Apply for Pre Approved Credit Cards Online – Detailed Guide

Pre-approved credit cards offer instant credit, which helps the cardholder efficiently manage unplanned expenses. You can get these cards from the issuer when you meet certain eligibility terms. This way, you can get the required credit without waiting for approval.

While getting such an offer may sound exciting, assessing the pros and cons before opting for the card is important. To have clarity over what is a pre-approved credit card and what to consider when accepting an offer, read on.

Pre-Approved Credit Cards: All You Need to Know

Most card issuers provide pre-approved credit card offers to existing customers based on their profile and eligibility. With a pre-approved offer, you can easily access a credit card.

• Easy Application

In most cases, you don’t need to attach identity and address proofs or fill out a lengthy application form. This is because your issuer has this paperwork on hand and also has your credit score, so the approval process is quicker.

• Issuer’s Assessment

Card issuers make these offers available after assessing your income, credit score and other factors determining your eligibility. Based on this, they prepare an offer with your credit card limit.

Remember that getting such an offer doesn’t necessarily mean a 100% chance of approval. The issuer may re-run a credit check when you apply for pre-approved credit cards. If you do not suit the terms to qualify at this point in time, you will not be able to get approval. However, this is rare as pre-approved offers are based on the recent past and come with a limited time period.

Essential Points to Know About Pre-Approved Credit Card Offers

Here are a few crucial factors to consider before you apply for a pre-approved credit card:

• Maintain a good credit score and a strong credit history to receive pre-approved offers
• Review the credit card’s terms and conditions to avoid any unexpected charges
• Check the conditions and validity of such offers to ensure you choose a feasible option
• Assess if you need the card based on your existing debt and income
• Compare different offers to ensure that you choose the best credit card
• Evaluate your lifestyle and financial requirements to decide on the type of card, the credit limit you want and more before signing on

Steps for Pre-Approved Credit Card

Getting a pre-approved credit card includes the following steps:

• Step 1: Check your CIBIL score to ensure it aligns with the bank’s eligibility criteria, as a higher score boosts approval chances.
• Step 2: Pay off all the amounts on existing cards or loans to enhance your credit score and history.
• Step 3: Research pre-approved cards by comparing features, interest rates, fees, rewards and benefits.
• Step 4: Complete the application form accurately and submit the required documents online or at a branch.
• Step 5: Wait for the lender to conduct background checks and verify your credit history. If you meet the criteria, your application will be approved.
• Step 6: Get your pre-approved card with a specified credit limit once you qualify.

Issuers always run an inquiry before issuing your card. For a pre-approved card, they do the same but this is a quicker process. 

Eligibility Criteria for Pre-Approved Cards

When you apply for a pre-approved credit card, the issuer looks into these parameters. Which are:

• you have maintained a high CIBIL score for a long time, it is easier to get a pre-approved credit card.
• The issuer will check your repayment history and how consistent your previous payments have been. Your repayment history will include your EMI payments, credit card bill payments, etc.
• If you have a stable income and employment and the issuer is sure you can manage your credit card bills, they will send you a pre-approved credit card offer.

When to Apply for Such Cards?

There is no right time to get pre-approved credit cards. Issuers roll out these offers periodically and during festive seasons. So, when you get such an offer, consider whether it suits your finances. Only apply for a pre-approved credit card when you want to:

• Increase your spending power
• Have the finances to repay a new credit card on time
• Get a card that offers perks you don’t already have access to

Consider these vital points before you zero in on a card and enjoy pre-approved credit card offers. One credit card you can add to your wallet is the Fibe Axis Bank Credit Card. It is India’s first numberless credit card and allows you to link it with your UPI ID. This helps you pay safely and more conveniently than ever before! 

With it, you can also get a 1% waiver of fuel surcharge and free access to domestic airport lounges. What’s more, it has zero annual and joining fees. Download the Fibe App or register on our website to apply for this credit card. 

FAQs on Pre-Approved Credit Cards

Is it reasonable to accept pre-approved credit card offers?

Depending on your needs and repayment capacity, a pre-approved credit card offer can be an ideal solution to boost your purchasing power. However, do not blindly accept the deal because the card is pre-approved. Read the terms and conditions and decide based on your requirements.

Can pre-approved credit cards be rejected?

Yes. There is a possibility for rejection if your current eligibility parameters don’t match those of your card issuer.

What do you mean by a pre-approved credit limit?

A pre-approved limit for a credit card is the maximum limit sanctioned by your issuer. The issuer fixes this limit after assessing your income and other parameters.

What happens after pre-approval of a credit card?

Once your issuer sends you a pre-approved credit card offer, you can opt for it and apply on the issuer’s website or app. The issuer reviews it and checks various parameters before approving the offer.

What benefits come with a pre-approved credit card?

There are many benefits you can get from a pre-approved credit card. Some of them are:

• Payment convenience and flexibility
• Exclusive offers, rewards and cashback
• Sign-in bonuses
• Emergency assistance
• Zero liability
• Opportunity to improve your credit score

How can I manage my pre-approved credit card online?

You can easily manage your credit card through the portal on the issuer’s official website. Also, downloading the app can be a more efficient way to manage your credit card.