Credit Card with Pre-Approval: Best Offers

Credit Card with Pre-Approval: Best Offers

A credit card pre approval is a preliminary step in your journey of getting your preferred credit card issued. Of course, getting a preapproval letter doesn’t guarantee automatic approval. But it does mean the odds are stacked in your favor.

Some of these banks give pre-approved letters as a marketing strategy. They use it to solicit potential cardholders. So, you can leverage this opportunity to confirm if it’s worth it before completing a full application. Although many offers exist, each company has unique features ideal for different types of users.

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Best Credit Cards that Offer Pre-Approval

As mentioned earlier, these types of cards prescreen potential cardholders. They generally confirm criteria like minimum credit score and debt profile. In addition, they use soft inquiry, so it doesn’t affect your score.

After receiving the prescreened offer, you’ll provide further information and submit it. If you’re denied approval, the lender will explain why you are turned down. So, It’s a great way to figure out what’s affecting your chances of getting approved.

You can compare all the options in this guide by looking at important features. These include perks, rewards, fees, and interest rates. Once you’ve decided which one to choose, visit the website to submit a preapproval form.

Credit Card Best For Annual Fee Rewards Welcome  Bonus APR
Petal® 2 “Cash Back, No Fees” Visa® Credit Builders $0 1.5% cash back on all purchases and 10% with selected merchants. None 15.24%-29.24%
Capital One QuicksilverOne Cash Rewards Secured Credit $0 Unlimited 1.5% cashback on all purchases. 5% on hotels and rental cars $200 new cardholder offer 0% Intro APR for 15 months on purchases and transfers. 17.99% -27.99% variable APR after
OpenSky® Secured Visa® Secured Credit $35 None None 19.64% Variable APR
AvantCard Starter / Low Credit $0 – $50 None None 27.88% – 29.99% Variable APR
Deserve® EDU Mastercard for Students Students $0 1% cashback. 1 year Amazon Prime Student None 21.74% Variable APR
Capital One Platinum Fair Credit $0 None None 28. 49% variable APR. 28.29% on Cash Advances.
Upgrade Cash Rewards Visa® Starters / Fair Credit $0 Unlimited 1.5% cash back $300 after 3 debit transactions 14.99% – 29.99%
BlockFi Rewards Visa® Cryptocurrency, Rewards $0 1.5 crypto cash backs on all purchases. 2% crypto cashback on all purchases exceeding the annual spending of $30,000 None 11.74% – 21.74%

Petal® 2 “Cash Back, No Fees” Visa® Credit Card

This is a great option for anyone that wants to avoid fees on their account. It allows you to avoid many fees if you want to build your profile. In addition, you can save a large sum from various charges you avoid with Petal® 2.

Highlights

APR: 15.24%-29.24%

Annual Fee: $0

Reward: 1.5% cash back on all purchases and 10% with selected merchants.

Welcome Bonus: None

Best For Credit Builders

Why We Chose It

Petal® 2 “Cash Back, No Fees” Visa® looks past FICO scores to accept users. You can waive score requirements, account limits, and security deposits. There is a solid rewards program, and it doesn’t charge annual or foreign transaction fees.

Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards is preferable for average users. It offers considerable rewards and unlimited cash back. The major downside is its high APR.

Highlights

APR: 0% Intro APR for 15 months on purchases and transfers. 17.99% -27.99% variable APR after.

Annual Fee: $0

Reward: Unlimited 1.5% cashback on all purchases. 5% on hotels and rental cars

Welcome Bonus: $200 new cardholder offer

Best For: Cashback and Fair Credit 

Why We Chose It

Users of this Capital One credit card would be able to access many rewards. It also helps build your spending limit after a certain period. In addition, there is no security deposit, so it’s less costly than some options.

OpenSky® Secured Visa® Credit Card

This is one of the few secured cards that allow you to create an account with bad credit. So it’s a good option if you have a low reputation and would like to boost it. However, there is an annual fee, which might be too high for some.

