Why ‘sexist’ Apple Card is Cupertino’s worst nightmare

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Sexist Apple Card accusations are tech's latest example of biased algorithms
Apple Card was meant to be the solution, not part of the problem.
Photo: Apple

Cupertino pitched Apple Card as the greatest credit card in history. Instead, the card generated negative PR based on accusations that the algorithm used to decide credit limits is discriminatory.

Even Apple co-founder Steve Wozniak complained about the supposedly sexist algorithm. Woz said he received 10 times more credit than his wife, despite sharing bank accounts and assets. Here’s how Apple became the latest tech giant to be accused of algorithmic bias — and what that means.

Apple Card isn’t reflected in your credit score… yet

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Apple Card in POS
The Apple Card is still so new it’s not being reported to credit bureaus.
Photo: Ed Hardy/Cult of Mac

Any late payments made so far to an Apple Card account haven’t hurt your credit rating. Not yet, anyway.

That’s because the bank that’s backing the card, Goldman Sachs, reportedly isn’t giving anyone’s payment history to the three major credit bureaus.

Goldman Sachs CEO calls Apple Card ‘most successful credit-card launch ever’

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Apple Card’s ‘elite card’ status is hitting retailers in the wallet
Apple Card demand is through the roof.
Photo: Apple

Apple Card is off to smashing start, according to Goldman Sachs CEO David Solomon.

During an earnings call this morning, Solomon updated investors on the status of Apple Card which launched in the US in August. Despite some skeptics worrying about Apple Card’s profitability, Solomon claims Apple Card is “the most successful credit-card launch ever.”

Apple clashes with its Apple Card partner over TV+

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Apple shares just passed another historic milestone
Apple and Goldman Sachs disagree over Apple TV+ accounting.
Photo: Pexels

Apple partnered with Goldman Sachs to launch Apple Card. But that doesn’t guarantee that the two entities will always see eye-to-eye.

Late last week, Goldman Sachs cut its price target on Apple shares to $165. That gives it the lowest expectations for Apple of all major Wall Street banks. Following the news, Apple hit back at its partner, arguing that its claims were ill-founded.

Apple Card’s ‘enhanced security’ takes aim at fraud

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Apple Card in POS
Stealing someone’s Apple Card number is designed to be very hard.
Photo: Ed Hardy/Cult of Mac

The new Apple Card offers some unusual security features, all designed to prevent this credit card’s number from being used without authorization, either in a store or online.

The fact that the card number isn’t printed on it anywhere is just the start. “The real key to the enhanced security here is happening behind the scenes,” said Craig Vosburg, President of Mastercard North America.

Apple Card adds new rewards as it becomes available to all (in the US)

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Apple Card
Just spend it.
Photo: Apple

Apple Card is now available to all iPhone users in the United States.

You can sign up for yours through the Wallet app. Users will enjoy 2% daily cash back on Apple Pay transactions, and 3% daily cash back on purchases made directly from Apple.

As the Apple credit card launched Tuesday, Cupertino also expanded its 3% daily cash back offer to include Uber and Uber Eats.

How and why you should reject arbitration on your Apple Card

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Sexist Apple Card accusations are tech's latest example of biased algorithms
Use one to get a good deal on the other.
Photo: Apple

Invitations to get an Apple Card are trickling out, but even before you make the first purchase with your shiny new credit card, you should reject its arbitration provision.

If you don’t, you give up the right to benefit from any class-action lawsuits brought against Goldman Sachs, the bank backing Apple Card.