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Pre-approved Credit Cards

Pre-approved credit cards are really just credit-balance propaganda in the mail…

It’s happened to all of us.  We get a credit card offer in the mail that claims to be “pre-approved” for a certain amount.  The only problem is that you don’t know the interest rate, what the credit limit is, or any other key terms until you actually get the card in the mail.  Your idea of transferring more expensive debt on to the lower-interest credit card may not be allowed despite the promise of the advertising.

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Need debt relief? Phone Axsmith Law LLC at (202) 285-5415.

“Pre-approved” credit card offers do not mean you are even guaranteed to get a credit card at all.  You can fill out the application and still get denied a credit card.  Getting one of those applications in the mail only means that your credit report indicated to a computer program that you might be a good candidate for the offer.  You will still have to go through the whole application process, and may wind up with an interest rate or credit limit far different that what you expected.

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The Credit Card Act of 2009 requires that each person who applies for a credit card be evaluated on an individual basis. Since not all the information to make that decision is publicly available, the banks run your credit history through their computer to pick out people reasonably likely to qualify for credit cards.  That is why your “pre-approved” credit card offer is not a definite offer. It is only a guess by a computer.

If you are having a problem with credit cards, debt relief, debt settlement or foreclosure mediation, phone Axsmith Law LLC at (202) 285-5415.

Another risk for pre-approved credit cards is identity theft.  See the video below:

 

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