Some banks reportedly turned down Apple Card due to profitability concerns — and seeking out low credit score customers could be a risky move.
in charge-offs and delinquencies, a mandate to lend to subprime customers could escalate those risks and may help explain why other firms readily passed on the product. But for Goldman, which is aggressively pursuing consumer-facing financial services, these risks are likely worth the potential customer acquisition payoff.Thinking outside the box could help Apple and Goldman attract a wide audience for their card — but they may have to work to garner spend.
Though targeting this audience is shaping up to be a ripe customer acquisition play, it could make it challenging to attract spend. On its face, Apple Card looks to compete with products like Chase Freedom and Citi Double Cash, which target customers with minimum scores around
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