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I received a letter stating that I have been preapproved for a credit card with a high credit limit and a low annual percentage rate. What does this mean?

Generally, when you are "preapproved" for a credit card, it means that a preliminary review of your credit record by the card company indicates you may meet the criteria it seeks in a customer. You are not absolutely guaranteed to receive a card—or the credit limit, interest rate, or other terms featured in the promotion.

You will only receive the card if you apply and if you meet other criteria that the card company has established. These other criteria, including making sure that your credit record has not deteriorated since you were selected for the offer, will determine whether you get the card, and if you do, the credit limit, interest rate, and other terms for the card.

You should read the promotion very carefully before applying.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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