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Apple Card welcomes "subprime" seekers, as Jobs would have liked



A credit score smaller than it may not prevent you from bagging a shiny new Apple card.

"Subprime" seekers are accepted for credit, issued by Goldman Sachs, because Apple wants as many of its iPhone users as possible to be approved.

And that's what Steve Jobs wanted.

The Apple Card is not officially open to everyone yet, but lucky few have been invited to claim it early. And some, who expected to be rejected because of low credit scores, were surprised to get a big thumbs up from Goldman Sachs.

“The bank, which is responsible for determining who gets the Apple card, accepts some applications from users with less than a star credit score, reports CNBC, and cites people familiar with the matter.

Here's why.

Apple Card is for everyone

Apple worked with Goldman Sachs delivers a credit card to almost everyone. There are now more than 100 million iPhone users in the United States alone, and Apple wants as many people as possible to access their product.

That does not mean that all applications are accepted. Apple and Goldman Sachs still have to work within the framework of regulatory and responsible lending. But the bank may be more lenient toward Apple Card applicants than it would for other services.

"I was absolutely shocked that I got it," Apple Card customer Ed Oswald told CNBC. "I have a lot of collections from two or three years ago when I was in a very place … I figured they went for high revenue sets."

But Oswald was approved with a $ 750 credit limit and a 23.99% interest rate, which he says is lower than his other credit cards.

This makes perfect sense for several reasons.

That's what Steve Jobs would have wanted to have

Apple Card is another service that connects users to Apple devices. If you have one and use it often, you are less likely to switch to a competing platform like Android, where you will no longer have access to your spending data.

For Apple, then, the rewards of making the Apple Card widely available outweigh the risk of lending to potentially bad debtors. And that's exactly what Apple founder and former CEO Steve Jobs wanted.

Jobs explored the idea of ​​launching an Apple card several times. When he had discussions with Capital One in the late 1990s, Jobs had "a reluctance" to reject some of Apple's customers for credit, a source said. He did not want anyone to be left out in the cold.

It seems that Apple has the same feeling about Apple Card today.

Apple encourages responsible use [19659014] There is a chance that this approach, which could make it easier for those who are already struggling with debt to look up even more, will cause setbacks against Apple. But Cupertino and Goldman Sachs are taking steps to encourage responsible lending.

The bank will only give as much credit as a person's profile suggests they can afford. So if you have a low credit rating, you get a lower credit limit. Apple also makes it incredibly easy to track expenses on the iPhone, and calls for repayments of more than minimum to reduce the amount of interest that borrowers repay.

Don't assume you can't get an Apple card if your credit rating is then not considered excellent. You may be surprised that Apple welcomes you with open arms.

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