Has your mailbox been yielding daily “pre-approved” offers for credit cards? Consumer Reports warns that not all those credit card offers are as good as they sound.

The envelope may proclaim that you are pre-approved but if you read the fine print you may find that acceptance of your application is still contigent upon a review of your credit report and you may not be granted a card at all.

The key is to carefully read and review the disclosure box. Here is where you will learn about the APRs and how they apply or even change (some cards charge you a higher default APR if you are ever late with a payment), how interest is calculated and penalty fees for overlimit and late payments.

You can read the Consumer Reports article here.