Apple CEO Tim Cook was denied company’s credit card: report

Billionaire Apple CEO Tim Cook was denied a credit card carrying the iPhone maker’s logo because of a snafu in the company’s troubled joint venture with Wall Street giant Goldman Sachs, according to a report.

Cook, whose net worth is valued by Forbes at $2 billion, was turned down for an Apple Card after his account was flagged by credit bureaus in 2019, according to the news site The Information.

The snafu surfaced because high-profile figures such as Cook are frequently targeted by fraudsters seeking to impersonate them, The Information reported

The red flags from credit bureaus led Goldman’s underwriting system to reject Cook, sources told The Information.

Cook, whose company this month became the first to reach a $3 trillion valuation, eventually managed to score the sleek card after Goldman overrode the denial, according to the news site.

The partnership between Goldman and Apple has been beset by problems since Apple Card was launched in October 2019.

Goldman is reportedly looking to get out of the partnership due to lower-than-expected profitability in the short term, The Information reported, citing people close to the matter.

When Apple and Goldman initially partnered up, interest rates were low and macroeconomic forecasts were much rosier.

At the time the deal was forged, Goldman agreed to forgo collecting credit card fees such as the interchange fee that merchants pay to accept Apple Card, according to The Information.

The loss of revenue has made it harder for Goldman to cover increasingly high costs, according to the report.

The Wall Street investment banking giant has reportedly tried to offload its Apple ties to American Express.

Apple, however, has the power to veto any attempt by Goldman to exit the venture, sources told The Information.

A deal involving American Express is unlikely given that Apple’s credit card processes payments through Mastercard’s network.

Goldman blamed the Apple Card for…