Goldman Sachs is giving Apple Cards to people that don't have great credit

Back in March, Apple announced the Apple Card, a credit card that's managed by Goldman Sachs. It comes with a whole bunch of incentives, such as 3% cash back on purchases from Apple, and 2% cash back on purchases made with Apple Pay. Meant to solve many of the pain points with credit cards, the firm is also promising clearer itemized bills, easier activation, and more.

Earlier this week, Apple began sending out invitations to apply for the Card, and according to a report from CNBC, there are people that are receiving it that weren't exactly expecting to. Ed Oswald, who has a FICO score of about 620, said he was "absolutely shocked" that he got it. "I have a lot of collections from two or three years ago when I was in a really rough spot," said Oswald. "When I heard it was with Goldman Sachs, I figured they were going for the high-income set.

The idea is that Apple simply wants to get the Card into as many of its customers' hands as usual, and that includes over 100 million iPhone users in the United States. And to be clear, it's not like people like Ed Oswald are getting excessive credit limits. He said his limit is $750, so the credit limits that are being distributed are based on the customer's credit profile. Oswald also said that his interest rate is 23.99%, lower than his other credit cards.

While some of the people receiving the Apple Card would qualify as subprime, Goldman Sachs is promising that it's being responsible, not handing out more credit than can be handled by the customer. After all, Apple really does want as many of its customers to be able to use the Apple Card as possible.