Barclaycard launches as credit card pre-approval partner on MoneySuperMarket
MoneySuperMarket has announced the UK’s leading credit card provider, Barclaycard, as the latest big name to offer the pre-approval facility across its credit cards portfolio on the price comparison website, where customers can now apply for seven of its Platinum and Freedom products.
The pre-approval facility means, where applicable, customers can secure exactly the offer they see at the point of applying, should they meet the necessary criteria and have a good credit score. A specific credit limit has to be agreed on acceptance, based on the individual’s personal circumstances.
MoneySuperMarket was the first price comparison website in the UK to offer pre-approval, launching with Capital One and MBNA in 2015, with Virgin Money and New Day coming on board earlier this year. This week’s introduction of Barclaycard as the fifth partner on the panel means 25% of customers who buy a credit card through MoneySuperMarket have done so through the pre-approval facility.
Pre-approval complements the existing Smart Search facility, which is available for all products on its credit cards channel. Pre-approval provides personalised scores, based on the individual’s circumstances, showing the likelihood, ranked from 1/10 (least likely) to 9.5/10 (most likely) of being accepted for the card. This transparent system helps customers apply for the products they are most likely to be accepted for as, importantly, each application comes up as a mark on a customer’s credit score.
Peter Harrison, Director of Money at MoneySuperMarket, said: “There’s an inherent lack of transparency when people apply for credit cards because they don’t know if they will get accepted, if they will get the headline rate, or how it will affect their credit rating if they apply and get rejected. That’s why 2.1 million people used MoneySuperMarket’s Smart Search tool in the first half of 2016 to find out which products they’re most likely to get accepted for, before they apply.
“Pre-approval is the next step in making life easier for anyone applying for a credit card, as it enables us to guarantee our customers they’ll be accepted for the card they want, with no surprises further down the line. We want to offer as many attractive products from as many providers as possible through our pre-approval facility, so we’re delighted to have Barclaycard on board.”
Craig Evans, Managing Director at Barclaycard, commented: “Offering pre-approval gives customers a better indication of which Barclaycard is right for them, based on their individual circumstances, before they apply. Being turned down for a credit card can affect your ability to get one in the future but with pre-approval, this is less likely as you’ll be able to apply for the right card for you, in the knowledge that you are likely to be accepted.”