If you are like most people too have received letters with cards attached announcing that you can receive pre-approved credit cards. They have great ads on these fliers full of exclamation point and bulleted bonus items. They sure sound like they are the best thing in the world to have. The best part about being pre-approved for you is that you think you can get this card without all those anxious days of waiting to see if a credit card company will approve you. Get real okay.
That is exactly what the pre-approved credit cards are designed top do. Elicit a reaction. Even though it states that you are pre-approved that is generally not the case. There is always a big “if” even though it is not in the print. You may still have to jump through a few hoops to qualify. Most often you get these cards as a result of a marketing plan. These pre-approved credit cards are a strategy to get qualified buyers to spend their money frivolously. These card carry interesting hidden surprises that can really mess up your credit score if you are not careful.
What you will want to compare pre-approved credit cards are the interest rates. That is why it is good that you have received so many. You can compare all the fine print as well. Some of these cards have interest rates that are just too high to be believed. Receiving these pre-approved credit cards in the mail has little if anything to do with your credit score, other than they might have gotten your name from a credit-reporting agency.
There are websites that are designed to compile information from the most popular of these pre-approved credit cards and it’s free to do a side by side comparison of the ones you are interested in. before signing on the dotted line check out what the hidden agenda is. It could save you a lot of financial embarrassment in the future.