Received a Discover prequalify mail? Don’t know what it means? In this post, we’ll discuss what it means to prequalify and go over the best Discover credit cards to pick from.
You’ve likely received a mail from Discover about being prequalified (or preapproved) for a credit card before.
But what does it mean to prequalify for a credit card? How do companies like Discover do it? Are any credit cards Discover offers worth getting?
We’ll answer all that and more in this post.
What Does It Mean When You Receive The Discover Prequalify Mail?
Credit bureaus are allowed to give consumer information to credit card companies under The Fair Credit Reporting Act.
In essence, Discover gets its hands on details like the length of your credit history and the general range of your credit score.
You don’t have to worry – no specifics are shared.
Companies like Discover then run your data through filters to determine if you’re the right candidate for any of their credit cards.
If you fit the criteria, you’re considered “prequalified” and receive the Discover prequalify mail.
But the main takeaway is this:
Prequalifying for a credit card is not a guarantee of getting approved (or rejected) for a credit card. It’s merely a form of direct advertising that only signifies that you fit the general demographic of a particular type of credit card user.
You will still need to apply for the card you’re prequalified for, and meet other qualifications, such as an income range. You will only receive credit after formal approval.
How To Check Prequalification Status?
You don’t always receive a mail from Discover about the credit card you want.
But don’t fret – there is a way to check your prequalification status other than the Discover prequalify mail.
Visit the Discover website and scroll down a little. You will see the “Are You Pre-Approved?” section. Click on “Check Now” in the section.
Enter your name, your social security number, and indicate if you’re a student. You can also use the “Card Benefit” section to pick the benefits you’re looking for.
The site will instantly give you your preapproval status, which is excellent, but here’s the best part:
The preapproval check does not affect your credit score.
How To Stop Receiving The Discover Prequalify Mail?
Throwing the mail away is one way to deal with prequalification offers, but it does get annoying after a while.
There’s a better way to handle this situation – you will need to officially opt-out of the offer program.
It’s a lot easier than you may think. You don’t have to write an email or visit a branch and can opt-out online. Alternatively, you can call 888-567-8688 to opt-out of the junk mail.
But remember that prequalification offers are one of the best ways of gauging if you’ll get approved for a better credit card.
Staying opted-in the mailing program shows you your options without affecting your credit score.
But if you have decided to opt-out, you can always check your offers using the process above.
Best Discover Credit Cards
Before you read on, you must remember that the chances of you being approved mostly depend on the type of card you apply for.
Suppose you’re a student and have a limited credit history. In that case, you will likely not qualify for the prime rewards card that caters to people with long-established and excellent credit histories.
The Discover it Miles card lets you earn a flat 1.5 miles for every dollar you spend and doubles your miles after the first year.
You can redeem your points for travel purchases for one cent per point.
But the best thing about the card is that you aren’t tied down to make specific redemptions. You can get cashback or statement cards to cover other charges made to your card.
For Cash Back
Getting the Discover it Cash Back card offers an excellent incentive, letting you earn 5% cash back on up to $1,500 every quarter in bonus categories when activated.
Of course, you also get 1% back on everything else you buy.
Bonus categories for the card for 2020 include gas stations, Uber, Lyft, wholesale clubs, restaurants, PayPal, Amazon.com, Walmart.com, and Target.com.
You can check the details on their cashback calendar.
You can think of the Discover it Student Cash Back card as a watered-down version of the regular Discover it Cash Back card. Students earn the same 5% cashback on $1,500 spent in rotating categories and 1% cashback on everything else.
The card is easier to qualify for with a limited credit history.
If you’re looking to get a business credit card, the Discover it Business card is a reliable option. There is no annual fee, and you earn 1.5% cashback for every dollar you spend.
The perks are excellent – business expense tracking is free, and you can also get free employee cards. Additionally, security services like social security number alerts are free and help protect your identity.
The $0 fraud liability guarantee makes it one of the best business credit cards out there.
If you don’t qualify or prequalify for a card, don’t get discouraged. There are still a few other things you can try.
You can call up Discover’s reconsideration line at 888-676-3695. It is a dedicated line for customers that want to appeal their denial.
It is also the right number to call if you believe that there may have been a mistake on your application.
If you’ve been denied due to your credit score, you may need to apply for a credit card specifically designed to improve your credit score.
These cards are easy to get approved for, but they typically have lower limits and higher interest rates.
Responsibly using your credit card will increase your credit score and enable you to get the best Discover credit cards later.