What is a Pre-approved Credit Card Offer?
There are several ways you can get a pre-approved credit card offer: in direct mail, an email, or by filling out a pre-qualification form on a bank’s website.
The main thing you should know about pre-qualification is that it is not an approval. In the fine print, they always say something like “pre-approved offers are subject for a credit approval”.
Basically, the process is a simple, quick check based on your parameters to determine if you fit into the credit card offer target audience – the bank makes a soft inquiry on your credit report (without damaging your credit score).
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If you decide to follow up and apply, the bank makes a more sophisticated check with a hard pull on your credit report, which potentially can hit your credit score. According to statistics, as much as 80% of pre-qualified applications successfully get approved in low score segments and up to 95% get approved if they follow up in good credit segments.
We put together a list of banks that allow you to check online if you qualify for credit card offers. It also helps in understanding what terms, rewards, and bonus options are available for you in particular instead of a wide range of APR’s you see on the site.
See if you pre-qualify for a card at the following banks (we put the best card offer for every bank, but you are free to check if you prequalify for other cards at the banks web page):
- American express
- Bank of America
- Capital One
- Credit One
- US Bank
You should know that if that unsolicited offers bother you, you have a right to opt out from receiving them – just go to https://www.optoutprescreen.com and opt out.
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