Goldman Sachs, the bank that issues Apple Card, probably won’t automatically issue an Apple Card credit limit increase. That being said, you might be able to get one if you make a request. You can give them a call (how retro of you) or message them through your iPad or iPhone Wallet app to ask for a credit limit increase. Your chances are best if you haven’t reached or exceeded your current credit limit, have a good credit history, and have had the Apple Card for at least six months.
Who hasn’t wanted a credit limit increase at one time or another? Perhaps you want to make a major purchase so you need a higher credit limit. Or maybe you just want to increase your overall credit limits in order to lower your credit utilization ratio. That’s a solid way to improve your credit score and make you more attractive to other lenders.
Whatever your reasons for wanting an Apple Card credit limit increase, there are a number of ways to make your request to a Goldman Sachs representative more compelling. Let’s take a look at the Apple Card, how they work, and the best ways to get approval for a credit limit increase request.
How Apple Card works
Leave it to Apple to continue to stand out among the competition even with their credit card, which they rolled out in 2019. Traditionally, you apply to credit card issuers and they approve or deny your application. If you’re approved, they send you a card through the mail, you activate it, and then you’re ready to shop.
That’s not the case with Apple Card. In fact, you don’t even need to possess the (really cool) physical titanium credit card to reap the benefits. In some cases, you can be approved for a credit line in minutes, active Apple Pay in your Wallet app, and start using it right away from your Apple device. (You can also attach Apple Pay to your bank account or other credit cards.)
According to Apple, more than 85% of retailers in the U.S. now accept Apple Pay. For those that don’t, you can order the physical card and use that everywhere else.
How to apply for an Apple card credit limit increase
As mentioned, there are a few ways you can go about getting an Apple Card credit limit increase. Many companies don’t grant automatic credit limit increases, and Goldman Sachs falls in that category. You’ll have to formally request a credit limit increase, and you have three options to do so.
Pick up the phone and call
Even in this day and age, some people just prefer to talk to an actual human being, and that’s perfectly acceptable. You will no doubt find a very helpful Apple Card representative at (877) 255-5923, who is more than willing to help you with your credit limit increase request.
From your iPhone
- Open the Wallet app
- Tap Apple Card
- Tap the three little dots
- Tap the message icon
- Type a message requesting a credit limit increase, then tap send
From your iPad
- Open the Settings app
- Scroll down and tap Wallet & Apple Pay
- Tap Apple Card
- Tap the message icon
- Type a message requesting a credit line increase, then hit send
An Apple Card specialist at Goldman Sachs will consider your request for a credit limit increase by checking your available credit and payment history with them. They will also look at other credit details, such as how much additional debt you have and what your current credit score is.
How to get approved for a credit line increase
Apple Card customers should be aware that when requesting a credit limit increase, Goldman Sachs will need to check their credit again, which may result in a hard inquiry. In many ways, getting approved for credit limit increases is similar to how you originally applied for the card, plus some additional general eligibility requirements and guidelines.
- Timing. You should have had your Apple Card for up to six months or more. Your chances of getting more credit after only two months, for example, are slim to none.
- Card balances. You should be in good standing with your Apple Card account; meaning, not over your credit limit and have no late payments. This should also be the case with your other credit card accounts. Additionally, you want to show a low credit utilization ratio (30% or less is ideal).
- Credit reports. Having the same or better credit scores than when you originally applied for the Apple Card is helpful. No credit card company wants to see that you can’t manage your debt, and if a credit check reveals that your score has plummeted, you won’t be eligible for a credit increase.
- Apple Card usage. In addition to your account being in good standing, your request for an increased limit will likely be looked on more favorably if you use the spending power of your Apple Card on a regular basis. The card issuer doesn’t want to see a card balance that’s dangerously close to your current credit limit, nor do they want to see almost no activity either.
- Be conservative. Don’t try and shoot for the stars when asking for a credit limit increase. If your current credit limit is $5,000 and you ask for a $5,000 increase, your chances of being denied are high. A more conservative approach is best. If you ask for a 20% limit increase of $1,000, your approval odds improve drastically.
What to do if your Apple Card credit limit increase is denied
It’s possible that you’ve done everything right — kept your credit score in good shape, managed your Apple Card and other accounts responsibly — but your request for a higher credit limit is still denied.
