I was just sitting here thinking (mostly because I was bored and reading the "dazzafact" thingies on the bottom of the screen) that sometimes sub-prime can be better than prime. I'm not talking about the percentage of ultra-prime people who really watch their money or those prime people here who are aware of the system, but... One of the "dazzafact" things at one time said the average APR on a credit card is 19.something%. I'm as sub-prime as you can get at this point, but I only have one card with a rate above 15.9%. When I joined my credit union last month I asked the new accounts person about getting a credit card through the credit union. He gave me all the details on their visa card -- 18.9% interest and a $25 annual fee. And that was for people with good credit! I asked if they were flexible about the interest rate and he said no, but their gold card (for people with even better credit) was variable based on the prime rate+4.5%. Could it be that I have better cards than the average person who could qualify for prime credit? What a country.
Dave, That could easily be. Just the fact that you and I are on the board here makes us more sophisticated than most people who have credit problems.
Could it be that I have better cards than the average person who could qualify for prime credit? What a country. [/B][/QUOTE] I keep getting pre-approved offers from companies offering rates of 17-22%....makes my Providian accounts at 16.9 for purchases AND cash advances look fairly good, especially since they raise my CL regularly. I have a coupla of prime platinums that are not that great, my NextCard is best so far at 13%
Wow! My husband got the Associates Gold card invitation. I thought that 24.99% for this type of application was high and considered sub-prime. Now reading these posts, I am beginning to wonder if this is not a prime card. No fees either. Maybe I should have him hold off applying since we are only 6 months post BK and just stick with his unsecured FCNB MC at 19%.
