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Subprime – Subprime Credit Cards

Posted on | February 10, 2009 | 1 Comment

Subprime credit cards are something that many people do not realize they have.  If you currently hold a credit card that is over 15%, you are likely to be holding a subprime credit card.  We have heard of many credit cards getting reset to over 25% by companies that are in extremely bad financial situations.  Citi and WAMU are examples of two companies who have recently set rates for new credit cards over 25%.  If this is the best rate that you can obtain, you would be considered a subprime borrower.  Many of these subprime credit card companies prey on college students and those that have very brief financial history.  They charge them an extremely high rate as they assume college students will eventually pay back their balance because education often leads to some type of wealth.

If you hold a subprime credit card, we urge you to call your credit card company and demand a lower rate.  If they will be oblige by giving you a lower rate, tell them you will close the account.  Many of the lenders will then lower the rate, but if they don’t, do NOT be affraid to close the account.  There are many credit cards available with much lower rates, especially in the first year of use.  We will provide information of quality credit cards with low rates in the coming days.

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Category: Credit Cards, Subprime
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One Response to “Subprime – Subprime Credit Cards”

  1. Subprime Blogger » Subprime - Subprime Credit Cards, Part 2
    February 11th, 2009 @ 5:45 pm

    [...] initial Subprime Credit Cards article explained that any credit card with a rate higher than 15% is considered a subprime credit [...]

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