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Why Am I Getting Credit Card Offers

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Ways To Get A Better Credit Card Offer

Why am i getting the highest sign up bonus offers ?

by Brittney Myers | Published on Oct. 12, 2021

A better offer may be out there — if you’re willing to look for it.

New is better. At least, that’s what most businesses seem to think. Whether it’s a new cable plan or a new job, it seems like all the best deals are reserved for the new folks.

are no different. Many — if not all — of the best deals to be had in the credit card world are offered to new cardholders rather than existing ones. This can include everything from introductory interest rates and sign-up bonuses to extra purchase rewards and annual fee waivers.

As with many things, however, you shouldn’t necessarily take the first offer you find. The quality of a new credit card offer can vary quite a bit from source to source, even for the same card. This means you may need to hunt around a bit to ensure you’re getting the best offer possible for your new credit card. Here are seven credit card offers to be on the lookout for.

Discover It Student Cash Back

Why its the best credit card for students: The Discover it Student Cash Back is a no-annual-fee student card that comes with pretty much identical benefits as the standard version, but its easier to be approved for if you are a college student with little to no credit.

Pros: The Discover it Student Cash Back earns 5% on the first $1,500 spent each quarter on rotating categories each quarter you enroll. During Q1 2022, youll earn 5% back on grocery stores, fitness clubs and gym memberships Students can potentially earn up to $300 in bonus rewards each year, and Discover will even match the cash back you earn at the end of your first year with the card. That means you could get up to $600 in rewards your first year on bonus spending alone. Additionally, students get a $20 statement credit each year your GPA is a 3.0 is higher . And if you want to keep the Discover it Cash Back after college, you can always convert it over to the standard card when the time comes.

Cons: Like any rotating category card, youre only earning 5% in select categories each quarter . This means if you want to be able to capitalize on restaurants and PayPal year-round, youll want another card that earns bonus points on those purchases all the time. Additionally, keep in mind that you have to enroll in bonus categories every quarter, which can be an extra headache for students already juggling a full plate of class assignments and exams.

How Does Prescreening Work

It helps to understand how prescreening works. The federal Fair Credit Reporting Act allows companies to request the identity of consumers so that it can send them unsolicited offers. In the prescreening request, the creditor or insurance company asks the credit bureaus, like Equifax, Experian, and TransUnion, to sell it a list of consumers who satisfy specific credit criteria so that the company can send those consumers a âfirm offer.â

One of the most common uses of prescreening involves a credit card company extending a preapproved credit card offer based on the consumer meeting a minimum credit score. Such offers may also involve other credit products such as home equity lines of credit, live check loans , student loans, and automobile loans.

A consumer may also receive unsolicited loan offers shortly after he or she applies for a loan. This happens because when you apply for a mortgage, the lender typically obtains a copy of your credit report. This results in an inquiry on your credit report from a mortgage lender, which signals to other mortgage lenders that you may be in the market for a loan. Based on this information, you may receive unsolicited letters from competing mortgage lenders indicating that you have been preapproved for a loan.

FCRA requires that all prescreened credit and insurance offers include a âclear and conspicuousâ statement that provides the following notice:

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Capital One Savorone Cash Rewards Credit Card

3.5/5

  • 8% Earn 8% cash back on tickets at Vivid Seats through January 2023.
  • 3% Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores .
  • 1% Earn 1% on all other purchases.
  • 8% Earn 8% cash back on tickets at Vivid Seats through January 2023.
  • 3% Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores .
  • 1% Earn 1% on all other purchases.

What Is A Credit Card Apr And Why Should You Care

Why I Decided To Get A Credit Card In College

APR stands for annual percentage rate and is basically a percentage that helps you understand the cost of borrowing. In a nutshell, its the interest rate plus the additional charges of holding a balance on your credit card and as a rule of thumb the lower the APR the less interest youll pay over time.

Before you apply for a credit card, all lenders have to tell you the APR and it can help you make sure youre getting the best deal if you are someone who typically holds a balance on a credit card.

Generally, APR rates on credit cards range from 15% to 25%. The higher your credit score, typically the lower the percentage. A good credit score makes it a lot easier to get a favourable APR, so improving your credit score is a good first step toward a better APR.

Its worth noting that these rates are usually based on rates for making new purchases . Rates for other transactions, such as cash withdrawals or balance transfers, may be different.

What APR your credit card has affects how much you pay so its worth doing your research some offer 0% APR for a promotional period on new purchases or balance transfers, but always check the terms and conditions carefully to make sure youre aware of exactly what youll be paying.

