Best credit cards that offer preapproval or pre-qualification of August 2023
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BLUEPRINT
Updated 4:58 a.m. ET Aug. 4, 2023
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Shopping for a new credit card isn’t most people’s idea of fun — and who can blame them? Luckily for those people, there are valiant credit card experts who can sort through the long list of options, evaluate any complicated pros and cons and find the needle in the…stack of credit cards. There are downsides to applying for too many cards at once, creating pressure to accurately identify which are within reach and worth an application.
To help, many credit card companies allow borrowers to get “preapproved” or “pre-qualified” for cards. This isn’t the same as actually being approved for a card, but it can be the difference between getting lost in a myriad of options and finding some sense of direction. In this guide, you’ll learn more about preapproval and pre-qualification, the difference between the two and which credit cards have this option.
Wells Fargo Active Cash® Card
What does preapproval mean?
Preapproval is a process by which lenders determine how likely someone is to be approved for a specific credit card. Being preapproved means there’s a good chance of full approval, though it’s not a guarantee and the individual still needs to formally apply to find out for sure. Credit card companies are able to quickly assess whether someone meets preapproval standards by verifying their identity and receiving answers to some basic financial questions, which can include a “soft inquiry” into the individual’s credit. Unlike the “hard inquiry” involved in a formal credit card application, this doesn’t risk damaging one’s credit score, even if it’s carried out many times over. Think of it like a prescreening.
Online, preapproval is as much a tool for weeding out unrealistic options as it is a way to gauge one’s chances with a specific card. Credit card company websites often prompt visitors to fill out a preapproval form before providing a narrowed down list of preapproved options. One of the main benefits here is simply keeping customers from wasting their time considering cards they’d have little chance of getting approved for. It’s also a marketing strategy for credit card companies, as it makes customers feel one step closer to success with the options in front of them. Offline, preapprovals are still used to entice customers to consider specific cards, with preapproval notices and offers sent through the mail.
Preapproval vs. pre-qualification
Pre-qualifying for a credit card is very similar to being preapproved. Pre-qualification also indicates which cards a borrower has a good chance of getting approved for before they undergo the hassle, hard inquiry and potential waiting period of a formal application. Some people and credit card companies will use the two terms interchangeably, but they’re not exactly the same. In this case, pre-qualification is the simpler of the two, involving a review of the most basic metrics of creditworthiness. Sometimes all that’s needed to proceed with pre-qualification is a name, address and social security number.
Preapproval, by contrast, often goes a step further. It’s more likely to involve an actual soft credit check and require information such as income, expenses and existing debts — though, again, the terminology here isn’t set in stone. As a result, preapproval is sometimes considered to convey a slightly higher degree of accuracy and likelihood of approval. Preapproval is also more likely than pre-qualification to result in specific credit card offers, such as a specific APR figure rather than just a range.
How to get a preapproval or pre-qualification for a card
Receiving preapproval or pre-qualification for a credit card is a straightforward process. Most people start by visiting the websites of major banks and other credit card issuers. From there, it should usually be easy to find a link to a preapproval or pre-qualification form — sometimes it’s built right into the webpage with credit card offerings. After filling this form out, it won’t be long before the website will indicate preapproval or pre-qualification.
Prospective cardholders might also find credit card preapproval offers through online advertisements, emails or mailed promotions.
Issuers/cards that offer preapproval or pre-qualification
American Express
Visitors to American Express’s website are offered a preapproval check after clicking on most credit card offerings. Though the site bills this process as “Apply With Confidence” and sometimes simply labels the option as “Apply.” The form for doing so is most often a preapproval check. It requires providing one’s full Social Security Number (in these cases, an Individual Taxpayer Identification Number works for those without a SSN), total annual income, non-taxable annual income and main income source along with other basic personal identifying information. American Express cards that offer a preapproval step include:
- The Platinum Card® from American Express * The information for the The Platinum Card® from American Express has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- American Express® Gold Card * The information for the American Express® Gold Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- American Express® Green Card * The information for the American Express® Green Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Blue Cash Cards
- Amex Everyday Cards
- Delta Sky Miles Cards
- Hilton Honors Cards
- Marriott Bonvoy Cards
Bank of America
Bank of America calls its form of pre-qualification “personalized offers.” It offers this to all prospective cardholders. Its processing form asks for a name, a birth date, the last four digits of a social security number, address and card preference before suggesting cards. The prospective cardholder may have an easier time receiving approval for the cards this process recommends, though it’s not as accurate a gauge of one’s prospects as more thorough checks offered by other companies.
Capital One
Capital One offers a preapproval process for some of its credit cards and thoroughly advertises preapproval across its website, though many of its most popular cards do not allow preapproval. A generic preapproval page asks for basic identifying information, annual income, monthly rent or mortgage payments, type of bank account one and Social Security number. Capital One credit cards that offer a preapproval step include:
- Capital One Platinum Credit Card * The information for the Capital One Platinum Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One QuicksilverOne Cash Rewards Credit Card * The information for the Capital One QuicksilverOne Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One Quicksilver Secured Cash Rewards Credit Card * The information for the Capital One Quicksilver Secured Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One SavorOne Cash Rewards Credit Card * The information for the Capital One SavorOne Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One Quicksilver Student Cash Rewards Credit Card * The information for the Capital One Quicksilver Student Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
- Capital One Venture Rewards Credit Card * The information for the Capital One Venture Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Citi
Citi® does not advertise preapproval or pre-qualification steps on its website, though it does offer a “prescreen” page that parallels pre-qualification. It does not indicate whether this feature applies only to specific cards.
Discover
While Discover advertises credit card preapproval on its website, it doesn’t indicate specific cards it’s available for. The preapproval page asks only for very basic personal identifying information, total income and housing expenses.
Wells Fargo
The form for Wells Fargo’s pre-qualification opportunities, which it refers to as “pre-selected credit card offers,” is among the most basic to complete. Its website’s pre-qualification page asks only for some very basic personal identification info and the last four digits of one’s SSN. Its credit card offerings include:
- Wells Fargo Active Cash® Card
- Bilt World Elite Mastercard®
- Wells Fargo Autograph℠ Card
- Wells Fargo Reflect® Card * The information for the Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Bottom line
Whether a credit card company calls it preapproval, pre-qualification or something else, such as preselection or prescreening, these opportunities are worth exploring when searching around for the right credit card. It’s important to remember that these are different from completing a formal credit card application, which is almost always still necessary regardless of the steps taken beforehand. It’s still possible to receive preapproval for a card and then be denied after officially applying, though it won’t hurt your prospects (or credit) to seek preapproval or pre-qualification first.
No, neither preapproval nor pre-qualification hurts your credit. A preapproval often means that a lender has done only a “soft credit check” to see if a prospective borrower meets their criteria for a credit card. This is different from the “hard check” or “hard pull” of credit information that happens during the actual application process.
Yes, a credit card applicant can still be denied after preapproval. During the formal application process, the lender will take a closer look at the applicant’s credit history and financial situation. If they find that the applicant is not a good fit or has poorer credit than initially thought, it will issue a denial.
Different banks have different criteria for preapproval, but most preapproval or pre-qualification processes can be completed by the applicant in only a minute or two. Generally, the results are made available instantaneously. One bank’s preapproval process for a credit card isn’t necessarily any faster than another’s. From there, credit card issuers will take any amount of time within a month to make a decision on a formal application, but the length of time will depend on the applicant’s situation.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
