Will you get authorized for an Apple Card? In all probability. Right here's why


Tony Avelar, Associated Press

In this Monday, March 25, 2019, file photo, Jennifer Bailey, vice president of Apple Pay, speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino, Calif. Apple is hoping a credit card will entice more iPhone owners to use Apple Pay. (AP Photo/Tony Avelar, File)

SALT LAKE CITY — It’s a very real question for anyone looking to apply for an Apple Card: Will you be approved?

Well, it looks like Apple Card approval levels are actually pretty high. Some sub-prime borrowers have seen their applications accepted, too. And it may have something to do with Steve Jobs.

Unnamed sources told CNBC that Goldman Sachs will cast a wide net for customers applying for the Apple Card since it will approve who receives an Apple Card. In fact, Goldman Sachs will accept applications for those with “less-than-stellar credit scores,” the sources told CNBC.

Some Apple Cards are available already. More will be available later this night.

“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. That’s in line with the tech giant’s desire to provide a good user experience for its customers,” according to CNBC.

For example, Ed Oswald said he received a card with a credit score of 620. He received a credit limit of $750 with a 23.99% interest rate.

“I was absolutely shocked I got it,” Oswald said. “I have a lot of collections from two or three years ago when I was in a really rough spot. When I heard it was with Goldman Sachs, I figured they were going for the high-income set.”

According to Venture Beat, the late Apple CEO Steve Jobs wanted to introduce credit to customers back in the late 1990s. He said he didn’t want to reject any Apple customers. The company decided to focus on computers and tech hardware instead of credit, though.

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

Comment on this story

“Concerns have been raised about the risks to both Goldman Sachs and Apple. Goldman is seemingly entering riskier-than-usual credit territory, while Apple risks reputational damage if it is perceived to be encouraging debt, especially to spend on its own products. The app does, however, encourage responsible borrowing and higher-than-minimum repayments by clearly showing the impact of different repayment levels on the interest charged.”

Steps on how to apply for an Apple Card can be found on Apple’s support page. Right now, the Apple Card is unavailable to customers not partaking in the Apple Card preview. You can be notified when applications become available through Apple.

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