Be Aware of Pre-Approved Credit Cards
May 1, 2008
I cannot tell you how many pre-approved credit cards show up in my mailbox daily. They are simply amazing. It is a challenge to meet all my bills now. My credit isn’t even really that good. But, I still receive numerous monthly offers for pre-approved credit cards. Here are a few things that I have learned.
Most of the pre-approved credit cards are for a very low credit amount. This means that if I don’t have that type of cash on hand; I probably shouldn’t be using a credit card to pay for it anyway.
The majority of the pre-approved credit cards offers that I receive have horrible interest rates. You would be amazed at how high some of them are!
The membership fees for the pre-approved credit cards are out the roof. If they want to give me a credit card, why are they charging me membership fees? Obviously, they looked at my credit record; right?
Some of the pre-approved credit cards aren’t pre-approved at all. You have to deposit what you want your credit limit to be. If I had the money on hand, why would I need the card to begin with?
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