Highlights

APR: 19.64% Variable APR 

Annual Fee: $35

Reward: None 

Welcome Bonus: None 

Best For: Secured Credit 

Why We Chose It

OpenSky® Secured Visa® has no credit check requirements, so you can register easily. You also won’t need a bank account. Lastly, it offers reports to all three credit bureaus (TransUnion, Equifax, and Experian) at no extra cost.

AvantCard Credit Card

AvantCard Credit Card

Avant is an online lending platform based in Chicago. It was launched in 2017 and has gained popularity for its unique features. For example, it considers more than just credit scores to determine your eligibility. So, to qualify, you’ll need details like SSN, email, bank balance, address, etc.

Highlights

APR: 27.88% – 29.99% Variable APR

Annual Fee: $0 – $50

Reward: None

Welcome Bonus: None 

Best For: Starter / Low Credit 

Why We Chose It

Some of the most impressive features include the travel-friendly fee and no security deposits on your account. It allows users to improve their scores with its free report to credit bureaus and periodic account review process.

Deserve® EDU Mastercard for Students

Deserve EDU Mastercard for Students

Students often need lower fees and moderate features, which is what they’ll get here. For example, there are no deposits required and zero annual fees. Foreign transactions are free and international students won’t need SSN to apply. 

Highlights

APR: 21.74% Variable APR

Annual Fee: $0

Reward: 1% cashback. 1 year Amazon Prime Student

Welcome Bonus: None

Best For: Students

Why We Chose It

It offers cell phone protection for students. There are minimal fees for regular transactions. Although low rewards are, students get 1% cash back on all purchases. The no-deposit and no-annual fees make Deserve® EDU Mastercard most desirable for students.

Capital One Platinum Credit Card

Capital One Platinum Credit Card

Capital One Platinum is a solid recommendation for average users. There is no need for annual fees and foreign exchange fees. It helps users reach higher account limits with on-time payments.

Highlights

APR: 28. 49% variable APR. 28.29% on Cash Advances. 

Annual Fee: $0

Reward: None

Welcome Bonus: None 

Best For: Fair Credit 

Why We Chose It

Most users opt for Capital One Platinum because of its zero annual and foreign transaction fees. It reports to major credit bureaus to boost your profile. In addition, anyone opting for this option can escape high late payment penalties.

Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa

This is a good product for users with poor financial history. It can suffice as a credit card or a personal loan. You’ll get flexible features at a low cost with Upgrade Cash Rewards Visa® and unique rewards program.

Highlights

APR: 14.99% – 29.99%

Annual Fee: $0

Reward: Unlimited 1.5% cash back. 

Welcome Bonus: $300 after 3 debit transactions.

Best For: Starters / Fair Credit 

Why We Chose It

One of its strong suits is its availability to low FICO scores. There’s no security deposit or annual fee to pay either. Users can earn cashback rewards on all purchases deposited the next month. There is a flexible monthly payment, depending on your balance.

BlockFi Rewards Visa® Signature Credit Card

BlockFi Rewards Visa Signature Credit Card

The BlockFi Rewards Visa® Signature offers a simple entry for the average user into the crypto space. It rewards them with the ability to earn cryptocurrency on their everyday purchases. Asides from the crypto rewards, you can use it anywhere, like a Visa or MasterCard.

Highlights

APR: 11.74% – 21.74%

Annual Fee: $0

Reward: 1.5 crypto cash backs on all purchases. 2% crypto cashback on all purchases exceeding the annual spending of $30,000

Welcome Bonus: None 

Best For: Cryptocurrency, Rewards 

Why We Chose It

Users will get cryptocurrency rewards that they can appreciate in the long run. There aren’t annual or transaction fees to pay on foreign trades either. The preapproval is also a soft pull, making it beneficial for low-credit users.

What Is a Credit Card Pre-Approved?

What is a Credit Card Pre-Approved?

As the name implies, this type of credit card approves users before applying. It means the lender will prescreen you. If you meet their criteria, you’ll be pre-approved by the issuer. Some criteria checked include financial history, payment pattern, spending habits, etc.

Banks and other financial institutions use these prescreens and approvals as a promotional strategy. After accessing your information, you can be deemed promising and therefore sent an email with a credit card pre approval offer.

