Prime credit is a term that is thrown out often in credit repair and lending circles, but what does it mean? A “prime” credit score is one that is just below “super-prime.” Since a super-prime credit score is reserved for those with the very best credit, a prime credit score is best understood as having between “fair” and “good” to “very good” credit.
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What Credit Score Is Considered Prime?
A prime credit score is one that ranges between approximately 660 and 719, according to the Consumer Financial Protection Bureau (CFPB). This range includes “fair credit” and “good credit” on the FICO scoring range.
While FICO is the preferred method for lenders (over 90% of lenders use FICO), VantageScore also offers a popular credit scoring model. On the VantageScore scale, a credit score of approximately 620 to 799 is considered prime. This means anyone in the “fair,” “good,“ or “very good” categories of the VantageScore model have prime credit.
How Many Americans Have Prime Credit?
Because a prime score covers such a large amount of credit scores, you might think that the vast majority of Americans have prime credit. Surprisingly, however, only about 28% of the U.S. population has prime credit scores, according to FICO data. In comparison, about 30% has poor credit (or no credit), and an eye-opening 42% have super-prime credit.
How Does Prime Credit Impact Your Credit Card and Loan Interest Rates?
Prime credit is appealing to lenders. People with a credit score considered “prime” pose a significantly lower risk of default than those with subprime credit.
Because of this greater trustworthiness, applicants with good credit can anticipate qualifying for many credit cards. Only those cards with exclusive application processes, like some Barclays credit cards, American Express charge cards, and the Luxury Card range (the Mastercard Black Card, Titanium Card, and Gold Card) will be out of reach for prime scores.
In addition to better selection in credit cards (including rewards cards), prime applicants also get some of the best interest rates. While precise rates vary with the bank, those with prime scores are likely to save plenty on interest payments versus those with subprime scores (provided they carry similar balances and only pay the minimum balance each month).
Other Benefits of Having a Prime Credit Score
Other noteworthy benefits of prime scores include:
| ① Better approval odds | Good credit doesn't guarantee your credit card application will be approved, but it certainly helps. With a good credit score you'll have access to most credit card offers, including exclusive credit cards and cards with no annual fees. |
| ② Better interest rates | Better credit scores typically enjoy access to lower APR on credit cards, mortgages, and other types of loans. According to the CPFB, “credit card companies typically offer their best rates to customers who have the highest credit scores.” And if the APR on your credit card isn't to your liking, having good credit will make it easier for you to negotiate a lower rate with your card issuer. |
| ③ No deposits required | One of the best rewards for maintaining good credit is that you likely don't have to worry about security deposits on accounts. A good credit score means you won't have to provide collateral or upfront payments to open utilities accounts - or get a new phone line. |
| ④ Better auto insurance rates | Having Prime credit means you enjoy lower rates for almost everything credit-related, including your car loans. Insurance companies rely on credit scores to gauge an applicant's risk level. These firms often punish poor credit with higher insurance premiums. |
| ⑤ Peace of mind | Having a good credit score means that you are on the right track financially. With good credit, you are paying your bills on time, keeping your credit use low, and maintaining the correct processes that are critical to financial success. |
Prime vs. Super-Prime Credit
While prime is excellent, super-prime credit scores receive the top-end signup bonuses, lowest APRs, and access to the most exclusive credit cards. According to most experts, a prime borrower can expect to pay around 1% more on interest than a super-prime borrower for the same loan. That might not sound like much, but on a mortgage, that can add up to thousands of dollars.
Related Article: How to Get a Super-Prime Credit Score
How to Get a Prime Credit Score
People with the best credit scores aren’t there through sheer luck. Having excellent credit takes patience and hard work.
How Do I Raise My Subprime Credit Score?
The best way to raise your credit score is by ensuring you make your payments on time each month. Payment history accounts for 35% of your FICO credit score – by far the largest factor. Nearly as important is keeping your overall credit use low. Credit use (also known as credit utilization) accounts for 30% of your FICO score.
To move from subprime to prime, pay your credit card bills in full every month. If that’s not possible, try to pay as much as you can. You should make every effort to at least pay your required minimum payment – and keep your credit usage below 30%. For quicker results, keep credit use below 10%.
