People are confusing what Prime and Sub-Prime means.
If i'm not mistaken, it has nothing to do with the product itself, but whom it caters to. In order to get the card mentioned in this post, the QS WEMC, you need to have what is considered excellent credit (although Capital One is a bit looser with it's definition of excellent) therefore it is a prime product.
Capital One serves the sub-prime (generally considered mid-low 600's and below, low income etc.) better than anyone else imo. They also serve the prime market in a competitive way. Their CC offerings are not the best, but they have their place, and they are better than other banks such as Wells Fargo.
Sure, Cap One could come up with a new card that has prestigious benefits and a huge AF, but obviously they have determined that it simply is not profitable enough to go after that segment.
Btw, I work nights at a post office regional facility (can't beat the bennies). I work a machine that sorts small flat envelopes, such as the ones that credit cards and credit card statements come in. I see PLENTY of Capital One cards and statements going to addresses in the very affluent towns. I also see plenty of Chase, Amex, Citi mailings going to the inner-cities and poorer suburbs.
Bottomline, the only true "sub-prime" lenders we talk about on this site would be the impostor band and First Premier.
If i'm not mistaken, it has nothing to do with the product itself, but whom it caters to. In order to get the card mentioned in this post, the QS WEMC, you need to have what is considered excellent credit (although Capital One is a bit looser with it's definition of excellent) therefore it is a prime product.
Capital One serves the sub-prime (generally considered mid-low 600's and below, low income etc.) better than anyone else imo. They also serve the prime market in a competitive way. Their CC offerings are not the best, but they have their place, and they are better than other banks such as Wells Fargo.
Sure, Cap One could come up with a new card that has prestigious benefits and a huge AF, but obviously they have determined that it simply is not profitable enough to go after that segment.
Btw, I work nights at a post office regional facility (can't beat the bennies). I work a machine that sorts small flat envelopes, such as the ones that credit cards and credit card statements come in. I see PLENTY of Capital One cards and statements going to addresses in the very affluent towns. I also see plenty of Chase, Amex, Citi mailings going to the inner-cities and poorer suburbs.
Bottomline, the only true "sub-prime" lenders we talk about on this site would be the impostor band and First Premier.