Transcript for Apple Card accused of sexism
Volatile indeed. Thank you. Apple under fire for its new credit card accused of being sexist against women giving them much lower credit lines than men and Rebecca Jarvis is here and regulators are already launching an investigation. Reporter: Yeah, this is raising many eyebrows as some very high-profile individuals are calling out apple for what they say could be sexist policies with their new credit card. This morning, apple backlash. A credit card created by apple. Reporter: Under investigation over allegations of gender discrimination. New York state regulators responding to complaints that apple’s popular new credit card, which uses an algorithm to assign credit limits, is favoring men over women. Including one of apple’s founding fathers. Co-founder Steve Wozniak tweeted compared to his wife I got ten times the credit limit. We have no separate bank or credit card accounts. The same thing allegedly happening to software developer David Hanson. He says he got 20 times more credit than his wife who he says actually has a higher credit score than he does. Husband and wife applied for the apple card and husband ended up receiving ludicrously larger credit limits. Reporter: The tech giant launched the card this summer touting it as created by apple, not a bank and promising transparency. But now critics say the algorithm used by apple’s partner, Goldman Sachs, is anything but transparent. We simply were told this is just how it is and you just have to accept that. Reporter: Goldman Sachs responding in a statement writing as with any other individual credit card your application is evaluated independently. We look at an individual’s income and an individual’s creditworthiness adding we have not and will not make decisions based on factors like gender. And the point here is also that if there is sexism, it can intentionally or unintentionally be a part of the algorithms. Keep in mind algorithms aren’t just determining credit limits in this case but determining credit limits in all cases helping employers sift through job applications and determining what you see online so think about this, Amy. They are very, very powerful and we don’t really at this point understand them. It’s important to really understand what they do and how much they’re driving society right now. Transparency key in this. Thank you. We get the latest on a
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