What is a pre-approved credit card and what is it for?


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”.

credit card with money

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.

For example:

  • Age
  • 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?

credit card

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