Personal Finance

Preapproved Visa Card Offer

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  • Nov 6th, 2016 9:05 pm
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Deal Addict
Jan 13, 2014
2907 posts
2135 upvotes
Calgary

Preapproved Visa Card Offer

Hi everyone,

Last week i got a call from Scotiabank's telephone banking center. I had recently signed up for those scene members card for cineplex and I guess they got my information from there. They told me that I have been 'Pre-Approved) for their Scene Visa card with some extra free movies. I dont need this visa as I already have my two main cards that I use (CIBC Aventura Infinite Visa for regular purchases and BMO World Elite MC only for costco stuff every couple of months). I told that the person that I dont really need it, but they were kinda insistent. I asked them if I am preapproved does it mean Scotia will do a credit check on me? to which they said that Scotia wont as I am preapproved. I asked this three times to confirm. Anyways I said ok to the credit card as he was giving like 5 or 6 free movie passes. Now I am bit worried about a credit hit again. If I pull my equifax right now and it shows that scotiabank did indeed hit my credit , is there any recourse for me? or should I just swallow this as a life lesson and move on?
27 replies
Deal Addict
User avatar
Nov 9, 2005
4438 posts
1927 upvotes
Vulcan, AB
Do you always take financial advice from people who phone you, offer you things you don't want or need, then get aggressive with you when you decline?
Deal Addict
Jan 13, 2014
2907 posts
2135 upvotes
Calgary
Financial advice? never. Free stuff? maybe. But I hardly get calls for free stuff though.
Deal Addict
User avatar
Nov 9, 2005
4438 posts
1927 upvotes
Vulcan, AB
If it causes a credit hit, I'd say that's a financial decision.

Just sayin'. File this one under learning experiences. There's nothing you can do now (until next time).
Deal Addict
Jan 13, 2014
2907 posts
2135 upvotes
Calgary
I do agree. I know that in preapproved PLC offers there is no credit check (only verbal income required) but not so sure about how this preapproved visa works. Thank you, and i will probably wont fight the hit with them, i had like maybe less than 4 since beginning of 2015.
Deal Addict
Feb 27, 2013
2234 posts
731 upvotes
Toronto
i think these "Preapproved" cards is bs.. especially at such an entry level credit card which anyone can apply for and get approved. i believe its all a marketing scheme.. think about it if they simply asked you "do you want to sign up and get 5 free movies" would you still say yes?
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Jr. Member
Mar 29, 2015
164 posts
101 upvotes
London, ON
I actually applied for this card two days ago without a preapproval, and on my credit report it's just a soft hit. I don't have any other products with Scotiabank, so it should have been a hard hit.
So I'd think that if they specifically told you there'd be no hard hit, that there won't be.
Deal Addict
May 15, 2013
2048 posts
636 upvotes
Alberta
masarwar wrote: Hi everyone,

Last week i got a call from Scotiabank's telephone banking center. I had recently signed up for those scene members card for cineplex and I guess they got my information from there. They told me that I have been 'Pre-Approved) for their Scene Visa card with some extra free movies. I dont need this visa as I already have my two main cards that I use (CIBC Aventura Infinite Visa for regular purchases and BMO World Elite MC only for costco stuff every couple of months). I told that the person that I dont really need it, but they were kinda insistent. I asked them if I am preapproved does it mean Scotia will do a credit check on me? to which they said that Scotia wont as I am preapproved. I asked this three times to confirm. Anyways I said ok to the credit card as he was giving like 5 or 6 free movie passes. Now I am bit worried about a credit hit again. If I pull my equifax right now and it shows that scotiabank did indeed hit my credit , is there any recourse for me? or should I just swallow this as a life lesson and move on?
You can swallow it during your 6 free movies....
Member
Oct 2, 2015
413 posts
343 upvotes
Outremont, QC
Part of the terms of Scene (I'm speaking of the rewards card, not any banking product) is that you consent to allow Scotiabank to perform soft checks on your credit for the purpose of advertising their products to you. In my case, I saw several routine checks every few months from Scotiabank despite never holding or applying for one of their products.

If they pre-approve you, there will not be a hard credit check. If your pre-approval was like mine, they told you the pre-approved credit limit, but did not ask for your income, and only asked for your employment status and employer's name. The details of the pre-approval state they can refuse to carry on with it if they discover any unsatisfactory credit information, but they do not perform a hard check or any verification. You can log into the scene website and there should be an ad stating you were pre-approved, with these details in the details section.

To answer your more general question: if someone checks your credit without consent (they require explicit consent for a hard check), you can find recourse by writing to their head office, ombudsman, and then the provincial and/or federal privacy regulators (in that order). Generally, if you can get a response from the head office, you can get like $100 for the trouble. Their phone calls are recorded so you can prove what the terms were as stated by their rep.
Deal Addict
Nov 25, 2014
1739 posts
960 upvotes
Newton Brook, ON
Russell wrote: Do you always take financial advice from people who phone you, offer you things you don't want or need, then get aggressive with you when you decline?
There's a difference between bad advice and a violation of terms. If this was a hard check then that's what it was. Consent is required for that, but was not given (in fact it was emphatically denied, by the sound of it).
Deal Addict
Jan 13, 2014
2907 posts
2135 upvotes
Calgary
Nimbusplane wrote: Part of the terms of Scene (I'm speaking of the rewards card, not any banking product) is that you consent to allow Scotiabank to perform soft checks on your credit for the purpose of advertising their products to you. In my case, I saw several routine checks every few months from Scotiabank despite never holding or applying for one of their products.

