And it may have something to do with Steve Jobs.
Papadimitrious points out that the Apple Card doesn't offer 0 percent introductory rates, and its lowest interest rate - the one offered to customers with the best credit - is 12.99 percent.
However, it was likely clear and understood from the beginning Apple wants a financial partner who can take on as numerous 100 million iPhone users in the U.S.
Last week, Goldman Sachs released the customer agreement for the Apple card.
By then, iPhone users should be able to apply for the card using the Wallet app.
That doesn't mean every application will be accepted.
Neither Apple nor Goldman Sachs were available for comment at the time of publication.
As the iPhone sales slowed, Apple started relying more on other services to boost its revenue.
Some people with less-than-stellar credit scores are getting approved for the new Apple credit card that launched this week, CNBC reported. "I have a lot of collections from two or three years ago when I was in a really rough spot". I have surprisingly strong feelings about having a Goldman Sachs logo in my life? He received a credit limit of $750 with a 23.99% interest rate.
This makes ideal sense for a number of reasons. Apple now has roughly 50 million U.S. Apple Pay users. If you have one and you use it often, you're less likely to switch to a competing platform like Android, where you will no longer have access to your spending data.
According to a report from CNBC, Apple held discussions with Capital One regarding a joint credit card in the late 1990s. And it's exactly what Apple co-founder and former CEO Steve Jobs would have wanted. He didn't want anyone to be left out in the cold.
There is a chance this approach, which could make it easier for those who are already struggling with debt to rack up even more, will lead to backlash against Apple.
"Concerns have been raised about the risks to both Goldman Sachs and Apple". Aside from the absence of the fees like annual, transaction, penalty, or others, users can enjoy variable APRs, which ranges from 13.24 percent to 24.42 percent based on creditworthiness. So, if you have a low credit rating, you'll get a lower credit limit.
Bottom line: Apple is walking a unsafe line with its credit card as it runs the risk of romanticizing credit and encouraging debt. You might be surprised to find that Apple welcomes you with open arms.