Apple does a soft credit pull when you apply for Apple card so you can see Apple’s offer with credit limit and APR. A hard pull happens after you hit the “accept” button. Apple wanted to make the Apple Card accessible to as many people as possible, which means Apple Card partner Goldman Sachs is approving people with a wide range of credit scores.
Does the Apple Card affect your credit report?
Apple Card is poised to become the Apple Music of credit cards for anyone that has an i. Phone – the service people sign up for by default since it’s built into the software. While Apple Card does bring solid rewards and impressive money management tools, it will also affect your credit report when you apply for it.
Credit Check A credit check is required when signing up for the Apple Card. Approvals are done by Goldman Sachs, and Goldman Sachs uses Trans. Union for credit checks. If you have a credit freeze applied, you will need to unfreeze your Trans, and union credit.
Does the Apple Card have an interest rate?
When it comes to interest, though, the Apple Card will be entirely transparent, with your interest rate calculated in real time. You can use that as a measure of whether you want to proceed or not. All of this said, if you pay your balance on time, interest fees won’t be an issue, and holding the card is otherwise cost-free.
The Apple Card is one of the few cards on the market that has no fees whatsoever. There are no annual fees, no foreign transaction fees and no late payment fees. That said, you can still incur interest charges if you don’t pay your bill in full every month.
Why can’t I get approved for the Apple Card?
You have a high number of recent applications for credit. Goldman Sachs uses Trans. Union and other credit bureaus to evaluate your Apple Card application. If your credit score is low (for example, if your FICO9 score is lower than 600), 4 Goldman Sachs might not be able to approve your Apple Card application.
Should you get the new Apple Card?
All of this said, if you pay your balance on time, interest fees won’t be an issue, and holding the card is otherwise cost-free. As long as you’re going in with your eyes wide open, there’s a lot of perks to consider with the new Apple Card.
The earning is simple and there’s no annual fee. But there are also no transfer partners nor the ability to earn points or miles. The titanium Apple credit card will enter a crowded marketplace of no annual fee cards, and greater competition generally leads to better offers for consumers.