Top 5 Pre-Approved Credit Cards
Your credit history plays a significant role in your financial endeavors. People with good credit history enjoy healthy relationships with most financial institutions. Among the benefits enjoyed by people whose credit history is impeccable is a preapproved credit card.
A pre-approved card is an offer given to select candidates who meet certain underwriting criteria of credit card issuers. The card issuer checks your consumer report from the three credit bureaus after which they send you a mail, informing you that they have preapproved you for a particular credit card.
In most cases, people with a good credit score are the ones selected as candidates. After receiving the pre-approved offer, you can choose to accept or dismiss it. However, most people are not able to determine the financial benefits that the offer can give them.
Accepting the offer in your mail does not guarantee instant approval credit card; your credit issuer may turn down the offer upon a further credit check. Below are some factors that can help you decide to either accept or turn down an offer:
- Checking details of a prescreened offer does not affect your credit history.
- You have the freedom of stopping prescreened offers for as long as you want.
- Prescreened credit cards have more offers compared to the regular credit cards. For instance, you can get the advantage of 0% balance transfers.
- You get cash back offers after spending some amount of a specified time
- Lower interest rates when purchasing goods.
- You get easy approval compared to the direct application of a credit card.
Here are some of the best-preapproved cards that you should consider accepting if they pop up an offer into your mail.
American Express’ Blue Cash Preferred Card
American Express’ Blue Cash Preferred card comes with a lot of benefits that can be a relief to your financial life. New users who apply for the card receive a bonus of 10% money back on all purchases transacted on Amazon.
The 10% bonus is valid for the first six months of owning the Blue Cash Preferred Card. Also remember that the maximum bonus amount you can receive in this bonus is $200. Additionally, American Express will give you $150 money back if you spend $1000 within the first three months of owning the card.
In the initial year of the card ownership, you will be charged 0% APR on balance transfers and purchases. After the 12 bonus period is depleted, your APR will be charged at a rate falling between 13.24%-23.24%. The APR rate will depend on your credit score and other underwriting factors.
Other Blue Cash Preferred Card bonuses that you will receive are;
- 6% cash back bonus on purchases done in US supermarkets per year.
- 3% cash back on purchases done at US gas stations.
- 1% cash back on other purchases not listed above.
All cash back bonuses are received in the form of reward dollars. Therefore, the rewards are redeemable as a statement credit. The annual fee for the card is $95.
Citibank’s Citi Simplicity Credit Card
The Citi Simplicity credit card is designed to simplify your savings. The top benefits of this card are beneficial is the fact that you will never receive a penalty for late fees and you won’t pay an annual fee.
After acquiring the Citi Simplicity Credit Card, Citibank gives you the freedom to enjoy 0% APR for the initial 21 months after enrolment. The 0% APR applies to credit transfer transactions and purchases.
After the bonus period is depleted, your APR will fall within 13.24%-23.24% depending on your credit score. You will also be charged a 3% of amounts transferred. Your application will take a maximum of four weeks to complete.
Purchases are charged a minimum interest charge of $0.50. Foreign purchases will be charged a rate of 3% for the total purchase amount. You can check if you pre-qualify for the benefits by entering your name, address, and last four digits of your social security number. Inquiries do not affect your credit score.
Capital One’s Platinum Credit Card
There are very many reasons you can approve a pre-approval request from Capital One. If you apply for the Platinum Credit Card, you will stand a chance to enjoy the $0 annual fee that comes along with benefits like;
- Using the card helps to boost your credit score. Ensure that your first monthly payments are timely to get the advantage of increasing your credit score.
- If your Platinum Credit card gets lost, you don’t need to fear of paying a fraud liability fee.
- Capital One gives you the benefit of monitoring the progress of your credit score.
- You won’t be charged a transfer fee.
Your account will be monitored, and capital one will notify you whenever they realize a suspicious activity. Likewise, you will be asked to pick your suitable due date and payment method. It saves you from harming your credit score by failing to meet the unrealistic deadlines set by some credit issues.
In case you have trouble with your account, contact Capital One’s customer desk which is accessible online or through phone contact. The customer representatives are available for 24 hours a day.
Discover’s Secured Credit Card
To find your offer on Discover, you have to fill a form with your name and your social security number. The data you give is used to determine the offers that you are eligible for. Therefore, you credit score will not be affected.
You will be required to make a refundable security deposit in which the minimum amount is $200. With the card, you will start enjoying benefits like;
- 1% cash back on all purchases.
- 2% cash back on purchases are done in eateries and or gas stations.
- During the first year, Discover matches all cash back earned.
- You will not be paying the annual card fee.
- Discover has a standard APR of 23.24%
- You will be receiving free monthly updates of your credit score.
- Customers with a good credit record will be approved for a no security credit card.
- You can stop suspicious purchases using a mobile application within seconds.
US Bank’s Visa Platinum Card
US Bank’s Visa Platinum Card comes with a lot of benefits that will give you a chance to save more. Your initial 12 billings will be charged a 0% APR on purchases and credit transfers. After the introductory APR is depleted, your successive APR will be levied within 10.24%-21.24%. The APR depends on your credit worthiness.
Other benefits that your Visa Platinum Card will give you include;
- Secure online banking services like confirming account balances and viewing bank statements.
- You can withdraw cash from over a million ATMs worldwide.
- The card has an automatic payment option that can relieve you from late payments, thus leading you to good credit.
- The card gives you the freedom of selecting your due date.
- You will receive a notification if US Bank suspects an unusual activity.
- You can manage your account through a mobile application.
Accepting a pre-approved credit card requests comes along with many benefits compared to the direct application. However, you should be wise to accept requests that match your financial goals. A good pre-approved credit card will give you the advantage of easy approval and saving while making purchases.