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Apple Card had “most successful credit card launch ever”

A person is holding a smartphone near a white contactless payment terminal. The phone screen shows an Apple Card ready for payment. The background is white, highlighting the focus on the hand, phone, and payment terminal.

Apple Card had the most successful credit card launch ever, according to the CEO of Goldman Sachs.

The banking giant has reported that its first-ever consumer credit card was a major success and that there had been “high levels” of demand in the United States.

Speaking in an update to investors, Goldman Sachs said that its partnership with Apple was the “most successful credit card launch ever,” with CEO David Solomon adding that the company had been “pleased to see a high level of consumer demand for the [Apple Card] product.”

According to a new report in CNBC, the CEO was briefing investors on how the Goldman Sachs brand had been trying several new initiatives, including the Marcus online savings account in markets such as the United States and the United Kingdom to diversify.

“In three short years,” David Solomon added, “we have raised $55 billion in deposits on the Marcus [savings account] platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card.”

Though he did not give any specifics on the Card, Solomon said that the initiatives had no disruption to its existing products and services, telling shareholders that, “from an operational and risk perspective,” the company had “handled the inflows smoothly and without compromising our credit underwriting standards.”

Apple Card is the first consumer credit card launch from the Goldman Sachs brand, a partnership that represents a move for the company to enter the “next generation” of electric trading platforms, as it looks to compete with FinTech giants that are disrupting the industry.

The company previously revealed that it spent around $350 on every person who signs up to Apple Card, with Solomon adding: “taken together, these investments draw on our returns in the short term, but are critical to expanding our capabilities and our competitive position.”

Have you tried an Apple Card yet? Let us know your thoughts on @AppleMagazine and check back soon for more news and rumors, as and when we get them.

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