Called Path to Apple Card, the new program sends those who have been rejected details on why their application was not approved, which the company says is much easier to understand than the generic rejection information most financial institutions provide. Apple will also send out a monthly email with specific steps people can take to boost their chances if they reapply, with the process expecting to take roughly four months on average.
Apple also has an updated financial health section on the Apple Card website that details the factors that go into Goldman Sachs, its Apple Card partner, approving or rejecting Apple Card applicants. These might include your FICO score, payment history with utilities such as gas or electric companies, your annual income and your history of paying down debts.
The new Path program is another part of Apple working to stand out as a credit card provider by trying to be more transparent with customers, providing them with financial tools to help them manage their spending and cutting down on annoying fees. Apple isn’t the only card provider making such changes, with major banks doing more over the years to provide credit scores and budgeting tools to their customers.
Apple Card offers 3% cash back at a host of stores (including its own), and 2% everywhere else, when paying with Apple Pay, all without charging an annual fee.
As the issuing bank, Goldman Sachs handles the application process and is the one with access to that data. At launch, the Path feature will be invite-only, with Goldman Sachs choosing which applicants can take part in the program.
Once completed, you can reapply for an Apple Card and the bank will reevaluate your application.
Priding itself on being “designed to support your financial health,” the new feature is the latest Apple Card update to help with the company’s goal, following previous initiatives in the Wallet app such as a color-coded system for breaking down where you’re spending money and an intuitive wheel that clearly details how much interest would be owed depending on how much of your monthly balance you pay off.