I thought this was interesting as I was reading how there are a ton of credit cards that are supposed to be exclusive to the very wealthy such as the American Express Black. There is no reason an average person would need to ever charge $100,000 on their card for the day as an example. But I was reading about this credit where apparently it was reserved for people who clear well over $100,000 a year in their job as a prerequisite. That’s what I found funny as the bank kept notifying me that I was pre-approved for this even though I shouldn’t qualify.
But apparently I believe the reason I was even approved and getting the offer is because I have a lot of savings which in turn the bank looks at it with the perspective that I am low risk and can only make money from it potentially charging me annual fees and all. This happens all the time such as getting pre-approved loans where I really have no reason to use it and it’s one of those things that people would normally need to prove that they have a stable income to get.
It almost makes me wonder if banks actually do that constantly where they scour through customer bank data and how much money they have to then determine if they would be a good target for various financial services. It’s almost like getting e-mail blasted for advertisement that you didn’t sign up for. But I suppose it does show too, especially if you are a young adult, just starting to have a good savings nest can often get you qualified for a lot of deals even if you don’t meet the income requirements.