Apple Gives Rejected Customers Another Chance At Its Credit Card

Apple Inc. AAPL has added a new feature to its credit card service for users who have previously had their application rejected, TechCrunch reported Monday.

What Happened

The users can opt-in on a four-month long "Path to Apple Card" program, which will help them determine where they fall short on creditworthiness, according to TechCrunch. The program will also provide information on what the users can do to improve certain financial markers to become eligible for the consumer electronics giant's credit card.

Apple will utilize the same data as its banking partner Goldman Sachs Group Inc. GS uses to determine creditworthiness to make the suggestions, TechCrunch noted.

The users will receive a monthly progress report based on them fulfilling the tasks suggested in the program, and will be able to reapply at the end of the four months, as reported by TechCrunch.

Why It Matters

Credit card seekers typically struggle to access information about where their credit score fell short.

The Cupertino-based company's new program is likely to provide the company's users with a familiar and personalized way to work on their financial health, compared with the generic information that is traditionally provided by financial institutions.

Price Action

Apple shares closed 2.3% higher at $361.78 on Monday. The shares added another 0.2% in the after-hours session at $362.50.

Image by Apple