Don’t expect Apple to go easy on you if you get delinquent on payments to your Apple Card. Because that is not in Apple’s control.
The credit card is underwritten by Goldman Sachs. And the bank made it clear this week that it alone makes the decisions about collections from delinquent cardholders.
You may think the Apple Card is unlike any other credit card. Your credit score will now treat it like all the others.
Goldman Sachs, the bank behind Apple Card, says it is working with credit bureau TransUnion in reporting cardholder information.
Apple Card customers can now enjoy 3% daily cash back at Nike.
The deal applies to purchases made through the Nike website, retail stores, Nike Training Club, and more. And all Nike products are eligible.
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.
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.
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 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.
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 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.
A less-than-stellar credit score may not stop you from bagging a shiny new Apple Card.
“Subprime” applicants are being accepted for credit, issued by Goldman Sachs, because Apple wants as many of its iPhone users as possible to be approved.
And it’s what Steve Jobs would have wanted.
