Who do you consider a prime lender?

For just about anything you want to get off your chest about credit cards.
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RewardHop
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Postby RewardHop » Sun Aug 25, 2013 4:36 pm

I too would consider Barclays prime, considering they are quite stringent.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]


Userofcards
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Postby Userofcards » Sun Aug 25, 2013 5:25 pm

I think its more about the borrower than the company.

In my case, my first credit cards were Discover, Chase, and CapOne. I got these years ago when in grad school. I've closed CapOne, but over the years Chase converted my "student" card to a freedom (and raised the limit to ten times its starting limit). Discover raised my limit (today its 9 times what it was when I started) and cut my APR in half.These are essentially different products from what I first started with. What they first gave me I'd consider "subprime" but I'd consider them "prime today".

Speaking of Chase: the Sapphire Preferred is marketed as their higher end card, the Freedom as a lower end card. But some Freedoms have a lower apr than some Sapphire Preferreds, and some Freedoms have a higher credit line than some Sapphire Preferreds. Which is more Prime: A freedom with a 15k line and 12% APR or a Sapphire Preferred with a 5k line and a 15% APR? At some point I think its better to ask "does this card fit my needs" than "Is this bank/card a prime one?"

Most big lenders are issuing cards to people with little or no credit, weak credit, decent credit, great credit, and pristine credit. In my view, its more about the borrower than the issuer.

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otter
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Postby otter » Sun Aug 25, 2013 10:37 pm

SClay wrote:Prime:
First Premier


You are obviously referring to the NEW "First Premier Black Card"

Card features:
  • A $100,000 credit limit (after paying $99,700 "processing fee"
  • Concierge service by Peggy. Let Peggy help your problems...Happy time!!!
  • 10% rewards on each gas purchase(after $100 fee)
  • Exclusive room privileges at fleabag motels worldwide. Get an extra hour stay, have sheets which were washed this month instead of the usual "every other month", etc.
  • Exclusive airport lounges off limits to any other cardholders(for example, the folding chairs behind the food court dumpsters at La Guardia!)
  • And many more we can't speak of. Just ask your first Premier Rep and for a $100 fee, he/she might give you some of the details!
:D
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

SClay
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Postby SClay » Mon Aug 26, 2013 9:14 am

otter wrote:You are obviously referring to the NEW "First Premier Black Card"

Card features:
  • A $100,000 credit limit (after paying $99,700 "processing fee"
  • Concierge service by Peggy. Let Peggy help your problems...Happy time!!!
  • 10% rewards on each gas purchase(after $100 fee)
  • Exclusive room privileges at fleabag motels worldwide. Get an extra hour stay, have sheets which were washed this month instead of the usual "every other month", etc.
  • Exclusive airport lounges off limits to any other cardholders(for example, the folding chairs behind the food court dumpsters at La Guardia!)
  • And many more we can't speak of. Just ask your first Premier Rep and for a $100 fee, he/she might give you some of the details!
:D


Damn, and I thought I was doing good with my Platinum card!

Image

(Not my image)
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

RewardHop
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Postby RewardHop » Wed Aug 28, 2013 12:54 am

LOL 36% APR!!!!!
[size=60]

Amex BCE: 3% grocery, 2% gas

Bank of America Better Balance Rewards MC: $25/quarter bonus

Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities

Capital One Quicksilver Visa Signature: 1.5% everything

Chase Freedom Visa Signature: 5% rotating

Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]

Robrus1
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Postby Robrus1 » Wed Aug 28, 2013 7:38 am

Holy crap! $14.50 per month ($174 annually) monthly servicing fee, which doesn't include the annual fee. That's by far the worst T&C for a card I've ever seen. That's the federal prison of credit cards. Congrats on the pre-approval lol. If that's their platinum card I'd hate to see the T&C for the regular card.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

Daniel
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Postby Daniel » Wed Aug 28, 2013 10:51 am

Robrus1 wrote:Holy crap! $14.50 per month ($174 annually) monthly servicing fee, which doesn't include the annual fee. That's by far the worst T&C for a card I've ever seen. That's the federal prison of credit cards. Congrats on the pre-approval lol. If that's their platinum card I'd hate to see the T&C for the regular card.


Well in all honesty, it is miles above a payday loan. There are definitely worse offers out there with smaller credit lines and more annual fees :) Their regular card is similar with scaled down annual fees and a $300 limit. But the major criteria are if you have a checking account, and you don't have another line open with them in the past (and most likely a charge off exclusion too).

If one can get this offer, I bet the Credit One Prequal offer that has limits up to 1500 or so should be in reach though. And it is more similar to a Cap One card.

Robrus1
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Postby Robrus1 » Wed Aug 28, 2013 12:08 pm

Daniel wrote:Well in all honesty, it is miles above a payday loan. There are definitely worse offers out there with smaller credit lines and more annual fees :) Their regular card is similar with scaled down annual fees and a $300 limit. But the major criteria are if you have a checking account, and you don't have another line open with them in the past (and most likely a charge off exclusion too).

If one can get this offer, I bet the Credit One Prequal offer that has limits up to 1500 or so should be in reach though. And it is more similar to a Cap One card.


I'd rather have a secured card from BofA. It just seems like a pretty shady offer.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

Daniel
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Postby Daniel » Wed Aug 28, 2013 1:48 pm

Robrus1 wrote:I'd rather have a secured card from BofA. It just seems like a pretty shady offer.


I agree, I would rather have a secured card from BoA or Wells, but I am assuming that some portion of the US population is ineligible for these offers, as they do have some underwriting criteria on these. For those ppl, it may be better for them to just get a cap one, credit one, or if these aren't an option, first premier, first progress, continental finance, etc. Maybe things like the Open Sky secured card or the Merrick Bank secured cards would be options as well for people with deep subprime to the high border region of subprime credit with regards to credit cards.

(subprime in the context of a list that looks like this:
Prime+
Prime 75th percentile
Aspiring Prime 50th percentile which is around 640 in the US
Sub Prime 25th percentile
Deep Sub Prime
)

catsartcox
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Postby catsartcox » Wed Aug 28, 2013 7:09 pm

I would say CITI and Chase go hand and hand. Being prime and all.
-Q



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