American Express has a long history of being connected with luxury; simply carrying an American Express credit card in your wallet might indicate that you have strong credit and have used credit cards responsibly.
While some American Express credit cards, like the Centurion Card, are regarded as elite, the company also offers a number of more affordable choices, which opens the door to a new group of customers whose credit ratings are frequently “excellent” rather than “very good.”
However, you might want to think about looking for prequalification before you hastily submit an application. In addition to providing you with a better sense of your eligibility for an Amex card without negatively impacting your credit score, preapproval may also allow you to take advantage of deals such as welcome bonuses or introductory rates of 0% that you would not otherwise be eligible for. This is the procedure.
The Difference Between American Express Prequalification and Preapproval
Prequalification and preapproval are the two pre-screening levels that American Express offers for credit card applicants.
Pre-Qualified Offers from American Express
Pre-qualified offers are mainly just a marketing chance. American Express might give you “special offers” it thinks are a good fit for you based on your profile. This may frequently be done by just reviewing your demographics or the other cards that are shown on your credit report. Pre-qualification in this situation won’t let you know if you’ll get the card or not, but it may help you choose one that works with your spending patterns.
Right from the American Express website, you may search for pre-qualified offers. If you already have an American Express membership, logging into your online account will allow you to access more tailored options.
Pre-approval from American Express
Pre-approval, on the other hand, is a thorough examination of your eligibility for one of Amex’s credit cards. Amex determines whether you’ve met its minimal requirements for that specific card using merely a soft credit draw, which has no effect on your credit score.
Pre-approval, despite its name, does not guarantee that your application will be accepted, but it does indicate that your chances are very good. To ensure that American Express can verify your eligibility based on your present income, assets, debt, and credit score, you must still submit a fully completed application.
Once more, having an American Express card may result in more specialized offers. They have access to your purchasing patterns because you’re a current customer.
How to Check for American Express Pre-Approval Offers
On its website, American Express does not provide a facility to search for preapproved offers. Instead, prospective clients can get these offers via mail. You can increase your chances by choosing to get credit offers in the mail if you don’t already.
When login into their online account, current cardholders may occasionally see tailored offers as pop-ups. Additionally, they can get emails offering pre-approval for a particular card.
Eligibility for the American Express Welcome Bonus
Large welcome bonuses on AmEx cards may play a significant role in your decision to apply for a new card. Being welcome bonus qualified is distinct from being pre-approved for a card. The reason for this is that the terms and conditions frequently state that each customer may only receive the incentive once during their lifetime (or in a specific number of years). Other elements, such as the quantity of cards you’ve previously opened and closed, might also be taken into account.
American Express gives an additional degree of screening before you formally submit an application for a new card, which is unheard of in the business. Immediately after your application, the business checks your profile against its database to see if you qualify for a welcome bonus on that card. You have the option to withdraw your application before a hard credit pull is performed if its system finds that you are ineligible.
Pre-screening is yet another helpful tool to help you avoid a credit report query and to assist you determine whether the card is a good fit for you. In some circumstances, applying may still be worthwhile even without the incentive due to the continuous earning opportunities and card advantages.
How to Increase Your Chances of Being Pre-Approved
The techniques for raising your chances of being pre-approved are very similar to those for raising your credit score. American Express is searching for credit-worthy consumers, just like all other card issuers. A soft credit check gives the issuer a detailed understanding of your credit history, credit usage, and account management. You become a more desirable applicant by making an effort to pay on time and by only charging a reasonable amount.
If you already carry an American Express card in your wallet, positioning yourself as a valuable client may be a good idea if you want to improve your chances of receiving pre-approval for additional cards. Instead of letting your card gather dust in your wallet, use it frequently to show merchants that you’re a valuable, interested customer.
Last but not least, current cardholders should keep their American Express online profile current with details on their assets and income. This will make it easier for Amex to decide whether or not you qualify for one or more cards.