Even if you’re not actively in the market for a credit card, you may receive a prescreened offer by mail. This doesn’t mean that you have to apply for the offer. In fact, you’re likely to throw it in the trash and never think about it again.
But of course, there are times when you may want to consider an offer that arrives in your mailbox. Before doing so, it’s a good idea to know what a prescreened credit card offer is and why you may want to consider it. Here are some things to keep in mind.
A prescreened credit card offer is a firm offer
Credit card companies spend a lot of money to determine which individuals would benefit most from one of their offers. They then use the data they collect to send prescreened credit card offers to those people.
A prescreened credit card offer is a firm offer of credit. In other words, the issuer already knows that you meet some or all of the eligibility requirements.
You still have to apply
Even though a prescreened credit card offer is a firm offer, you must still apply and be approved. Fortunately, since you were prescreened by the issuer, there’s a very good chance that you’ll receive approval without delay.
Note: if anything changed with your finances between when the offer was made and when you apply, it could impact your application. For example, if your credit score took a hit because you missed a few payments, it’ll work against you.
You don’t have to apply
You probably receive so many prescreened credit card offers that you don’t pay much attention to them any longer. These generally come via snail mail and are full of information on why you should consider the offer.
There’s nothing wrong with throwing these offers in the trash. This would be in your best interest if you know you’ll be tempted to apply for a card that you don’t need.
If you’re in the market for a credit card, a prescreened offer may be the push that you’ve been looking for. Just make sure that you compare this offer to several others so that you make the right decision.
Final Thoughts
Do you remember the last time you received a prescreened credit card offer by mail? It probably wasn’t that long ago. The next time you come across one of these, examine it closely so that you better understand what they’re all about.
Have you ever applied for a credit card via a prescreened offer? Were you happy with your decision?
