If you have an Apple Card and you forget to pay for the month, then please don’t expect Apple to save from your unpaid debts. The partnering bank, Goldman Sachs, hasn’t specified about underpaid Apple Card credit limits until this week, which makes the decisions about collections from delinquent accounts. The slogan of the Apple Card also drew the attention of the Goldman Sachs of how the Cupertino company will deal with the underwriting of the Apple Card.
For example, Apple wouldn’t be able to accept any negativity in collecting unpaid bills from unemployed people. Most of the credit card delinquencies come from people who lost their jobs or have a low-income level, which means they don’t make their credit card payments on time.
Goldman Sachs has clearly said that it fully controls the relationship between Apple Card cardholders. Their CFO, Stephen Scherr states,
“I want to be really clear on this, notwithstanding whoever lays claim to the creation of the card: There’s only one institution that’s making underwriting decisions, and that’s Goldman Sachs. Apple is completely in the know as to how we are going about these underwriting decisions. But the ultimate decision sits with us, and so we calibrate, manage our risk and collections in the context of that.”
It is true that the bank is responsible for the underwriting of the Apple Card. The credit card service has rounded up negative public relations between cardholders and the two companies. A few months people claimed that the Apple Card gave more credit limits to men than women and vice-versa. This means that they deemed this as a sexist thing for Apple to only give people more credit to a certain gender or a race. Apple should give cardholders a credit limit that is equal to everyone, regardless of religion, gender, race or income level.