debit cards. The offers usually notify the consumer that he or she has been preselected and the letter provides an invite to some sort of application page. Consumers can opt to visit the site and apply for the card, or they can refuse the card and proceed with their lives. The following is a little more detail about such offers for anyone who may be interested.
How Consumers Get Selected
Financial companies conduct research to find out who they are going to offer the card to. They also may obtain information by some less-than-desirable methods to the customers. Credit card companies usually make their offers according to an age bracket, credit score group or some type of borrowing habit that the person has. For example, a person who has a low credit score may be able to use a secured credit card or a “rebuilder” credit card that has a high annual percentage rate and an annual fee. The company would send an offer to such a person so that he or she could try to recover from ruined credit. Many consumers see that as a good sign and are delighted when they get offers.
Prescreening vs. Preapproval
It is important for the consumer to know the difference between prescreening and preapproval. Prescreening just means that the person fits into a specific category. However, the individual may find that the application gets denied even though the provider sent the offer. On the other hand, a preapproval is just that. The consumer has approval for a card already and just needs to go through some formalities to get the application officially approved so the card can be sent as quickly as possible.
How to Respond to an Offer
The prescreened offers will usually have a website and a code on them in the invitation letter. The consumer simply has to visit the website and enter the code to start he application process. The application process is the same whether the person has a prescreened offer or not. The individual has to provide the same information that everyone else has to provide. The application will ask about housing status, finances and so forth. The answer to the application usually comes within 60 seconds of hitting the submit button. When it is all said and done, approved applications will yield cards within 10 business days.
How to Stop Prescreened Offers
Some people do not appreciate prescreened offers, and they would like such offers to cease. The problem is that credit card companies sometimes get the information they get from credit bureaus. A consumer has to call a special number to opt out of having the information shared. The number is 1-888-5OPTOUT. There is a website, as well. It is called optoutprescreen.com. The consumer shuold not get any more prescreened offers after completing that.
Prescreened credit card offers are pieces of mail that invite consumers to apply for credit card and