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What Are The Benefits Of A Credit Card

  • Reward PointsYou can earn reward points with every purchase made using credit cards. Subsequently, the accumulated reward points can be redeemed to make another purchase.
  • Enhances Your Credit RatingPaying back your credit card bills on time is the easiest way to build your credit rating. If you have a high credit score, you can avail loans easily at a low-interest rate.
  • Cash-Backs and DiscountsBy making purchases through credit cards, you can also earn cash-backs on select purchases. Some merchants also offer special discounts on credit card purchases.
  • Frequent Flyer MilesAs a credit card holder, you can earn frequent flyer miles with every air ticket purchase. Ultimately, the frequent flyer miles can be redeemed against the price of another ticket.
  • Universal AcceptanceAt times, debit cards even from reputed banks may be turned down when you travel abroad. On the other hand, a credit card is universally accepted as a convenient mode of payment across the world.

Do Preapproved Credit Card Offers Affect Your Credit Score

Heres the good news: Preapproved credit card offers do not impact your credit score in any way. Thats because creditors only place a soft pull on your credit report to determine your eligibility.

Youll only see an impact if you move forward with the application. In that case, a hard pull will be placed on your credit report, and a hard pull is different from a soft pull. A hard pull shows creditors you applied for a line of credit, and it has the potential to impact your credit score in the short term.

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Why Do I Receive So Many Credit Card Offers In The Mail

Now that weve worked through exactly how to keep the horde of credit card offers at bay, lets discuss why youre getting them in the first place.

The national credit bureaus Equifax, Experian, and TransUnion collect a huge amount of information about millions upon millions of individuals. This kind of data is valuable, so they sell it to interested parties in many forms, from standard credit reports to prescreened lists of people that satisfy certain requirements.

So they turn to the nations consumer credit bureaus to find it.

Often, credit card issuers will provide a selection of criteria that describes the consumers theyd like to target. The credit bureau will then whip up a list of people who meet the outlined criteria, and those are the folks who receive pre-approved credit card offers.

Ways To Stop Credit Card Junk Mail

The new credit card I am getting (and why)

    Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas’ experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.

    Tired of spending five minutes every day sorting your real mail from that stack of credit card offers? Fortunately, you do have options for eliminating the wasted time and paper from your life. Here are six great options for stopping credit card junk mail.

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    Why Card Issuers Mail Those Preapproved Offers

    If you receive preapproved offers in the mail, youre certainly not alone. Credit card issuers are always hunting for new customers who meet their qualification criteria. Billions of promotional letters a.k.a. preapproved offers of credit are mailed out by credit card issuers every year.

    Why do card issuers mail so many preapproved offers of credit? Because it works. By prescreening applicants, card issuers can, for the most part, avoid advertising to people who are likely to be turned down for their product. The result is a much smarter, more cost-effective and targeted advertising campaign.

    Prescreened Card Offers Vs Preapproved Card Offers

    Terms like prescreened, preapproved and prequalified are sometimes all used interchangeably, so it can get confusing.

    Typically, they indicate different degrees of assessment, says Monica Eaton-Cardone, COO of Chargebacks911. The use of specific verbiage varies by company and region, so you really need to read the fine print of the offer.

    Normally, she says, a prequalified offer is a less-rigorous assessment, and a preapproved offer is a more rigorous assessment. Neither are ironclad guarantees of approval, but it means that the credit card company has already analyzed some of the numbers, and its statistically probable that youll be approved, Eaton-Cardone continues.

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    Is The Optoutprescreen Com Legitimate

    This website is solely authorized by the credit bureaus throughout the country. Any communication with Consumers regarding Opt Out Prescreen that purports to come from the company is fraudulent since it will not be reaching out to Consumer to engage with them. Let us know at 5-OPT OUT that you wish to opt out through telephone use.

    Should I Still Apply If Im Not Pre

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    If you request a pre-approved offer online but youre not provided with an offer, it means theres something in your credit history or other information youve provided on the pre-approval request is keeping you from meeting the qualifications for pre-approval. You may want to address any issues before applying for the credit card. If there are errors on your credit report that are keeping you from being pre-qualified for a credit card, you can dispute them with the credit bureau.

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    How Do Prescreened Credit Card Offers Impact Your Credit Score

    Receiving a prescreened offer has no impact on your credit score. Griffin says because your credit report is accessed as part of the prescreening process, a soft inquiry is all that is performed.

    When you respond to an offer, understand it means youre interested. When you decide to pursue a prescreened offer you received in the mail or your email inbox, you are formally submitting an application for the account and the lender can review your credit report to ensure you still meet the prescreening criteria, clarifies Griffin. This will result in a hard inquiry on your credit report, which may cause a minimal, temporary dip in scores.

