Steve Jobs rejected the first Apple Card – here’s why

The Apple Card started rolling out to select individuals in the US this week, but it could’ve come a lot sooner if not for Steve Jobs.

In the late 1990s, Steve Jobs and Apple were involved in discussions with Capital One about a credit card. However, Jobs was concerned about his customers feeling rejected by Apple if they weren’t accepted for a card.

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According to CNBC, a former Capital One executive stated Steve Jobs “had an aversion” to reject any of his customers for an Apple credit card. After the card went through a testing period, it was eventually cancelled.

Apple is now working with Goldman Sachs on launching its first credit card. The card appears to be somewhat addressing Jobs’ concerns – with exceptionally high approvals thus far.

Goldman Sachs is reportedly accepting a wide range of applications for the card – approving subprime borrowers for the product. Subprime borrowers are those with lower credit scores. 

The strategy makes sense as – with the card – Apple is hoping to approve as many of its over 100 million iPhone users as possible while adhering to regulations and lending responsibly.

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While Apple wants to reach as many of its current product customers as possible, the company is intent on lending responsibly as it wants to maintain its image of providing a high standard of user experience.

The application process for the Apple Card opened on the 5th of August – but customers still required an invite to apply.

A big part of the Apple Card experience is how it works in coordination with Apple Pay. The app offers a range of budgetary options and information as well as added clarity over repayments. 

Use of the card offers customers several cashback options including 3% on purchases from Apple, 2% on any purchases via Apple Pay and 1% when using the physical card.

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