SAN JOSE, Calif.–(BUSINESS WIRE)–If you’ve recently received a pre-approved credit card offer via mail or email, chances are you’re at least a little interested. Most offers are designed to grab your attention by highlighting all the perks front and center. No matter how enticing an offer seems, you should always check the fine print before applying to make sure you’ve reviewed both the good and the bad. Here’s how you can decide whether to take the card offer or send it straight to the shredder, from myFICO.
For more loan and credit education, visit myFICO’s blog at https://www.myfico.com/credit-education/blog
Check the card issuer
Before you dig any deeper, confirm that the card offer is from a legitimate and reputable bank. If you’ve never heard of the company, a quick internet search can give you some background. While you’re browsing, read through a few reviews to get an idea of whether other customers like or dislike that bank. Lots of negative reviews are a sign that you don’t want to do business with that card issuer.
Determine the cost
Consider the annual fee, interest rate, and cost of transactions you plan to make. If you travel internationally, check whether the card will add a foreign transaction fee to your purchases. For balance transfer credit cards, check the balance transfer fee, even if the card has a promotional rate. And if the card has a promotional offer that you’re considering, the timing matters. A competitive promotional rate…