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Credit Cards - Pre-Approval

I received a letter stating that I have been pre-approved for a credit card with a high credit limit and a low annual percentage rate. What does this mean?

Pre-approval does not mean you are guaranteed a card—or the rates and terms stated in the promotion. It simply means that a pre-screening by the card company indicates you may meet the criteria it seeks in a customer.

You still must apply for the card and await the results of a credit check before finding out if you are approved and at what terms—including but not limited to the credit limit and the annual percentage rate.

You should read the promotion very carefully before applying.

Copyright 2007 by Mark McCracken , All Rights Reserved