Here are some important points to watch out for before you apply for a pre-approved credit card:
Hidden Fees And Charges
Some pre-approved cards may include annual fees, late payment charges, or high-interest rates. Always check the fee structure carefully before you accept the offer.
Final Eligibility Checks
Even with a pre-approved offer, banks will verify your latest income and credit details. You could still face rejection if your profile does not meet their final criteria.
Limited Validity Of Offers
Pre-approved offers are often valid for a limited period. Missing the deadline means you will need to wait for a new offer or apply separately.
Fixed Card Options
The bank usually assigns a specific card with the offer, limiting your choices. If you want different features, you may need to apply for another card type.
Impact Of Multiple Applications
Applying for several pre-approved cards in a short time can lead to multiple hard inquiries. This could lower your credit score slightly if done too often.