You wake up one day, grab your usual cup of coffee and walk to the front yard.
There is a letter in your mail box with a couple of numbers and whole lot of information on credit cards.
It seems like somebody would like you to become a cardholder and you are about to find out what is mail offer and what it is doing in your letter box.
Exactly What Is Mail Offer?
A mail offer is an invitation from the bank to check out its latest, ongoing credit card offers. It is sent out randomly to reliable customers keeping in view their credit history and score.
Mail offers are designed to make it easy for interested people to complete credit card application. It makes the process and short and more convenient. Furthermore, it boosts your chances of being accepted since the bank has already checked your financial standing and it has established you as a worthy customer.
What Is Mail Offer – Pros and Cons
There are two sides to every picture so regardless of how much banks praise their mail offers, we wouldn’t want our readers to go ahead with them without considering the good and the bad sides. So here are few pointers that you should look into when deciding over a mail offer.
You Definitely Have a Better Chance at Approval
It boosts your chances of being accepted since the bank has already checked your financial standing and it has established you as a worthy customer.
Your Application Process Will Be Super Short
There is no need to provide all of your personal information if you are applying via mail offer. The bank already knows your background. You simply need to type in the confirmation number or reservation code to complete the application.
Mail Offers Are NOT Free Of Scams
Although there are many ways to figure out if a mail offer is legit or not, you can never be sure. Therefore you have to steer very carefully in choosing only the right ones. Continue reading to the end of this section to find out more about how to identify scams in this case.
You May Find a Better Credit Card Online
Mail offer does not always mean a special thing. You might be able to find out a better credit card online therefore we always encourage a bit of research before you opt for any card.
Attention! There is no dead-sure way to figure out if a mail offer is legit but there are red flags that you can always watch out for. For example, it is not a good indication if the lender has not added any contact information, or the institute claims to give 100% credit card approval. Reliable credit cards lenders are free of such fraudulent activities and also do not charge any upfront fee. Be on the look out for such events so you can avoid falling into the trap of disreputable companies.
4 Things You Can Do With Mail Offers
First of all, you need to carefully read the fine print to find out about annual percentage rates, annual charges, credit limits, and penalty fee. All of this would give you an idea about how costly it would be to maintain a credit card.
The second major point is that you should only apply if you are interested or in need of a credit card. Mail offers come and go. If you think you have enough plastic in your wallet, there is no need to run a risk by incurring a hard inquiry.
Not interested? Then don’t hesitate in shredding the mail offer to bits. The letter contains sensitive information such as your name, contact address, and contact numbers. You don’t want these to fall into wrong hands.
Lastly, you can completely opt out of getting mail offers by visiting www.optoutscreen.com. Here you can remove your name from the mailing list.
I Checked For Pre-Approval Instead. Is It The Same Thing?
Filling out a pre-approved application form online is not the same as receiving a mail offer. The basic difference is that both of them might not offer the same terms and conditions.
It is true that online pre-approval and mail offer consider your financial standing in order to determine your worth as a credit cardholder. They do not guarantee that your application will be accepted but they surely give you a better chance.
After you have applied for the credit card, a hard inquiry will still be carried out along with proper protocol of approval or disapproval.
However, mail offers carry the advantage of letting you skip the application form. You have to provide only a special number (reservation code or confirmation number) to quickly apply for the card. Since the bank has already pulled out some of your information and checked your credit history, you will have the leverage of not providing all your personal data manually.
So Are Mail Offers Actually Worth It?
Mail offers can really help you identify right credit cards for yourself. Furthermore, they are especially designed for selective customers. If you have been chosen for pre-approved/pre-qualified mail offer, that could mean you have can make use of beneficial terms and conditions.
One way to check the worthiness of a mail offer is to look into the credit card lender. There are many legitimate banks in the US that send out trustworthy mails offers to thousands of customers. These are totally reliable although you can look into sites such as Credit Karma or TrustPilot to be sure.
On top of that, not all mail offers are good deal. You need to compare them to other options you have online. There is a solid chance you might find a credit card that suits better to your needs.
Mail offers are a good way for the banks to publicize their latest offers. Similarly, they are a reliable way for customers to reach the right credit cards. However, we always recommend a little online research before opting for any mail offer. If you jump into application without knowing the actual terms and conditions, it can prove to be costly in the long run.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.