Recently, residents of the United States have become available to get an Apple Card credit card, presented earlier this year. As it became known, the idea of issuing their own credit cards in an American corporation appeared in the late 1990s, and the project was initiated by Steve Jobs himself.
As it became known, Steve Jobs wanted to issue a branded credit card in the late 1990s - about 20 years before the announcement of the Apple Card. Then the partner of Apple was to become a bank holding company Capital One, specializing in credit cards and various types of loans. The former head of the bank shared the details. According to him, Jobs “was disgusted” at the possible refusal to issue a card to any of the users. Apple CEO wanted anyone to get a card.
According to reports, a few years later, in 2004, Jobs again returned to the idea of a branded credit card. He wanted users to accumulate special bonuses for purchases that could later be spent on purchasing music on iTunes. However, even then the head of Apple could not find a common language with MasterCard and come to conditions satisfying both sides.
Now, under the leadership of Tim Cook, Apple managed to launch its credit card. Goldman Sachs was Apple's partner bank. Usually, it specializes in working with corporations and very wealthy clients but now has revised its policy. It is reported that even users with not the best credit rating receive an Apple Card.
According to reports, banks evaluate users according to a number of criteria, assigning them a credit rating. If it equals 800-850 or higher, then such a client is considered almost ideal. From 740 to 799 is a very good indicator, and from 670 to 739 is just a good indicator. If the rating is below 670, then the user will most likely be denied a loan.
However, now a variety of customers receive an Apple Card, and not everyone has their excellent credit history. Ed Oswald, one of the new owners of the Apple card, was surprised that Goldman Sachs allocated him a limit of $ 750 with his rating of about 620. He also noted that the interest rate on the Apple Card, which is 23.99%, is much lower than that of his other cards.