Please tell what are pre qualified credit cards?
If I have to answer, ‘what is credit card pre-approval’ in a single sentence, it is like the bank is saying, “We have checked your profile, and you are eligible for this card.”
I received my first pre-approved credit card offer of ₹60,000 from the bank where I have a savings account. I just kept more than ₹40,000 in my bank for the last 3 months, and for that, I received my first unsecured credit card.
The best part? The application process was hardly 5 minutes, and the virtual credit card was there in my bank’s mobile app.
The process was super quick, just a few clicks to accept, zero paperwork (as I already have a bank account), and they delivered my credit card in 5 days.
Why should you go for pre-approved cards?
- Faster Processing: It has less paperwork, easy and faster approval.
- Extra Benefits: You may get special benefits such as a lifetime free credit card, welcome benefits, gift vouchers, etc.
But it does not mean that in all credit card pre-approvals, the bank will approve your card. The bank will still do final checks, and things like income verification may lead to a rejection (if it does not match with internal policy).
Another important thing is to check the fees, interest rates, terms & conditions and benefits before you apply.
If everything looks good, you can complete the application and find out the decision much faster than with regular applications.