If they pre-approve you, there will not be a hard credit check. If your pre-approval was like mine, they told you the pre-approved credit limit, but did not ask for your income, and only asked for your employment status and employer's name. The details of the pre-approval state they can refuse to carry on with it if they discover any unsatisfactory credit information, but they do not perform a hard check or any verification. You can log into the scene website and there should be an ad stating you were pre-approved, with these details in the details section.

To answer your more general question: if someone checks your credit without consent (they require explicit consent for a hard check), you can find recourse by writing to their head office, ombudsman, and then the provincial and/or federal privacy regulators (in that order). Generally, if you can get a response from the head office, you can get like $100 for the trouble. Their phone calls are recorded so you can prove what the terms were as stated by their rep.
Thank you this answers alot of my questions! And yes they didn't ask for my income. Just asked if I was employed.

Thanks everyone for the responses! I will pull an equifax in a few months time and see what inquiries are there.
Newbie
Jan 11, 2016
18 posts
11 upvotes
Quebec, QC
Just got an email from Scotia with the same offer. They preapprove me for 6.5K limit Visa Scene + 5000 scene points. Unless you go often to the theatre (which is not my case, I go 3/4 times a year), I do not think the free movies pays for the time you have to manage the credit card.
Deal Fanatic
User avatar
Sep 7, 2004
9135 posts
7090 upvotes
West GTEH!
yackas wrote: Just got an email from Scotia with the same offer. They preapprove me for 6.5K limit Visa Scene + 5000 scene points. Unless you go often to the theatre (which is not my case, I go 3/4 times a year), I do not think the free movies pays for the time you have to manage the credit card.
+1. Received the same email offer. Don't need the card and deleted email.
😎
Deal Expert
User avatar
Jan 27, 2004
52937 posts
18145 upvotes
ONTARIO
XSnapSX wrote: i think these "Preapproved" cards is bs.. especially at such an entry level credit card which anyone can apply for and get approved. i believe its all a marketing scheme.. think about it if they simply asked you "do you want to sign up and get 5 free movies" would you still say yes?
The bank profits off these credit cards. Why not?
Also... Even if they don't profit that much, they have the potential of bringing other business if they like the visa card.
Deal Addict
Feb 27, 2013
2234 posts
731 upvotes
Toronto
UrbanPoet wrote: The bank profits off these credit cards. Why not?
Also... Even if they don't profit that much, they have the potential of bringing other business if they like the visa card.
I agree with you. But im referring to OP. Rather than just saying yes to the banks, check to see if you really need that credit card given OP already has 2 main credit cards he uses on a daily basis.
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Deal Addict
Aug 17, 2012
1752 posts
742 upvotes
Windsor
If I get pre-approved offer for credit cards. I usually accept it and make the new card my regular card and keep one of the old card in drawer so have to manage only two cards at a time and build relationship with bank..
Deal Addict
User avatar
Dec 20, 2006
2279 posts
2192 upvotes
XSnapSX wrote: i think these "Preapproved" cards is bs.. especially at such an entry level credit card which anyone can apply for and get approved. i believe its all a marketing scheme.. think about it if they simply asked you "do you want to sign up and get 5 free movies" would you still say yes?
+101 A pal of mine got a pre-approved Tangerine MC notice a few days ago. He gave a shot but didn't get approved at all as he has no credit score (no personal CC) to show since he does all purchases in cash/debit card.
“Ninety percent of all human wisdom is the ability to mind your own business.”
— Robert A. Heinlein
Deal Addict
Nov 18, 2012
1733 posts
727 upvotes
Toronto
Got Scotia bank preapproved before, no credit check.
Simple is the best.
Deal Addict
Aug 31, 2014
1505 posts
564 upvotes
YVR, BC
there is no such thing as pre approved......just marketing to their customers with algorithms - based on internal source information from loyalty programs such as Aeroplan and Scene etc, remember they pay hundreds of millions for these loyalty programs for this very reason to market to you and obtain your personal financial info etc, if in doubt always assume a credit check will be conducted....they know everyone loves the term 'pre-approved' 'valued customer' etc
Deal Addict
Nov 25, 2014
1739 posts
960 upvotes
Newton Brook, ON
604nation wrote: there is no such thing as pre approved......just marketing to their customers with algorithms - based on internal source information from loyalty programs such as Aeroplan and Scene etc, remember they pay hundreds of millions for these loyalty programs for this very reason to market to you and obtain your personal financial info etc, if in doubt always assume a credit check will be conducted....they know everyone loves the term 'pre-approved' 'valued customer' etc
I assure you there is such a thing as pre-approvals. If you have in writing that you are pre-approved, then you are. However there is also such a thing as misleading wording such as "you've been selected to apply for ..." which may sound like pre-approval but is not.

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