Apple Card welcomes 'subprime' applicants, as Jobs would have wanted

11 Août, 2019, 22:26 | Auteur: Auguste Feret
  • Apple Card welcomes 'subprime' applicants, as Jobs would have wanted

Apple worked with Goldman Sachs to deliver a credit card for nearly everyone.

The images show how minimal the Apple Card is compared to most cards, with an Apple logo, the card holder's name, and a chip on the front.

As the financial powerhouse behind the credit card, Goldman is actually the entity responsible for approving credit applications, but according to sources with inside knowledge, it's casting a very wide net, approving applicants with credit scores that normally wouldn't qualify for such a seemingly-prestigious card. If you haven't had the chance to apply, Apple said Apple Card will be more widely available later this month. When the company announced the product in the spring, it said its rates would be lower than most credit cards.

One new Apple Card customer cited in the report, Ed Oswald, a copywriter from Reading, Pennsylvania, was approved with a FICO score of only 620, adding that he was "absolutely shocked" by the approval, despite his lower score and outstanding collections from years past when he suffered financial difficulty.

"From the start, Apple wanted its bank partner to create a technology platform that would approve as many of its 100 million-plus U.S. iPhone users as possible, within the bounds of regulations and responsible lending, according to the people".

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Still, 9to5Mac admits Goldman Sachs and Apple need to be wary about how they handle the cards.

This makes ideal sense for a number of reasons. If you have one and you use it often, you're less likely to switch to a competing platform like Android, where you will no longer have access to your spending data. "Everyone else is better off with one of the best rewards credit cards or one of the best 0% April credit cards". And it's exactly what Apple co-founder and former CEO Steve Jobs would have wanted. Again, it never came to fruition, this time because Apple could not negotiate the terms it wanted for the card. He didn't want anyone to be left out in the cold. If Goldman Sachs' doesn't share a similar vision then it will be cutting itself out of a segment of the American population, especially the younger generation millennial audience.

The bank will only provide as much credit as a person's profile suggests they can afford. Here's how you can get on the list to apply. The card has a number of consumer-friendly features that make it incredibly easy to activate and use.

Despite this, however, it looks like it won't be as hard to get approved for the Apple Card as you may think. You can be notified when applications become available through Apple.

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