Apple launched its credit card last year to consumers. However, not everyone was able to get one because of their credit history. The company has tied up with Goldman Sachs to fetch credit information of users and to determine whether customers are eligible for a credit card or not.
The Apple Card is indeed a credit card by Goldman Sachs – a partnership between Apple and Goldman Sachs. Earlier this year, Apple expanded its credit card usage to offering all of its products at 0% interest EMI to all Apple Card holders.
Now, Apple wants everybody to have its credit card and is starting a new “Path to Apple Card” program to help people who were declined from getting an Apple Card previously. All Apple products users who were declined by the company from getting their card will start receiving notifications about the new program.
“Path to Apple Card” is an opt-in four months (maximum) program which will provide users some information as to why their applications for the Apple Card were rejected in the first place. The program will help users get a credit worthiness outline to plan their future spendings.
The program will help users improve their financial standing and maintain a positive credit record which will make it easier for Apple and Goldman Sachs to issue their credit card. People who opt-in to the program will receive a progress report every month.
“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card,” Solomon said, adding “which we believe is the most successful credit card launch ever.”
“Taken together, these investments draw on our returns in the short term, but are critical to expanding our capabilities and our competitive position,” Solomon said.