What you need to know
- The update now allows more anonymized data sharing with Goldman Sachs.
- It also provides more detailed transactions from Apple.
Apple and Goldman Sachs had recently received some criticism about the credit limits given and approvals granted to applicants for Apple Card, and Apple appears to be making some changes in order to address it.
The new information that is being shared will remain anonymous, but will apparently allow Goldman Sachs to build a new credit assignment model that will open up Apple Card approvals to more customers.
To support more approvals even further, the application process will now allow applicants to share additional personal information on an opt-in basis with Goldman Sachs. This will help those who are not approved their first time around to get another shot at approval.
The changes are also bringing more detail to transactions from Apple on Apple Card. For instance, you'll be able to see the movie you purchased rather than the non-descript "Apple Services" that have been listed in the past.
You may be eligible for certain Apple Card programs provided by Goldman Sachs based on the information provided as part of your application. Apple may know whether you receive the invitation to participate and whether you accept or decline the invitation, and may share that information with Goldman Sachs to effectuate the program. Apple will not know additional details about your participation in the program.
Apple may use information about your account with Apple, such as the fact that you have Apple Card, for internal research and analytics purposes, such as financial forecasting. Apple may also use information about your relationship with Apple, such as what Apple products you have purchased, how long you have had your Apple ID, and how often you transact with Apple, to improve Apple Card by helping to identify Apple metrics that may assist Goldman Sachs in improving credit decisioning. No personally identifiable information about your relationship with Apple will be shared with Goldman Sachs to identify the relevant Apple metrics. You can opt out of this use or your Apple relationship information by emailing our privacy team at email@example.com with the subject line "Apple Relationship Data and Apple Card." Applicants and cardholders may be able to choose to share the identified metrics with Goldman Sachs for re-evaluation of their offer of credit or to increase their credit line. Apple may share information about your relationship with Apple with our service providers, who are obligated to handle the information consistent with this notice and Apple instructions, are required to use reasonable security measures to protect any personal information received, and must delete the personal information as soon as they have completed the services.