    The prescreening process, he explainsfrom the prescreen list creation to the time the lender delivers the offer and the consumer respondscan take as long as several months. A persons credit history could change substantially in that time. However, I like to remind people that hard inquiries are the least important factor when determining your credit scores, says Griffin.

    Keep in mind, advises Griffin, if there has been a change in your credit history between the time the prescreened offer was processed and the time you respond, you may not receive the offer as it was originally presented after the lender reviews your credit report. You may no longer qualify at all, or you may receive different terms than what was originally presented to you, Griffin adds.

    Where Can You Find Your Pre

    Ready to see which pre-approved credit card offers are available to you?

    Often all you need to do is fill out a form with your name, street address, zip code, and the last four digits of your Social Security number.

    Weve included the links to many of the major financial institutions credit card pre-approval forms below.

    Once youve seen which cards you qualify for, its time for the fun part: deciding which one you want to try to snag. For suggestions, check out our list of the best credit cards.

    Insider tip

    If you really want to dig into the details of how issuers decide to approve or deny applications, take a look at the over at Reddit.

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    When Is It Time To Get A New Credit Card

    To make sure youre maximizing what a credit card can do for you, you should take time every 12 months to analyze your overall financial picture and determine if each of your current credit cards is serving your needs. If you arent racking up bonus earnings in the categories you spend in most often, or if you dont have the travel benefits you need, or if youre paying a high annual fee but arent taking advantage of a cards features, it may be time to get a new credit card that better fits your requirements.

    Keep in mind that circumstances change over time, and a credit card that was previously right for you may no longer be a good fit. With so many options on the market, theres no reason to have the wrong credit card in your purse or wallet.

    How To Opt Out Of Prescreened Card Offers

    Why I Have 8 Credit Cards: My Entire Credit Journey

    The FCRA provides consumers with the right to opt out of prescreened offers, both regular mail and email offers. You can opt out of prescreened lists prepared by the national credit reporting companies by calling 888-5-OPTOUT or submitting a request online at OptOutPrescreen.com. Griffin says you only need to submit the request once to be removed from Experian, Equifax, TransUnion and Innovis prescreening lists.

    Its important to note that when you opt out, you may still receive offers for a period of time if there are pending offers in a lenders delivery stream. It may take three to six months before you stop receiving offers, but you should start to see a decline over time, he says.

    If you change your mind and wish to resume getting offers, simply opt back in by calling the same number. If you have plans to shop for credit, I recommend ensuring youre opted back into the system several months in advance of when you plan to apply, adds Griffin.

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    Capital One Quicksilver Cash Rewards Credit Card: Best For Cash Back

    Why its the best credit card for cash back: The Capital One Quicksilver Cash Rewards Credit Card is a no-fuss card with a 1.5% cash back rate no matter the purchase.

    Pros: In addition to great cash-back earning potential, you wont have to worry about paying foreign transaction fees or an annual fee with this card. As with the other Capital One cards on this list, your rewards will never expire if you keep your account open.

    Cons: You may be missing out on the opportunity to earn a greater return on certain purchases since it confers a 1.5% rate.

    Official application link: Capital One Quicksilver

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    What Do It Mean To Opt Out Of Credit Card Offers

    A borrower opts out of this type of credit offering when they decide not to participate in the pre-screening process under the Fair Credit Reporting Act . This means they will not be receiving these kinds of credit offers in the future. Online, over the phone, or through mail are all options available.

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    You Could Reduce The Impact On Your Credit

    Every time you apply for a credit card, the issuer runs a hard inquiry on your credit reports.

    So, rather than applying for several different cards and getting several hard inquiries you can simply apply to one card: the one youre pre-qualified for. Though theres no guarantee youll get approved, your odds are much better than with a randomly selected card.

    And you dont need to wait for an offer to come in the mail, either: you can actually request pre-approval offers on the card issuers website .

    Choosing A Credit Card

    How To Not Get Credit Card Offers In The Mail / An Amazing ...

    Credit cards offer a convenient way to pay for purchases while building credit and earning points. There are hundreds of credit cards available, each with its own advantages and disadvantages. For instance, you might find a card with a strong balance transfer offer but no rewards, or the best travel card that has an annual fee. The key is to understand your individual needs and what cards you can qualify for based on your credit profile then pick the best credit card that meets those requirements.

    There are a number of factors to consider when choosing the right credit card for you. The top ones to keep in mind are:

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