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Apple and Goldman Sachs are being picky about who gets an Apple Card

"The approval rates early on have been lower," Goldman CEO David Solomon said on the bank's third-quarter earnings call, adding that the bank is favoring applicants with excellent credit scores. "That's a decision Goldman Sachs is making as the bank, but we're doing that in concert with Apple." "They are keeping their underwriting standards high, and are able to be picky about who to approve, because there is so much demand for the branding, convenience, and new features of the Apple Card," Benjamin Keys, an associate professor at the University of Pennsylvania's Wharton School, told Markets Insider. "Keeping approval rates low suggests that at least initially Apple wants to focus on low-risk (higher credit score) customers who will use the card transactionally and generate interchange fees, rather than catering to higher-risk customers who may be charged high interest rates but also default at an elevated rate," he added.

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