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

[R3k]

Works great for me as a debit card replacement. 1 - 3% cash back on everything, no interest as always paid back in full. The iPhone interface is nice too.

One big issue for me- cannot export the transactions to my finance software. CSV export would be a piece of cake to implement for them, its just dumping info into a spreadsheet. I hope they decide to do it, and then support direct connect later on.

Until then....Im un-happily punching every single transaction into Banktivity

 

[Vjosullivan]

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

That's a lot of debt people are taking on, just to own a trendy card.

 

[Abazigal]

If you're not paying, you're the product. Apple has paid out 3% of $10 billion. Apple is so desperate to get this info they paid $300 million

This statement makes utterly zero sense.

You are paying (in a sense), through the purchase of items via Apple Pay. Normally, Apple gets just a 0.15% cut. Now, they get the full amount, since there is no bank to act as the middleman, minus your 1-3% rebate, as well as Goldman Sach’s cut.

Not to mention the money made elsewhere through greater loyalty to the platform (you need to keep using an iPhone to benefit from Apple Card, plus there is now greater incentive to funnel your purchases through iTunes, meaning Apple isn’t deprived of their 15-30% cut).

I am not sure what sort of info you think Apple really wants from you that would benefit their business model.

So I am neither customer nor product here but something more. Co-conspirator perhaps?

 

[31 Flavas]

For me, the Apple Card is best ***for Apple purchases*** with the 3%.

Uh.. I wouldn't agree. For Apple services (e.g. Apple Music, App Store, iCloud, etc) cash, a debit / ATM card or the 1% Titanium Physical Apple Card can out do the 3% Daily Cash back from direct Apple purchases because discounted iTunes gift cards can easily be had for at least 5% off all over the place. And semi-regularly are 10 to 15% off sometimes going up to 20 or 25% off on ebay or paypal or such.

Hardware-wise, again, 3% Daily Cashback for say AirPods purchased from Apple (online or retail) is silly compared to purchasing them Amazon where they’re just directly discounted, 9% off for standard - 17% off the model including the wireless charging case. Then your Amazon.com card provides 5% back on top of that.

That’s a cherry picked example, but direct purchases from Apple with the Apple Card are foolish when so many other options exist.

 

[31 Flavas]

I’m also in the “verify identity” penalty box. Wish I knew what to do to get out, but Goldman Sachs customer service will NOT discuss what the issue is. They tell me I’ve applied too many times and to wait 30 days before trying again. Serving my second 30 day sentence now. Don’t know if I will try again or not. It’s not worth the trouble.

You may or may not have tried this yet, but if not - snap the shot of your ID on a black background. Maybe change your ID type? Swap the drivers license for the state ID or passport / passport card or vice versa.

 

[RammyXX]

Is there a way to filter out news I'm not interested in?
Apple Card, Apple TV+, Apple Arcade... I really don't care about these things and I wished they would not show up in the news feed on MacRumors.

 

[Whathappened]

How do you take 3% to pay off 100%? 3% is for Apple Store purchases of already over-priced hardware. In the end, nothing about the Apple Card is really a good deal compared to other options unless you are into status symbol cards. Lack of benefits is a real issue for me.

Privacy and convenience. Has been pointed out before. But you are so ignorant that you rather blame everyone who does not share your view as „into status symbols“.

btw what kind of status symbol is a consumer credit card almost everybody can apply for?
Seems like you are an easy to impress guy, aren’t you?

 

[MRrainer]

You made that fact up out of thin air.

Household Debt Service Payments as a Percent of Disposable Personal Income

Graph and download economic data for Household Debt Service Payments as a Percent of Disposable Personal Income (TDSP) from Q1 1980 to Q1 2025 about disposable, payments, personal income, debt, percent, households, personal, income, services, and USA.

fred.stlouisfed.org

That's only the payments. Due to low interest rates, this is not really showing the real picture.
Where I live, banks started to charge negative interest for savings account, I can get a 10 year fixed loan on a house for below 0.7% interest (if I can find one that I can afford and want to actually buy...).

