Apple started rolling out it’s much talked about credit card, the Apple Card, earlier this week. The company is expected to launch the new credit card broadly later this month for all iPhone users in the United States.
Some users around the country have already started getting invites to try out the new Apple Card, which Apple built in partnership with Goldman Sachs, which Apple had called a “different kind” of partner during the launch of the card. All Apple Card applications require to be first approved by Goldman Sachs, but Apple’s reportedly wanted Goldman to approve as many of the interested customers, even if they have a low credit score.
CNBC is reporting that Apple wanted as many of its 100m+ iPhone owners in the United States to be able to acquire the Apple Card. The publication pointed to Apple founder Steve Jobs’ earlier plans of making a credit card product back in 1990s where he didn’t want the firm to reject any of the interested customers of the card, which was never publicly launched.
Goldman Sachs is reportedly approving customers with credit card scores as low as 620. And that’s obviously a big deal because you would think Goldman would only be interested in providing credit cards to people with high or at least decent levels of credit scores. Some early customers of the Apple Card were even shocked to have their application approved because of their subprime credit scores.
There is, obviously, a catch. If you have a low credit score, you are going to have a low credit limit, and a high-interest rate to go along with it. For a customer with a FICO score of 620, Apple Card set a credit limit of $750 with an interest rate of 23.99%, for example.