The Apple Card got everyone’s attention with special offers and low-interest rates. It also made headlines for accepting applicants with average credit scores. As we know Apple has tied up with Goldman Sachs for the credit card. Goldman Sachs CEO calls Apple Card the ‘Most Successful Credit Card Launch ever.’
The quote was part of Goldman Sachs CEO David Solomon’s address to its investors. He further said that since the August launch the bank is witnessing a high demand for 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.
Apple alongsiwith Goldman Sachs is trying to change the way a credit card works. To begin with, on Apple Card you will get daily cashback, so no waiting for months to get your cashback. Thats not all, the card automatically breakdown transaction and helps you keep a track of your spending.
Once we move beyond the consumer perspective, the Apple Card seems like a very bullish bet by Goldman Sachs. The financial giant is spending as much as $350 to acquire new Apple Card users and analysts say that they might lose money. The odds of this happening increase if there is a recession in the next couple of years.