In that case, you might turn to another credit card company to see about a credit limit increase on a different card, or you might want to apply for an entirely new card altogether. If the reason you were asking for the higher credit line was to make a big purchase, you might want to look into a card with a 0% introductory rate. That way, you could have a year or two to pay it off without owing any interest.
Repair your credit score
Alternatively, if you suspect that your request was denied due to credit score problems, this would be a good time to reassess your financial situation and make some changes that will turn that score in a more positive direction.
Scouring your credit reports for errors, paying down your debts, and keeping all of your accounts in good order are solid ways to achieve this goal. You might also consider hiring a credit repair company to help you.
Apple Card security
Apple Card users should feel very safe when using either Apple Pay or the card. Fortunately, these cards have a number of security features that most credit cards don’t have.
For one thing, there is no 16-digit account number or three-digit security code printed on the card. This means if your card is lost or stolen, it’s much more difficult for someone to use it for fraudulent purposes. Because it’s blank, an unauthorized user can’t possibly use it for online shopping.
Technically someone could use the card at a brick-and-mortar store, but you would be notified of the transaction immediately. Then you could simply lock the card from your phone, stopping any further use, and quickly notify Apple of the fraudulent transaction.
Minimum requirements to get an Apple Card
- Be 18 years or older, depending on where you live.
- Be a U.S. citizen or a lawful U.S. resident with an address that isn’t a P.O. box. You can also use a military address.
- Use two-factor authentication with your Apple ID.
- Sign in to iCloud with your Apple ID.
- If you have a freeze on your credit report, you need to at least temporarily lift the freeze before you apply for Apple Card.
- In some cases, you might need to verify your identity with a driver’s license or other government-issued photo ID.
Apple Card applicants also need to have a good or better credit score, a solid credit history, and sufficient income to gain approval for the Apple Card.
These requirements are similar to most credit card applications. If you prefer to use a different credit card than the Apple Card, take a look at some of your options below.
Does Apple Card automatically raise my credit limit?
Goldman Sachs says they don’t automatically give a higher credit limit, but it does sometimes happen.
For example, to get approved for an Apple Card, the card issuer will do a soft credit inquiry to come up with your credit limit and interest rate offer. If you accept the terms, they will then do a hard credit check. If they find your credit history to be more favorable than they originally found, you may find yourself with a higher limit than they originally proposed.
Does Apple Card do a hard pull for credit limit increases?
Probably. It’s possible that a quick look at your payment history and credit will be enough to approve or deny a credit limit increase. That can be accomplished with a soft inquiry, which won’t affect your credit score.
However, if the card issuer doesn’t feel they have enough information to approve a higher credit limit, they may want more credit details that come with a hard inquiry. They will ask for your approval to make the hard inquiry, but you can opt-out of it for any reason.
Does Apple Card have any fees?
As advertised, it’s true that Apple Card does not come with any fees, as most other credit cards do. There are no annual, foreign transaction, late, or over-the-limit fees. But that doesn’t mean there aren’t consequences for mismanaging your Apple account.
For example, if you miss or make late payments, it will negatively affect your credit score and you wouldn’t be eligible for a credit line increase. Also, it should be noted that you can’t actually go over your credit limit — if you attempt it, your credit card transaction will be denied.
- A few taps on your iPhone or iPad is all you need to do to request an Apple Card credit limit increase.
- Goldman Sachs is the credit card’s issuer. They’ll want to review your credit details and payment history before approving an Apple Card limit increase.
- There may be a hard pull of your credit report to approve a higher credit line, which could temporarily shave a few points off your credit score.
- Despite your best efforts, a credit limit increase is not guaranteed, so you might need to explore other options.
View Article Sources
- Apple Card — Apple
- How your Apple Card application is evaluated — Apple
- How to view your available Apple Card credit details or request a credit limit increase — Apple
- Apple Introduces Apple Card: a No-Fee Rewards Card with a Twist — SuperMoney
- Credit Card Size: Dimensions, Thickness, & Materials — SuperMoney
- Apple Pay vs. Google Wallet: A Comparison of Mobile Payment Systems — SuperMoney
- Does Target Take Apple Pay? 2022 Guide — SuperMoney
- Apple Card — SuperMoney
- Apple Pay — SuperMoney
- 2021 Consumer Credit Card Industry Study — SuperMoney