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PRE-APPROVED CREDIT CARDS and *Pre-approved cards are the result of one bank who now has you as a customer, *and sells your name to another bank or a series of banks so they can offer *you their credit cards. Here's how it usually works: and *Many smaller banks want to be credit card issuers but, because of limited *facilities for credit card processing, it is sometimes difficult for a *smaller bank to cash in on the credit card boom. What's been developed is *an interconnect system where large banks will process credit card *applications and issue the credit cards for the little banks. and *For example, let's say that Mini Savings & Loan wants to get in on the *Plastic Pursuit. However, Mini does not have the facility or the staff to *process credit card applications and issue credit cards. What Mini has to *do is contract the service with Maxi Bank. and *Since Maxi has several banks that they provide this service to, Mini Savings *& Loan is just a welcome addition to their roster of client banks for whom *they process and issue credit cards. and *When you apply for a credit card at Mini Savings & Loan, your application *is actually forwarded to Maxim Bank who runs a credit check and, granting *you have good credit, issues you your choice of VISA or MasterCard with *Mini Savings & Loan's name on it. and *However, since Maxi is the issuing bank and since it has your credit on *their file, they can very well send you an application for their own credit *card. They can also sell your name to their other client-banks who can offer *you their credit cards on a pre-approved basis. and *Another source that sells your name is the credit bureau. Because they can *program their computers to search for names of existing credit card holders *with clean and healthy files, they can provide issuing banks with a premium *mailing list of people to whom the banks can send pre-approved credit card *applications. and and |
