On pre-approved offers, will you get the advertised APR?

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noobcredit
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On pre-approved offers, will you get the advertised APR?

Postby noobcredit » Sun Jun 16, 2013 2:53 am

I know that pre-approved offers for credit cards are not a sure thing, and they can deny you when you apply. However, if they approve the application, do you get the APR that it's mentioned in the pre-approved offer? or is that also subject to change when you apply?


MemberSince99
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Postby MemberSince99 » Sun Jun 16, 2013 12:39 pm

Everything is subject to change is a good rule of thumb to expect. You may get it just don't bet money on that happening.

flan
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Postby flan » Sun Jun 16, 2013 3:22 pm

noobcredit wrote:I know that pre-approved offers for credit cards are not a sure thing, and they can deny you when you apply. However, if they approve the application, do you get the APR that it's mentioned in the pre-approved offer? or is that also subject to change when you apply?


Depends on the offer, and it's usually specified as a range, like 'rates as low as 9.9%, for as long as 18 months', and fine print says what the other end of the range is. It's often subject to credit approval. If you're a marginal candidate, you'll get the higher end of the range. Or you'll get a low limit. or both.

noobcredit
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Postby noobcredit » Sun Jun 16, 2013 6:32 pm

flan wrote:Depends on the offer, and it's usually specified as a range, like 'rates as low as 9.9%, for as long as 18 months', and fine print says what the other end of the range is. It's often subject to credit approval. If you're a marginal candidate, you'll get the higher end of the range. Or you'll get a low limit. or both.


Good point, I forgot to mention that it does just one APR. Instead of the typical after 6 months, it will be 12.99%-22.99%, for example. it just says after 6 months, it will be 12.99%.

Sevenfeet
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Postby Sevenfeet » Mon Jun 17, 2013 3:13 pm

It really depends. The card company usually thinks you have a decent shot at approval when they soft pulled your records to make the offer. But most offers have a range of APR rates. If they really know you well, they will just put a single rate and you have a better shot of getting what is printed in that regard.
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rockyrock
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Postby rockyrock » Tue Jun 18, 2013 1:25 am

noobcredit wrote:I know that pre-approved offers for credit cards are not a sure thing, and they can deny you when you apply. However, if they approve the application, do you get the APR that it's mentioned in the pre-approved offer? or is that also subject to change when you apply?


Check out this thread for more insight on APR.
http://creditcardforum.com/finance-charges-apr-compare/7581-how-apr-determined.html
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Gamma
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Postby Gamma » Tue Jun 18, 2013 10:27 pm

If you get a pre approved offer and it states you will get that apr after promotional period, you will get that apr. Make sure when you apply, you input the pre approval code they give you that offer. I gotten advertised apr through one of those offers before.



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