What Does ‘Pre-Approved’ Really Mean for Credit Cards?

If you’ve ever received an email or letter saying you’ve been “pre-approved” for a credit card, you might wonder what that really means—and whether you’re guaranteed to get the card.

While pre-approved credit cards can sound like a sure thing, the reality is a bit more nuanced.

In this post, we’ll break down what pre-approval really means in Canada, how it affects your credit score, and what you should consider before accepting any offer.

Pre-Approved Credit Cards: What You’re Really Being Offered

A pre-approved credit card offer means that a credit card issuer has reviewed basic information about you—often through a soft credit check or from your financial history with a bank—and determined that you meet their initial eligibility criteria.

But here’s the catch: being pre-approved doesn’t necessarily mean you’ll be fully approved once you actually apply.

Here's how it works:

1. A bank or issuer screens potential customers using data such as credit score range, income estimates, or current account status.

2. You receive a pre-approved offer, typically by mail, email, or through your online banking dashboard.

3. You still need to submit a formal application, which may involve a hard credit inquiry.

4. Final approval depends on a deeper review of your financial history, income, debt levels, and credit report.

   
   

Is Pre-Approval the Same as Pre-Qualification?

These terms are often used interchangeably, but there can be subtle differences:

• Pre-qualification is usually a softer, earlier step that indicates you may be eligible for a product based on self-reported or limited data.

• Pre-approval is slightly more formal and often based on real data from your credit profile.

  
  

In both cases, neither guarantees final approval.

Why Do You Get Pre-Approved Credit Cards in Canada?

Lenders send out pre-approved credit card offers to attract new customers who are likely to qualify and be profitable in the long term. If you already have a good relationship with a bank—say, you’ve got a chequing account or mortgage with them—they may be more likely to extend you a pre-approved offer.

Some Canadian banks, like RBC, Scotiabank, or BMO, even list pre-approved offers directly in your online banking portal, giving you a chance to accept without filling out a long application.

Will Pre-Approved Credit Card Offers Affect Your Credit Score?

The good news is that receiving a pre-approved offer does not affect your credit score. These offers are based on a soft credit inquiry, which doesn’t impact your credit file.

However, submitting an actual application will result in a hard inquiry, which can temporarily lower your credit score by a few points. If you apply for multiple cards in a short period, that impact can add up—so choose wisely.

Are Pre-Approved Credit Cards Worth It?

When reviewing pre-approved credit cards, it’s important to remember that:

• You’re not guaranteed final approval.

• You should still compare the offer to other credit cards to see if the rewards, fees, and interest rates are competitive.

• You should review the terms and fine print carefully, especially if the card has an annual fee or promotional rates that expire.

  
  

Sometimes, pre-approved offers include exclusive perks—like bonus points or waived annual fees in the first year—but not always. So, don’t assume it’s the best deal just because it landed in your inbox.

Final Thoughts

While pre-approved credit cards can be a convenient way to get matched with an offer you’re likely to qualify for, they’re not a guarantee. Always read the terms, compare other card options, and understand how the approval process works before you hit “Apply Now.”

When in doubt, check out credit card reviews or speak to a financial advisor to see if the offer truly fits your financial goals.