I have a HH with a $1500 CL and 18.9% rate. It is a white and blue one with the bubbles on it. The CL isn't great and the rate could be better. WOuld this be a prime or subprime acct?
I would think that if the card has no annual fee, then it is a prime card. I'm sure there are other factors though. I think being prime is a state of mind.
Usually no annual fee. 0% balance transfers. And an introductary interest rate of 0% for the first 6 months or so and under 10% thereafter. I would also include a decent cl in this too.
let me help a prime card they say has a apr of under 14.99 I would argue 9.99 or lower and at least a 5000 cl rewards or cash back could also play a small factor teaser rates play no role in whether or not a card is prime also no annual fee unless you are getting miles or some other rewards program.
A prime card has many but not necessarily all of the following features: 1. Prime: You must have decent but not necessarily perfect credit to get the card. Subprime: The card is marketed to people building or rebuilding credit. 2. Prime: The APR is moderate to low (15% or below) except for rewards cards. Subprime: The APR is higher than 15%. 3. Prime: The card offers rewards. Subprime: ha-ha 4. Prime: The card has no annual fee (except rewards cards). Subprime: Annual fee, participation fee, application fee, expedite processing fee, fee calculated on the average of the fees, a fee surcharge, etc. 5. Prime: The card offers teaser rates. Subprime: Not offered. 6. Prime: The card offers platinum or gold benefits. Subprime: No benefits. 7. Prime: The cc company has 24/7 customer service at an 800 number and if you're overseas, it's ok to call collect. The call is picked up quickly and the rep. knows what he/she is talking about. When you get off the phone, you are confident that whatever action the rep. promised to take will be taken. Subprime: You pay for the call at daytime rates and since you forgot they're not in your time zone, you hear a recording that the office is closed or you wait 20 minutes and then have a very unsatisfactory conversation with a Neanderthal who says he/she can't help you and refuses to put you through to a supervisor. Any promises made are not binding because later when you call to complain, you can't prove what was said. . . so there. 8. Prime: If the card is lost or stolen, a replacement gets to you within 48 hours. Subprime: If the card is lost or stolen, you get a new one in 2-3 weeks. The replacement fee will be charged to your account, of course. 9. Prime: The credit limit is high (5K or more). Subprime: The credit limit is low ($200-$1K) and will remain that way for a very long time. 10. Prime: The account comes with access checks or balance transfer checks. Subprime: "We don't do that". 11. Prime: The card comes with offers for low balance transfer rates months or years after the account has been established. Subprime: Nope. 12. Prime: Credit line increases are substantial (20-30% or more of the credit line each time). Subprime: Credit line increases are rare and you have to ask for them. Expect 100-200 increases. You may be charged for them. 13. Prime: The card has concierge service. Subprime: What's that? 14. Prime: The card has no preset spending limit (e.g., Amex green and gold, Visa Signature, World Mastercard). Subprime: Spending limited to cigarettes, gas and beer or other items of equivalent value charged in moderation. 15. Prime: The card has a grace period for purchases. Subprime: You are charged interest from the date of each purchase even if you pay in full on the next statement. 16. Prime: Cash advance fees range from 0-3%. Subprime: Cash advance fee range from 4-5%. 17. Prime: The card is unsecured. Subprime: The card is partially or totally secured. 18. Prime: When calling customer service, you are treated with courtesy and respect. Subprime: When calling customer service, you are treated like dog shit.
Example of subprime: Household Bank MC, $300 CL, $59 annual fee, no toll-free customer service number. Example of prime: Citibank Dividend Platinum Select MC, $3000 CL, 10.24% APR, 1% dividends on all purchases. Since I have both cards, I could be either prime or subprime, so being prime truly is a state of mind. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Re: Re: How do I know if a card is Prime? 3000CL AT 10.24 IS PRIME MUST BE THAT STATE OF MIND THING.......
Re: Re: How do I know if a card is Prime? # 4 Don't forget the payment accepting fee... The statement mailing fee... The CSR phone fee... THE FEE FEE
Re: Re: How do I know if a card is Prime? Prime would be no higher than 16% purchase APR, NO Annual fee (There goes that FEE word again and a CL of at least $3500, and a toll free 800 24x7 number. Everything else is 1) Frosting on the prime cake or 2) A super-prime card
Willgator, If you think that 10.24% is subprime, then your own state of mind can only be classified as insanity.
Re: Re: How do I know if a card is Prime? seems to high to carry a balance for me ,but I'm no RICHGUY!!!!!! 9.9 OR LOWER 6.9 OR 7.9 FIXED IS WHAT I LOOK FOR,BUT I'M NO RICHGUY....
Re: Re: How do I know if a card is Prime? To me prime is, 9.99% or less, no anal fee, and a CL of over $1000. Subprime is over 9.99%, anal fee, and a CL of less than $1000
Re: Re: Re: How do I know if a card is Prime? Man, these companies are getting PERSONAL! PRIME: Wants you to be a happy long-term customer by giving you high CL, increases, low APR, and no annual fee. No balance transfer fees and no fees for NOT carrying a balance. SUBPRIME: Thinks you should be happy just to HAVE their card. Thinks you must've been credit scum just to apply for their card, so they treat you as such. Pay SUPER high interest rates (over 19%) and pay a fee just to GET their card. LOW CL. These accounts should be temporary until you've built enough good credit history to get a decent prime card and BT any revolving balance on the sub-prime cards. Then get rid of them! It's just not worth it to keep these accounts!
Beware of one of the many tricks that subprime banks will use to insinuate their worthless cards into your credit portfolio, from which it can subsequently be difficult to extract them: A low interest rate, for example 9.9%, is offered on a small card with a very high annual fee, for example $59. First Premier continues to offer me cards like this, although their multiple fees add up to much more than $59 per year. And being a Rich Guy, I'm far too intelligent to fall for that. What's the point? (1) It proves that a credit card can have some characteristics of a prime card, and others of a subprime card. (2) It proves that narrowly focusing on the interest rate alone is not very informative.
The only fee I pay is amex delta plat I don't receive any offers from first premier must not be at your level yet.
Here is the proof that "subprime" cards like my Citi Dividend Platinum Select MasterCard can actually save you money in the long run: Annual interest on $3000 balance at 10.2% =$306 Annual interest on $5000 balance at 7.9% =$395 $306 < $395 Those who measure prime status by credit limits, that is, by the ability to incur more debt, are missing the important point that financial success consists of getting and staying out of debt. Low credit limits can actually help you do that.
Willgator, I think you missed the point that I never ACCEPT those First Premier offers. You're the one who has to pay $100 annual fees on "Platinum" cards. Anyone who's willing to pay annual fees just to get rewards in the future is falling into one of the classic credit card traps. The money you pay up front is worth more than any extra rewards. Rewards are easily available on cards without annual fees. I have such a card, and it's prime in spite of your ignorant claims to the contrary
Willgator, Name-dropping doesn't work with me. I actually looked up the Terms and Conditions for the Amex Delta SkyMiles Platinum Card: An annual fee of $135. An APR of 14.24%. By the standard you tried to apply to me, namely an APR of over 9.9%, your own "Platinum" card is subprime. I think we're all suitably impressed.
Re: Re: How do I know if a card is Prime? I'm so glad your impressed now I won't have any trouble sleeping tonight. first I never said all my cards are prime second if you will do a little research I said I never carry a balance on that card per your 14.74 comment and I receive a free companion ticket every year for that 135 annual fee your so worried about .... so why don't you go spout your advice to someone who needs it ps that would not be me THANKS.......
