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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.
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.
Tag: Apple Card Guide
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Top Rated Comments
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3 weeks 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.
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.
3 weeks 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!
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!
3 weeks 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?
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?
3 weeks 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.
3 weeks 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...
3 weeks 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?
3 weeks ago
I had been on the fence about signing up since launch, but went through the application process yesterday - it was easy and efficient. Unfortunately, my approved interest rate was higher than I would have expected with my credit score/history, so I ended up declining the offer. Granted I almost never carry a balance so maybe I was just being petty...
I'll be interested to see how the financing works out for the iPhone. Citizens One was a pain to deal with after their "system upgrade" that somehow marked me delinquent when the payment clearly went through. Called them up and they say payment was made and it's fine - the next month they took a double payment anyway. On the plus side my phone was paid off a month early.
3 weeks ago
If you do the math, this means that less than 5 million people have signed up for the card. I am estimating under 2 million people, but I want to be more flexible, so anywhere less than 5 million.
You have to take into account that barely anyone knows about the card. Even though it’s on every device, it’s a repeat of the launch of Apple Pay. You use it and no one knew it existed until they see you pay with it.
Except this time around, it’s even harder to spread awareness. Since no one can see your phone when you use the card, they just assume it’s a normal card being used with Apple Pay.
When you use the physical card, they won’t pay attention to the color. It’s only until you hand them the card that they notice the card because it’s heavy metal and has an Apple logo on it.
You have to take into account that barely anyone knows about the card. Even though it’s on every device, it’s a repeat of the launch of Apple Pay. You use it and no one knew it existed until they see you pay with it.
Except this time around, it’s even harder to spread awareness. Since no one can see your phone when you use the card, they just assume it’s a normal card being used with Apple Pay.
When you use the physical card, they won’t pay attention to the color. It’s only until you hand them the card that they notice the card because it’s heavy metal and has an Apple logo on it.
3 weeks ago
Why have a higher credit limit? I can give you one reason. I switched to using the AC as my daily expenses card. And after two months, I hit a wall where I have no available credit. I have no balance owed... I keep paying off every several days. But they are making me wait ten days until after my payments post before it reflects in the credit available. So I'm in a situation where my balance is close to zero, yet I can't buy anything substantial. Frustrating, and makes it hard to use as my daily driver.
The reason it’s an indicator of fraud is that it is behavior indicative of a common credit card scam. Fraudsters will charge up the account, then pay it down with bogus funds, resetting the limit so they can charge it up again. Without the payment hold, the bank could otherwise be stuck with a fraud loss of 2x or even 5x the credit limit before the payments start to be returned (bounce). The 10-day hold ensures the payments are collectable.
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