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

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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.

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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."
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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.

Article Link: Goldman Sachs CEO Calls Apple Card the 'Most Successful Credit Card Launch Ever'
 
Article Link
https://www.macrumors.com/2019/10/15/apple-card-successful-launch/
yossi said:
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%)
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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.
 
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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.
 
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The offer I received was 1/4 the balance for double the interest rate of my current card, so I passed. However, if consumers are accepting those terms in droves, and I worked at GS, I would consider that a successful launch too.
 
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The Apple Card is really no brainer for the Apple products and services alone. I have to say that the daily cash back is also nice, even if I can get a little better with another card. But, for now the Apple Card is for Apple things, and my other cards will stay for their respective rewards. I know I could do better if I gamed the system a bit more, but what I do now is pretty simple. Amazon card (5%) for anything at Amazon. Amex Cashback for gas/groceries, and Venture card for everything else (turns into 1-2 free plane tickets/year).
 
I cancelled another card I had and replaced it with the Apple Card. Cacelling a long time card actually hurts your credit score from what I understand. Now I find out that Apple/GS 's is not reporting credit use/history to the credit agencies. I pride myself in having excellent credit scores. Maybe it's just because it's new they are not reporting yet, but I certainly hope they do in the very near future so I can get back the points I lost. :(
 
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.
 
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