The introduction of the Apple Card is said to have been the biggest credit card launch of all time - according to Goldman Sachs. But now the question arises - does the Apple Card have a problem with women?
A few weeks ago, everything was fine at Goldman Sachs - but now the bank has to deal with accusations of sexism. The reason is simple - male Apple Card customers have higher credit card limits than female customers. The algorithm is said to be to blame. This sets the credit limit immediately after the check - but the system does not seem to be as generous for women. IT entrepreneur David Heinemeier Hansson writes that his Apple Card has a limit 20 times higher than that of his wife. They live in community property and are taxed together. So why is there such a big difference? An additional credit check also revealed that Hansson's wife has a better credit score than he does. But now things are getting interesting. The IT entrepreneur is not an isolated case. After he made the whole thing public on Twitter, other affected people have spoken out. Cases were highlighted in which the woman has a higher income than the man and ultimately has to make do with a lower limit. Apple founder Steve Wozniak also seems to have been affected by the problem. According to him, the Apple Card appears to disadvantage women in general.
Goldman Sachs issues statement
After criticism of Apple and Goldman Sachs' actions became increasingly louder, the investment bank has now spoken out. In a statement, the Apple Card issuer states that each person is assessed individually. Factors such as personal creditworthiness, income level and debt level play a role. the statement:
"Based on these factors, it is possible that two family members could receive significantly different credit decisions. In all cases, we have not and will not make decisions based on factors such as gender."
https://twitter.com/gsbanksupport/status/1193703266003177472?s=20
But why do the known cases show a different result? The New York State Department of Financial Services has now stepped in to find out. According to the report, the Apple Card is to be investigated. Apple itself has not yet commented on the allegations. But both Apple and Goldman Sachs are now at risk of suffering damage to their reputation - especially since Apple is known for only offering well-developed products. However, the Apple Card appears to have a problem. (Photo by Denys Prykhodov / Bigstockphoto)
