They call you from a financial institution saying that you have a pre-approved credit card , provide the information they ask for and in the end it turns out that they don’t give it to you. Does it sound familiar to you?
We explain what a credit card of this style is and why it may not be yours even when it is “pre-authorized”.
A pre-approved credit card does not mean what is authorized by the bank for its issuance, it means that within the list of possible candidates to acquire a certain plastic, you meet the minimum requirements that the bank imposes.
- Minimum income
- Have a payroll with the bank
- Have a bank and / or savings account with the bank
- Have a previous credit card
This means, unfortunately … That is not a card intended for you. It is a card for which you meet the first part of the requirements and to obtain it you must complete 100% of them.
After the pre-authorization … What’s next?
The pre-approved credit card is just the announcement made by the bank to express that you are on the list of people who can REQUEST a certain product of theirs. This means that after that you must meet the requirements established for the card. These might be:
- Be able to check minimum income
- Good credit history
As you can tell, a pre-approved card is not a plastic that has been authorized for you. Before running to the branch, consider the following:
- Generally it is just a hook for you to complete the procedure. If you do not have it planned, do not request it!
- Make sure the advisor is telling you about the financial institution, it can be fraud
- Never provide information on your credit card or other bank accounts you own
- If in doubt, it is always better to go to the branch