Goldman Sachs issued yet another statement on the recent allegations of female discrimination in Apple Card's credit limits. In a separate statement this morning, Michael Vachon, chief commercial officer at Goldman Sachs, confirmed that the bank is reevaluating credit limits on cards issued by the company.
This comes as an obvious surprise to many, and is likely to be met with skepticism from consumers who have already had their balances decreased due to insufficient credit. A company that is known for its ability to extend credit to clients in a short period of time may be more reluctant to approve new lines of credit for women than a company with a reputation for extending credit to clients over the long run. The current controversy will undoubtedly make it difficult for some women to obtain their financial footing back and may even put a damper on future expansion plans of the company.
In many cases, the card companies have a lot more to lose by not approving applications for credit cards with low limit fees than they do by approving these types of requests. However, as the current turmoil has illustrated, even the largest and most prestigious financial institutions can be caught off guard by new legislation or a media-fueled outrage.
For its part, Apple Card did not immediately respond to a request for comment regarding the claims of female discrimination. When the credit card company's website went offline earlier today, it was clear that the company was going through a transition period. The company is expected to issue a press release in the near future.
It is important to note, however, that not all credit cards are equal. As with any other consumer finance product, you need to shop around and research different cards in order to find the one that fits your personal requirements. There are literally hundreds of credit card companies to choose from, and it would be prudent to do some basic research in order to find the best product for you.
Apple cards are an attractive option to give people with poor credit the opportunity to repair their credit rating. If the company is successful in implementing changes to its credit card product lines, many women may find that their financial needs are not only made easier, but that their chances for further success in the work force will increase significantly as well.