While Goldman Sachs is widely regarded as a luxury bank, they’ve teamed up with Apple to release credit cards to a wide net of customers.
Goldman Sachs is Apple’s go-to bank to decide who will be approved for their (for now) sole credit card. According to CNBC, Goldman Sachs is indeed taking applications from those with lower credit scores. CNBC also pointed out this isn’t a first time the banking giant has serviced subprime customers. Their branch Marcus, which deals loans and savings accounts, lent 13% of the $4.75B in personal loans to customers who had FICO scores under 660.
Apple Card holder Ed Oswald told CNBC he had a FICO score of 620, but was able to obtain the card nonetheless. His credit limit is reasonable, at $750. While his interest rate is 23.99%, he told CNBC that rate is “‘a lot lower'” than that of his other card options.
Does your firm provide services for subprime borrowers?
