Should one opt for prequalified credit cards?

Most of us have encountered regular calls or messages from known banks about prequalified credit cards that

make us feel good about our current financial condition. Prequalified credit apparently means a good credit score and looks attractive as most people have had a tough time maintaining good credit scores.

So should you opt for a prequalify credit card? You are probably aware that this could be a scam since there have been issues raised every month by customers saying that they opted for one but never got their cards.

prequalified credit cards -

A few days ago I received a text message from my bank informing me about a credit card being approved with a certain limit (pretty high) and to avail this I should contact my bank. I did check and bank told me it wasn’t a fraud, so I thought a little about the offer. Primary question that came to my mind was “Do I even need one or should I simply choose it just because the offer is on the table?

I did feel nice and good about the fact that I don’t have to struggle for obtaining a credit card like many others i know. This might be a good time to get it since all my colleagues and friends have one. Most of my friends talk about having different offers available on credit cards and I might be missing out on those offers.

There are many people like me who opt for prequalify credit cards thinking just like that and then starts the cycle of debt. With credit card in hand we have indeed gone cashless and digital but household budgets have gone for a complete toss.

There were times when people just took a credit card because it was offered to them, when in reality they have no need for it at all.

Regardless of how digital anything goes, it is always best to avoid debt of any kind on your head unless you are left with no choice.

Most people are not aware, a prequalified credit card does not mean that you have a good credit score. It simply means that you were part of bank’s database and showed good balance at some point. Your credit card application can still be denied by the bank. This tactic is generally a marketing gimmick played by banks to start a conversation with you and influence you to apply for a credit card.

So before you opt for any credit card, think twice if you really need it. Debt can be a curse if not managed properly.

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  1. Very insightful post!! I never thought about the pre-qualified cards in this way!


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