it up. <g>
Please no more talk about the non-prime and prime card topic. All of the posters here are going to be from people who have a 750+ Fico score. The board is cleaning up and taking out the "trash".
Nice and precise. By this compound definition, I have one prime card: my Chase MasterCard. Also by this definition, AmEx gold is not prime. It satisfies 3, 6, and possibly 4 or 7. My Aspire Visa satisfies 3 of these conditions: 3, 5, and 8.
You should have read my post earlier under gold and platinum cards,i done cleared it up just like you did.So now we have 2 posts that does agree about what defines a prime card.I just wonder if other ccc are going to compete with MBNA's quantum credit card?It seems like we are going to see another round of credit card wars with these banks.Interest rates are going to go even lower yet with the prime expected to go low as 7.50% which is going to bottom out at this rate.I don't expect it to go lower then this.So if any of you receives any low rate balance transfer rate offers,you can expect even better deals down the road.
I would still consder a $1k limit platinum card with 12.9% apr a prime card. Wouldn't a $2k limit blue at 9.9% be prime? Again, this is all in the eyes of the beholder. and your credit standing. Unless you are credit elite, a prime card to me , is the next better card on the food chain that i don't have
Rich guy-- You make a good point about Amex gold. The defiinition was formulated with revolving cards in mind.
