Credit cards, prestige and snobbery

Stephen_Leak

S*d the card design/colour, just give me the cashback, freebie or petrol discount. Anyway, with Chip & PIN etc., the retailer doesn't even touch the card these days.

PS. However, I must admit to rather enjoying, when a sales assistant in M&S tried (quite understandably and pleasantly) to sell me their &More card, pointing out (equally pleasantly) all the advantages of my (then) 4% cashback Morgan Stanley card.

Zebedee69

Stephen_Leak wrote: »

S*d the card design/colour, just give me the cashback, freebie or petrol discount. Anyway, with Chip & PIN etc., the retailer doesn't even touch the card these days.

Yep thats my attitude...... Who even see's your card anyway it just stays tucked away in your wallet..........

before_hollywood

people can look at me and what i have whichever way they want, i don't give a monkeys.

i have a platinum card from a not very prestigious lender, i got it when it was 0%, got rid of my debt and never bothered cancelling it, the cards they send me have never been used ever and are cut up when they arrive.
i could get a better one from somewhere else if i cared enough but i manage my money in a different way, i use atm's with my debit card and just pay on that if i decide i need to. my bank used to be better than average, now they are fairly run of the mill, i hate them but can't be bothered moving, they have just sent me a new card thats nicer than the old one.
i worked in retail for nearly 7 years then through this site i got clued up on what was a prestigous lender and what wasn't, if people see me, a young looking bloke, wearing clothes with names they haven't heard of on the front (i am the kind of person that buys the stuff in tk maxx that you haven't heard of but know is designer lol) and think ''he has no money cos i haven't heard of that label and his bank is pretty rubbish'' i don't care, i become completely debt free next month (final loan payment ) and could probably get any card i wanted within reason but i've never really wanted any of them

CopperPlate_2

Good to see this thread re-surfacing again, funny how it provokes different responses from everyone.

Zebedee69

Your right Copper Plate....... Its interesting im going to start using my Airmiles AMEX later this week and il see what peoples reactions are.... Cap 1 got no reaction however some people thought it was "posh" and im almost sure some people knew what I had lol!

Will be very happy to enjoy better customer service and good internet banking (I like lloyds online banking its pretty good) as Cap 1's is pretty poor.

Lo_zingaro

Many years ago I had a friend who won a considerable amount of money on the football pools. He sold his smart family saloon and bought a scruffy, but reliable, ex Post Office van. His explanation was that when you really have got money you no longer feel the need to demonstrate it to anyone anymore!

Mozette

Still don't see how having a 'pretty' card makes people think you have money, but even if it does, so what? It doesn't make you a better person.

Zebedee69

Mozette wrote: »

Still don't see how having a 'pretty' card makes people think you have money, but even if it does, so what? It doesn't make you a better person.

To be honest my brother is the type of person who would believe a type of card makes you look loaded...... However he is the complete opporsite of me and is about to go BR........:rolleyes: through being too clever for own boots.

ceegee

Interesting thread!

I don't give two hoots about what my card looks like.....just keep giving me 4% cashback, please.:D

Having said that, though....I didn't realise that a Cap One card was looked "down upon" in some quarters and is a "sub-prime" card. How does that equate with needing an "excellent" credit rating to get one? Not that I'm bothered about it....I'm just interested in how the two things tie up.:o

Zebedee69

ceegee wrote: »

Interesting thread!

I don't give two hoots about what my card looks like.....just keep giving me 4% cashback, please.:D

Having said that, though....I didn't realise that a Cap One card was looked "down upon" in some quarters and is a "sub-prime" card. How does that equate with needing an "excellent" credit rating to get one? Not that I'm bothered about it....I'm just interested in how the two things tie up.:o

Capital One's history is in the Sub Prime market. Only recently they have broken through into the mainstream with good offers like 4% cashback. You can say that they are setting the bar very high with applications because they are seeking a different client base to they're past.

They do have a marketing problem with being classed as a sub prime lender and this is something I think they are going to change. I wouldnt be suprised if they shelved their 34.9% Sub Prime card in the distant future and concentrated on the higher end of the market. As MSE's we dont care what we carry once its a good deal but this cant be said for alot of people. For some the sheer thought of having a Cap 1, Aqua or Vanquis card (All Considered Sub Prime) is not something they would want to do. Its sad but it shows that the class system is still alive and kicking with more members of the middle class than ever before. As a lender caught between to different classes Cap 1 will have to work had to change public perception of them as a business and as a social statement. Platinum cards with 4% and a high rejection rate are only the start.

In general a lot of companies might look to do this as Sub Prime lending becomes harder to finance. Great if you have a good rating or like me are coming on leaps and bounds building it but not great if your starting out. I know I would find it hard to build a new rating from scratch if Cap 1 didnt exist.