If your credit score is well-below par (in the low 600s or worse) consider getting a secured credit card, like the OpenSky Visa, to boost your payment history. Another option is a catalog card, such as the Group One Platinum, Boost Platinum, or Fingerhut Cards. These cards come with an unsecured line of credit and regularly report payment activity to the major credit bureaus.
What Are the Best Credit Cards for Prime Credit Scores?
Let’s say you have good credit – what is the best credit card for you? Or, perhaps you are creating a game plan to reach prime credit and want to know what prizes await you at the end of your journey.
Here is a small selection of some of the best credit card offers for consumers with good credit scores:
Citi® Double Cash Card – 18 month BT offer
Citi® Double Cash Card – 18 month BT offer
Citi® Double Cash Card – 18 month BT offer
- 18.99% - 28.99% (Variable) Regular Purchase APR
- 18.99% - 28.99% (Variable) Balance Transfer APR
- 29.99% (Variable) Cash Advance APR
At a Glance
The Citi® Double Cash Card is one of the most versatile cash back credit cards on the market today, thanks to impressive, flat-rate cash back, lucrative introductory 0% APR offers, and more. Cardholders earn 2% back on every eligible purchase: 1% back at the time of sale and an additional 1% back when they pay their statement balance. Cash back is redeemable for statement credits, direct deposits, checks, or converted as ThankYou® points.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.99% - 28.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- Regular Purchase APR: 18.99% - 28.99% (Variable)
- Intro Balance Transfer APR: 0% for 18 months on Balance Transfers
- Balance Transfer APR: 18.99% - 28.99% (Variable)
- Balance Transfer Transaction Fee: 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
- Penalty APR: Up to 29.99% (Variable)
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- You prefer earning cash back at a flat rate rather than in rotating categories
- You're looking to either consolidate existing balances or pay down a large purchase with no interest charges for an extended period of time
- You like to have the flexibility of converting cash back into lucrative rewards points
- You're considering a credit card without an annual fee
The Citi® Double Cash Cardis another of Citi’s most popular credit cards. The card provides unlimited 2% cash back on all purchases, with no categories, minimum spend requirements, other other confusing terms and conditions
Double Cash cardholders earn 2% back on every eligible purchase: 1% back at the time of sale and an additional 1% back when they pay their statement balance. Cash back is redeemable for statement credits, direct deposits, checks, or converted as ThankYou® points. The card also comes with 18 months of 0% introductory APR on balance transfers completed within the first four months of opening an account.
That intro APR period and the addition of ThankYou Rewards provide the ideal platform for maximizing cash back (or rewards points) while paying down a significant balance with zero interest for a year and a half.
Citi Custom Cash℠ Card
Citi Custom Cash℠ Card
Citi Custom Cash℠ Card
- 18.99% - 28.99% (Variable) Regular Purchase APR
- 18.99% - 28.99% (Variable) Balance Transfer APR
- 29.99% (Variable) Cash Advance APR
- 0% for 15 months on Purchases Intro Purchase APR
At a Glance
The Citi Custom Cash? Card is a generous cash back credit card that offers up to 5% back on eligible purchases. The card, from Citi, does not charge an annual fee and rewards 5% back on the top spending category each month, with options including transit, travel, gas, groceries, dining, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 18.99% - 28.99%, based on your creditworthiness.
- Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
- No rotating bonus categories to sign up for - as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
- No Annual Fee
- Citi will only issue one Citi Custom Cash℠ Card account per person.
- Intro Purchase APR: 0% for 15 months on Purchases
- Regular Purchase APR: 18.99% - 28.99% (Variable)
- Intro Balance Transfer APR: 0% for 15 months on Balance Transfers
- Balance Transfer APR: 18.99% - 28.99% (Variable)
- Balance Transfer Transaction Fee: 5% of each balance transfer; $5 minimum.