Once you get this, it means you’ve passed the first screening stage. However, you still have to apply if you want to get the card. So, pre-approvals don’t guarantee your reservation until you apply and eventually get approved. But they reduce the application process time and improve your chances.

How Can You Get a Pre-Approved Credit Card Offer?

A pre-approved offer often comes through your emails or phone number. However, since the issuer makes a sales offer, it isn’t always packed with features you want as a cardholder. So, you might want to apply online or visit an issuer to get a package you like. To get a preapproval letter, you can request one from the issuer.

Most banks and lenders online promote their products through these offers. So, interested customers can easily request a simple form on their websites. These forms might request basic information such as your name, address, and financial history.

Your debt history and repayment pattern can sometimes be included too. Typically, you can increase your chances with debt consolidation loans, which will help you with prompt repayments. It will also help you maintain the high FICO score required to pass a prescreening from lenders.

Once you input these details, you’ll probably get results that best fit your needs. Your result can be personalized or generic based on what the issuer feels would best meet your needs. If this happens, you’ll be pre-qualified before you receive your preapproval offer. Finalizing your credit card application will then become easier and smoother.

Pre-Approved vs. Pre-Qualified Credit Card

A pre-qualified offer means that a credit card issuer has gone through all little information about you. The review is often basic, so they can decide if you qualify for a card. After getting it, you can show interest by providing your personal and financial information. The result of this intense review is a pre-approved letter.

A pre-approved request involves a prescreening process that is more rigorous than the pre-qualified one. The financial company often works with credit bureaus to target people who qualify for certain cards. So, although they are similar, pre-approval and pre-qualification follow different processes.

They both access your information to review credit card options that meet your requirements. But the level of review varies (more rigorous for pre-approval). A pre-approved promotion is mostly sent to you after an independent review by the issuer. While you probably have to request to get a pre-qualified letter from the lender.

Conclusion

To arrive at the most suitable option, you need to have a clear vision of what you need from your card. Each item on this list is an exceptional offer but also has its pros and cons. So, they are recommended for different users based on their needs. 

You can figure out where you stand by comparing the important features of each card. Some of the highlighted features include interest rates, annual charges, cashback rewards, and welcome bonuses. Once you narrow down your favorite option, visit the official website to confirm how to submit a pre-approval form.

FAQs

Do pre-approvals hurt credit scores?

Credit card pre approvals don’t necessarily hurt your credit score. Lenders can perform credit checks on your account with “soft inquiry,” which doesn’t hurt your score. But when you request a pre-approval mortgage, it can have a hard inquiry and affect your score. 

What credit cards can I be pre-approved for?

Some of the top cards you can get pre-approved for include the following:

  • Petal® 2 “Cash Back, No Fees” Visa®.
  • Capital One QuicksilverOne Cash Rewards.
  • OpenSky® Secured Visa®.
  • AvantCard.
  • Deserve® EDU Mastercard for Students.
  • Upgrade Cash Rewards Visa®
  • Capital One Platinum Card.
  • BlockFi Rewards Visa® Signature Card.

Which credit card has the fastest approval?

Approvals take different times for different banks. Getting pre-approved is fast, but issuing the credit card can take days or weeks. You can check in with your preferred issuer to confirm how fast they would be issuing your card.

Is pre-approved better than pre-qualified?

Both the Pre-approved and Pre-qualified have benefits for users. But a credit card pre-approval offer is a better option because it allows you to apply directly from the bank. While the Pre-qualified only allow the bank to estimate how much you can receive if you apply and pass the review process.

How long is pre-approval good for?

A credit card preapproval letter is most reliable in the first 90 days. You might face difficulties using it any time after that. Once you complete an application, the lender performs a check and verifies your information. If approved, you’ll receive a preapproval letter. The lender’s policies and procedures could change any time after the preapproval, so it’s best to use it as soon as possible.

Can I get pre-approval without a credit check?

No, you can’t. A credit check is one of the main processes of pre-approvals to confirm if you qualify. The lender has to do a hard credit check to see your score and if you have other debts. So, you can’t escape the process unless you don’t want to get approved.