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Apple is stepping up its efforts to attract more customers to its credit card, with one of its latest strategies being an email offering a credit limit preview “with no impact to your credit score”. This move is aimed at enticing potential customers who are concerned about credit checks. The credit limit preview has always been available, but Apple is highlighting this feature to allay concerns about credit checks and get customers interested in the credit limit that is likely to be approved.
The email offer, which Apple has been sharing this spring, has the headline: “There’s Apple Card. And then there’s Not Apple Card. Preview your new credit limit offer with no impact to your credit score”. The email also highlights some of the key features of the Apple Card, such as no annual fees, no late fees, no foreign transaction fees, no processing fees, no hidden fees, and no fees ever.
When applying for the Apple Card, it is a soft pull on credit, meaning there is no inquiry on the credit report. However, if you choose to accept an approved offer, a hard pull will happen, which may impact your credit score. Apple highlights this in the fine print of the email, reminding customers to stop short of accepting the offer if they don’t want a hard inquiry.
Apple’s credit card has had a tough few years, with reports that it has cost partner bank Goldman Sachs more than $1 billion in losses. However, Goldman Sachs says it “remains committed” to Apple, despite the financial difficulties.
Apple has been upping its initial incentives for its credit card over the past year to attract more customers. During the holidays, it offered new customers 5% cash back on all purchases through Christmas, and other sign-up incentives have included a $75 bonus. While these incentives are weaker than many credit cards’ signup offers, the 5% cash back on everything is one of the most generous offers that Apple has made to date.
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Customers can check their credit limit or apply and accept an Apple Card offer on Apple’s website or in the Wallet app on iPhone. With its attractive features and the convenience of the Wallet app, Apple is hoping to entice more customers to its credit card and compete with other major players in the credit card industry.