We all receive those unsolicited marketing notices telling us that we have been preapproved or preselected for a card. Being preapproved for a credit card does not mean you have been approved for the card, however. You must still apply to be approved. And if you apply you could still be rejected, or even approved for less attractive terms than what was described. Further, applying for a credit card can reduce your score. Better practice- shop around for a card that offers rates, rewards or other features that work for you.