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Goldman Sachs CEO Calls Apple Card the 'Most Successful Credit Card Launch Ever'

Tuesday October 15, 2019 9:49 am PDT by Mitchel Broussard
The Apple Card was "the most successful credit-card launch ever," according to Goldman Sachs CEO David Solomon (via CNBC). The quote came from a Goldman Sachs conference call held earlier today, in which Solomon discussed the bank's new initiatives with its investors.


Apple created the ‌Apple Card‌ in partnership with Goldman Sachs and Mastercard, launching the credit card in August. Solomon stated that since the August launch, the bank has seen a high level of consumer demand for the ‌Apple Card‌.
“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.”

“Since August, we’ve been pleased to see a high level of consumer demand for the product. From an operational and risk perspective, we’ve handled the inflows smoothly and without comprising our credit underwriting standards.”
iPhone owners can sign up for ‌Apple Card‌ right in the Wallet app on iOS, and once they're approved they can begin using the digital version of the card immediately. ‌Apple Card‌ also comes in a physical titanium credit card to be used at places that don't accept Apple Pay.

Tag: Apple Card Guide
[ 119 comments ]

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MoreRumors?
4 weeks ago
Like Apple, Goldman Sachs won’t say how many actually have been issued the Apple CC. What does successful mean without actual number to gauge or compare?
Rating: 14 Votes
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Baymowe335
4 weeks ago


Until they can beat the 2% cash back on everything like Citi-Double does, this card makes no financial sense (except for apple purchases and select retailers giving 3%)

As with any card, you use a card for its strengths and other cards for their strengths. It certainly doesn’t make sense to use the Citi Double Cash for foreign transactions, (like for travel) because they charge you a fee.

My Reserve card crushes Citi Double cash for travel and dining.

2% on ApplePay transactions anywhere in the world is compelling and they’ve added 3% at Walgreens.

No card has it all but Apple Card is certainly in the running for cards that should be in your rotation.
Rating: 13 Votes
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ersan191
4 weeks ago
Isn't this Goldman Sachs' only credit card launch ever? How would they know?
Rating: 12 Votes
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Mutepointer
4 weeks ago
The Apple Card was "the most successful credit-card launch ever," according to Goldman Sachs CEO. Translation = $$$$$$$$$$$$$$$$$$$$$$$
Rating: 10 Votes
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yossi
4 weeks ago
Until they can beat the 2% cash back on everything like Citi-Double does, this card makes no financial sense (except for apple purchases and select retailers giving 3%)
Rating: 9 Votes
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twocents
4 weeks ago
I can't really say that I *like* having another credit card, but Apple really put some polish on this service with no fees, transparency with interest rates, and spending tracking. Looking forward to additional 3%-er partners soon
Rating: 8 Votes
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Relentless Power
4 weeks ago
I posted this in another thread, but here’s what I had to say about the Apple card:

The Apple Card really is a nice feature that they introduced. I know others are ridiculing it, but Apple isn’t forcing anyone to apply for this specific card. Apple Pay has absolutely changed my complete payment history of anything I use for transactions. I don’t even use my debit card anymore, I literally leave it at home. The Apple Card/Apple Pay has put me on a new level where I probably will never leave Apple simply because of the convenience and security.
Rating: 7 Votes
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alexandr
4 weeks ago


I got the Apple Card and then realized that I can’t download transactions into software apps like Quicken or internet based apps like Mint! Really Apple? Except for the odd Apple hardware upgrade, I won’t be using the card until you support the world of computer enabled finance.


they heard you. they're on it.
Rating: 6 Votes
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ajfahey
4 weeks ago
I got the Apple Card and then realized that I can’t download transactions into software apps like Quicken or internet based apps like Mint! Really Apple? Except for the odd Apple hardware upgrade, I won’t be using the card until you support the world of computer enabled finance.
Rating: 5 Votes
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joshwenke
4 weeks ago


I got the Apple Card and then realized that I can’t download transactions into software apps like Quicken or internet based apps like Mint! Really Apple? Except for the odd Apple hardware upgrade, I won’t be using the card until you support the world of computer enabled finance.

They say that functionality is coming soon.
Rating: 4 Votes

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