Apple credit cards are offered to people with a good credit score who have proven themselves financially responsible. In fact, the bank rewards program can be even more lucrative. If you have a good banking relationship with your local bank, there is no reason why you cannot apply for an Apple credit card. But first you have to find out exactly what the bank is looking for in their credit applicants.
Banks want to know why you are shopping for a credit card. If you are shopping for an all-purpose checking account, you will not receive the same incentives offered to business accounts. The reasoning behind this is that these cards are given out to people with good credit histories. If you have a low credit score or no history at all, you are going to need to convince a bank that you are someone who they should want to extend credit to. The best way to do this is to prove to the bank that your income and spending habits do not pose any type of financial risk to the bank. This means proving that you will be able to pay back the loan as outlined by the bank within the specified repayment period.
Credit scores are based on several factors including the amount of money you owe, your total debt, the amount of credit you currently have with the bank, and your previous borrowing. A person's credit score is an important number to the financial institution. If you have a very low credit score, you may find it very difficult to get approval for anything. However, if you have a high credit score, you will most likely get approved for a standard card with a lower interest rate.
Another key factor that a bank uses to determine whether you are a high risk or low risk is the amount of available borrowing. You are assigned a credit score according to the amount of credit that you currently have with the bank. If you have many credit cards and a lot of debt, the bank sees you as a higher risk than someone who has a low credit score but only has one or two credit cards. The reasoning behind this is that if you have so much available borrowing, you might default on your payments and that would leave them with nothing. Thus, they make you pay a higher rate to compensate for the risk of lending you money.
If you have bad credit, you can still apply to get an Apple credit card from the bank. You will probably have to pay more in fees, but it may be worth it if you have no other choice. If you have bad credit, it may seem like you cannot obtain credit at all, but this is not true. There are many options for people with bad credit.
If you are interested in getting an Apple credit card, you should check to see what the bank's requirements are. Usually, you will need to have good credit to even be considered for an application. However, if you have poor credit, you can still apply. It just may take a bit longer. But . . . . . . it is possible, as more companies are starting to give out credit cards with favorable terms and conditions, especially to people with low credit scores.