I’ve wondered to myself since the partnership between Apple and GS was announced how it would play out.
For a company like Apple that is, arguably, struggling to innovate and stay relevant at the moment, introducing a credit card that’s held so closely to “home” for them is risky. They needed a financial partner that was going to allow them to accomplish what they wanted (keeping consumers tied to their product). If they pick the correct partner, having a CC like this is an incredibly smart move. If they pick the wrong partner, it will have the opposite effect from what they are looking for.
GS isn’t known to the “average” consumer and from what I’ve read here today, they are showing that loud and clear. Data is still too young and spotty to draw a solid conclusion, but this partnership could be problematic for Apple. GS seems to be excluding what could be a % of Apple’s customers (by declined applications) that could prove to be missed by Apple if they are aggravated or insulted by GS’ cold shoulder.
700 scores, 7 year old BKs, a 30 day late on a student loan 4 years, etc getting declined? I get responsible lending, but may of these folks that are getting declined seem to have proven their creditworthiness to other major lenders, but still get the thanks, but no thanks, from GS.
