Goldman Sachs Issued $10 Billion in Credit Lines for Apple Card

During Apple's earnings call for the fourth fiscal quarter of 2019 this week, Apple CEO Tim Cook said he believed that the Apple Card had the "most successful launch of a credit card in the United states ever," and that Apple was "thrilled" with its reception.

More information on how the ‌Apple Card‌ launch went was shared in Goldman Sachs regulatory filings this week, with key details highlighted by Bloomberg.


From the launch of the card in August to September 30, Goldman Sachs extended credit lines totaling approximately $10 billion to Apple customers. There's no word, though, on how many iPhone users have signed up for an ‌Apple Card‌.

Customers who did get an ‌Apple Card‌ had $736 million in loan balances at the end of September, though it's not clear how that compares to other credit cards as Bloomberg says banks do not break out performance by individual cards.

Goldman Sachs has historically worked with corporations and major investors, but is aiming to reach a mainstream market through ‌Apple Card‌. With the launch of ‌Apple Card‌, Goldman has cut down on unsecured personal loans through its Marcus brand, intentionally slowing that growth while to focus on the Apple-branded offering.

Due to this, nearly all of Goldman's growth came from credit card loans over the course of the last quarter.

Apple has been steadily adding new benefits to ‌Apple Card‌ since its launch to continue to draw new users. ‌Apple Card‌ now offers three percent cash back when using the card for purchases from Uber, Uber Eats, T-Mobile, Walgreens, and Duane Reade, with plans to expand the three percent cash back offering to additional merchants in the future.

At other stores, Apple offers two percent cash back when making an Apple Pay purchase or one percent cash back when making a non-Apple Pay purchase with the physical card or online.

Most recently, Apple announced an upcoming option that will let ‌Apple Card‌ customers purchase a new ‌iPhone‌ and then pay it over 24 months with no interest. It's the same setup as Apple's current device payment plans, but more conveniently integrated into the ‌Apple Card‌ for ‌Apple Card‌ users.

Top Rated Comments

(View all)
Avatar
7 months ago
Every time I see news about the “success” of the Apple Card I get a little bit sad.

I was, until just a few months ago, in quite a lot of debt. I worked damn hard to get myself out of it and it’s an amazing feeling to know I no longer owe any money to anybody. Everything I earn is my own now.

Of course, everybody is entitled to spend their own money however they choose and take on debts as they see fit but I do hope Apple via Goldman Sachs is lending responsibly.

I was stupid and I’m sure most people are more sensible than I was. I still don’t believe it’s healthy to normalise buying things with money you don’t yet have.

As for the perks of buying on a credit card, I do now have an Amex charge card. There’s no credit limit, no interest and some great benefits but the balance has to be paid in full every month. The best of both worlds for me.
Score: 24 Votes (Like | Disagree)
Avatar
7 months ago
I got approved for the Apple Card, I use it everywhere that I can where Apple Pay is accepted.

The 2% cashback can't be beat, also I have T-Mobile and have been paying my bill right at the store using the Apple card - they give me 3% back!
Score: 11 Votes (Like | Disagree)
Avatar
7 months ago
*Wasteland comment: (?)

Apple Card doesn't have the best perks and benefits or even a single stand out benefit so it is trash! GS issued $10B in credit to suckers who are ripping themselves off!

That Apple Card will be a status symbol, for sure. A status symbol of how terrible and deluded you are!

That’s how to flex, right?
Score: 11 Votes (Like | Disagree)
Avatar
7 months ago


Every time I see news about the “success” of the Apple Card I get a little bit sad.

I was, until just a few months ago, in quite a lot of debt. I worked damn hard to get myself out of it and it’s an amazing feeling to know I no longer owe any money to anybody. Everything I earn is my own now.

Of course, everybody is entitled to spend their own money however they choose and take on debts as they see fit but I do hope Apple via Goldman Sachs is lending responsibly.

I was stupid and I’m sure most people are more sensible than I was. I still don’t believe it’s healthy to normalise buying things with money you don’t yet have.

As for the perks of buying on a credit card, I do now have an Amex charge card. There’s no credit limit, no interest and some great benefits but the balance has to be paid in full every month. The best of both worlds for me.

Agree with not buying things you could not buy with cash.

I view credit cards as a convenience. The CC means I don't have to carry cash, and the bank/Apple is loaning me money for a few weeks interest free. Every month I pay off my balance.
Score: 10 Votes (Like | Disagree)
Avatar
7 months ago

it concerns me how far reaching Apple’s presence has become

Fortunately, there is a very easy way to customers to decide not to get an Apple Card...
Score: 8 Votes (Like | Disagree)
Avatar
7 months ago


*Wasteland comment: (?)

Apple Card doesn't have the best perks and benefits or even a single stand out benefit so it is trash! GS $10B in credit to suckers who are ripping themselves off!

That Apple Card will be a status symbol, for sure. A status symbol of how terrible and deluded you are!

That’s how to flex, right?

Or there can be folks who are taking that 3% and paying off their card every month.
Score: 8 Votes (Like | Disagree)

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