Pre-Approved Credit Card

dc110 · 4 June 2009 at 12:03PM

I was in my local Abbey today completing a few transactions when they advised me I am "pre-approved" for a new card. I told them I would think about it.

What exactly do they mean by this?

No credit check? Based only on my activity with them?

Not in the market for a new card, although a new 0% could always be handy so more curious that anything about the terminology.

Dont need any comment on Abbey and their customer service expertise

Moggles_2 · 4 June 2009 at 12:22PM

I would bear in mind that bank staff have sales targets to meet. It's in their interest to persuade customers to apply for as many services (or products, as they insist on calling them) as possible.

Even though you have been pre-approved, you can still be turned down.

simon_templar_2 · 4 June 2009 at 1:54PM

There are 2 levels of 'pre-approval'. Guaranteed and conditional. If on customer portal you have a '1' by guaranteed then you will definiately get a credit card. No credit check will take place, the PBA will follow the process on sales portal and open it. If the '1' is by conditional then a credit check WILL take place if you decide to proceed.

While the csa and pba both have targets to meet, that is the job so nothing wrong with that, they are offering a card which may benefit you. Is that so wrong?

Moggles_2 · 4 June 2009 at 3:54PM

simon_templar wrote: »

While the csa and pba both have targets to meet, that is the job so nothing wrong with that. They are offering a card which may benefit you. Is that so wrong?

Granted. Unfortunately, there's quite a lot wrong with it, IMO.

Some cashiers seem determined to engage each of their customers in a lengthy conversation (I sometimes wonder whether it's written into their contracts), seemingly oblivious to the growing queue of disgruntled customers, who wait to be served.

I bank online with Halifax, but visit Abbey and other banks from time to time on behalf of family members, so I'm not singling out any particular institution.

Banks seem to me to be obsessed with sales targets these days and this is one reason why counter service has deteriorated.

nzseries1 · 4 June 2009 at 4:41PM

Moggles wrote: »

Even though you have been pre-approved, you can still be turned down.

There's a lot wrong with this. To me, this goes against the very definition of the English language.

LeeSouthEast · 4 June 2009 at 4:46PM

I had a "Platinum" Barclaycard and a Mortgage on my 'pre-approval list' when I went into the local branch to have a discussion with an advisor about merging 2 loans. In the end I went with the Barclaycard as it was useful for a balance transfer

Came through the door in about 4 days and no credit check recorded on my files, which was nice.