Pre-Approved Credit Cards
I visited a bank this morning enquiring about a housing loan which I am contemplating signing for. Naturally, I was more concerned about the housing loan package which the said bank could offer me such as the tenure of the loan, margin of finance, monthly installment payable and interest rates applicable, I was intrigued when the said housing loan comes with a pre-approved gold credit card. It seems to be a norm nowadays that banks will offer a pre-approved credit card when your housing loan is approved.
The pre-approved credit card offered comes with a host of perks and was touted to be exclusive for the card holder. Here are some of the perks which came together with the pre-approved credit card:-
Discounts at Selected Merchants
Using the credit card at selected merchants (partners or affiliates of the bank) will entitle you to discounts from 5% up to 50% for retail purchases. This includes dining at restaurants, car rentals, hotel stays and entrance fees at theme parks.
Rewards Redemption
This is probably the most common of the perks in the market. Get 1 point for every dollar spent and accumulate the points to redeem gifts from their glossy catalogue or set off against annual fees. Having evaluated the gifts redeemable, I personally think that this particular bank’s rewards redemption is not better than the current credit card which I am holding with another bank. To avoid embarassment, their names will not be disclosed here.
Gender Focus
Well, I am not a woman. But the pre-approved cards include credit card for woman which would be better for women because the privileges and discounts are geared towards purchases by women. Those who frequent spas, salons, clothes and jewelry shops would benefit from getting one of these cards.
Zero Percent Interest Installment Plan
Now, this is where I get excited. The pre-approved credit card comes with a 0% interest scheme whereby I can purchase selected products and pay for the item through installments with absolutely zero interest payable. Items high on my list would be kitchen cabinets and wardrobes and perhaps, some electrical items. It sure would be handy to have this facility especially when one will be moving into a new house.
Automatic Insurance Protection
This is another welcomed privilege as retail purchases would be covered under an exclusive insurance scheme against defects. The insurance scheme is wholly undertaken and paid for by the bank and thus offers peace of mind to the card holder when purchases are made.
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