Beyond announcing a slew of new and updated products, Apple CEO Tim Cook provided some commentary on the Apple Card – a credit card launched in cahoots with Goldman Sachs (NYSE:GS).
Cook said that Apple (NASDAQ:AAPL) set out to completely re-invent the credit card and to help people live a healthier financial existence.
“Our customers are loving all of the benefits of Apple Card,” said Cook. “And we believe this is the most successful credit card launch ever,” Cook stated without providing any metrics.
Perhaps alluding to the minor hoopla regarding credit scoring associated with the card, Cook said they are now taking a different approach by combining spouses’ credit scores.
“We want to reinvent the way this works too,” Cook explained. “…today we will allow spouses and partners to share and merge their credit lines … have equal lines on their accounts and build credit equally.” Cook said this was a game-changer.
Last month, the New York State Department of Financial Services (DFS) determined that Apple and Goldman Sachs did not violate fair lending laws in regards to complaints pertaining to the Apple Card. In 2019, Twitter briefly erupted with complaints alleging discrimination regarding approved credit for the Apple Card – an accusation that proved to be baseless.
Perhaps more interesting, is that the Apple Card may now be used by anyone in an immediate family over the age of 13 with optional spending limits labeled “Apple Card Family.”
The Apple Card’s streamlined integration into the iPhone has made it a popular choice for digital payments. Users may also request a physical card if one is needed. The advent of the Apple Card was perhaps the most direct push into Fintech services by the tech giant. Expect more services in the future. Perhaps Bitcoin? Or other crypto payments? It could happen.