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
- Penalty APR: Up to 29.99% (Variable)
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- You want to earn 5% back but do't want quarterly categories
- You plan on spending $1,500 within the first 90 days
- You have a large purchase in mind that you want to pay down over time
- You plan on transferring an existing balance within the first four months
- You don’t want to pay an annual fee
The Citi® Double Cash Cardis another of Citi’s most popular credit cards. The card provides unlimited 2% cash back on all purchases, with no categories, minimum spend requirements, other other confusing terms and conditions
Double Cash cardholders earn 2% back on every eligible purchase: 1% back at the time of sale and an additional 1% back when they pay their statement balance. Cash back is redeemable for statement credits, direct deposits, checks, or converted as ThankYou® points. The card also comes with 18 months of 0% introductory APR on balance transfers completed within the first four months of opening an account.
That intro APR period and the addition of ThankYou Rewards provides the ideal platform for maximizing cash back (or rewards points) while paying down a significant balance with zero interest for a year and a half.
The Citi Custom Cash℠ Card is Citibank’s 5% back credit card. The card earns 5% back on your highest spending category each billing period, making it a direct competitor to the Wells Fargo Active Cash or the Chase Freedom Flex.
The 5% back categories with the Custom Cash include the following and is limited to the first $500 spent every billing period:
| Dining | Fitness clubs | Grocery stores |
| Drugstores | Gas stations | Home improvement stores |
| Travel & transit (select) | Live entertainment | Streaming service (select) |
Equally impressive with the Custom Cash Card is the lengthy 0% intro APR period the card provide. Applicants with super-prime credit can anticipate 15 months of no interest on balance transfers and purchases for 15 months.
Add to that a $200 welcome offer after spending $1,500 on purchases in the first six months, access to World Elite Mastercard perks, Citi Entertainment, and k=more, and it is easy to see why Custom Cash is so popular with current cardholders.
Upgrade Cash Rewards Visa®
Upgrade Cash Rewards Visa®
Upgrade Cash Rewards Visa®
- 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 29.99% Balance Transfer APR
At a Glance
The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
- Earn 1.5% unlimited cash back on card purchases every time you make a payment
- Combine the flexibility of a credit card with the predictability of a personal loan
- No annual fee
- No touch payments with contactless technology built in
- See if you qualify in minutes without hurting your credit score
- Great for large purchases with predictable payments you can budget for
- Mobile app to access your account anytime, anywhere
- Enjoy peace of mind with $0 Fraud liability
- *To qualify for the welcome bonus, you must open and fund a new Rewards Checking account and make 3 qualifying debit card transactions from your Rewards Checking account within 60 days of the date the Upgrade Card account is opened. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Your Upgrade Card and Rewards Checking account must be open and in good standing to receive a bonus. If you have previously opened a Rewards Checking account or do not open one as part of this application process, you are not eligible for this welcome bonus offer. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking account as a one-time payout credit within 60 days after the 3rd qualifying card purchase.
- Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.99% to 29.99%
- Balance Transfer Transaction Fee: Up to 5%
- Foreign Transaction Fee: Up to 3%
- You struggle to pay off your credit card balances
- You want a structured repayment plan
- You can reliably pay off your statement balances to earn cash back for your purchases
- You have a desire to get debt-free quickly
- You hate penalty or other hidden fees
The Upgrade Card is one of the most popular cards amongst readers of BestCards, thanks to its impressive low everyday APR. That APR on purchases and balance transfers starts as low as 9% for applicants with excellent credit.
Instead of 0% APR Upgrade prioritizes a great rate along with a unique repayment plan that is more akin to a personal loan than a traditional credit card account. Cardholders pay off balances significantly faster with Upgrade versus other low APR credit cards. According to research from Upgrade, paying off a $10,000 balance takes just a few years with the Upgrade Visa, compared with other traditional credit cards that can take up to 20 years – or more.
Cash back rewards are an excellent addition to the low rates, with cardholders earning an unlimited 1.5% cash back on all eligible purchases, with no caps or categories to remember. Add no annual fee, no foreign transaction fees, and an intuitive mobile app, and there’s plenty to love from Upgrade.
Other Options to Consider
Want some more rewards credit card options to consider if you have good credit? Here are some other popular offers:
Related Article: New Citi Merchant Offers for Credit Cards
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