That's just 7k per year interest on a 1m loan.
Not that I would qualify for a 1m loan, but also at at assumed "reasonable" rate of 5%, that would be 50k interest payment per year.
That's a bit more than I can afford.

 

[JBGoode]

If you're not paying, you're the product. Apple has paid out 3% of $10 billion. Apple is so desperate to get this info they paid $300 million

Wow, your math skills are something else.

First of all, the $10 billion represents the total amount of the credit limits of the cards, not what people have actually spent. Secondly, Apple only gives 3% cash back for those transactions that used Apple Pay, not all of them.

Are you that desperate to bash Apple, that you make up random 'facts' without having a clue what you're talking about?

 

[squizzler]

Credit is the American way.

 

[Gutwrench]

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.

It takes ten days for a payment to post and reflect on your balance? If the AC posts cash back daily, then why don’t payments post daily? That servicing seems poor.

I use AmEx for nearly everything and payments post overnight (excluding weekend, of course).

I originally asked Alexandr why he needed his limit raised for this reason: If one pays their balance monthly and carries no debt, then unless the credit extended is very low, one shouldn’t approach the limit.

 

[kemal]

Time to sign up. Hope I can set up auto pay.

 

[Gutwrench]

Having a high credit utilization (percent of credit limit utilized) hurts your credit score.

It also creates issues if you need to make a large purchase. For example, you want to buy something that's $3000 but you have cards with $2.5k+$2.5k.

On the other hand it's normal for cards to give you a small credit limit and up it after a few billing cycles, in order to protect against identity theft fraud.

If one is paying their balance monthly there’s no impact to your score so long as your payment posts before the lender does their credit bureau reporting.

 

[izzle22]

Amen!

When I say credit is money debt slavery it may sound to you like a crazy conspiracy theory thing, but if you think about it that's exactly what it is.

Say you buy a house with a 30 yr mortgage - well you've just signed papers to be a slave to the banks for the next 30 years. You have to pay it back otherwise you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

It's true you did this to yourself, and you shouldn't have been so stupid as to fall for that BS.

And yet on ever street corner somebody is selling you a shiny new item you don't need for debt - on every street corner you can become a slave to the system, with limited freedoms. You need to work a job to pay back your money - so your freedom to leave jobs is very much limited now. The interest will keep you on your toes forever and God forbid you mess up even only once - then you're in big trouble.

Just because it's a voluntary opt in slave system doesn't make it less of a slave system.

As an aside, Apple is
1 - Super amazing at making more and more money - holy ****!
and
2 - Having to become increasingly evil to raise their bottom line. Google says hello.

Next thing you know Apple is in with the pharma industry keeping people sick and paying their entire life. They already hired some pharma guys - probably due to expanding Apple Health devices and services. The writing is on the wall.

So you rent? Live with your parents? Live in a tent in the woods?

If you rent you're also a slave to your landlord. If you don't pay your rent you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

If you live with your parents you're a slave to their rules if you don't abide by their rules you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

If you live in a tent in the woods you're a slave to nature...ETC, ETC, ETC.

In your perspective we are all just slaves to this world we live in.

 

[lkrupp]

HOLY PATATA! That's a lot of unsecured debt!

This is America my friend. Buy now, pay later. Spend money you don’t have then file for bankruptcy when you can’t pay it back. Easy-peasy.

 

[dwsolberg]

The real feature of this card is the instant access to view spending by merchant and category. I really, really appreciate the clear and simple access to all my monthly spending. I also really like it is organed automatically by month , which is how I do my expenses already.

All this is possible with a regular credit card and app, but it really is amazing what a difference convenience makes.

 

[lkrupp]

So you rent? Live with your parents? Live in a tent in the woods?

If you rent you're also a slave to your landlord. If you don't pay your rent you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

If you live with your parents you're a slave to their rules if you don't abide by their rules you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

If you live in a tent in the woods you're a slave to nature...ETC, ETC, ETC.

In your perspective we are all just slaves to this world we live in.

Irrationality knows no bounds. Let him alone, he’s on a roll.

 

[Brien]

With the tight iOS/ApplePay integration I rarely use my debit caed anymore so I effectively get 2% off everything.

 

[gavroche]

I repeat what I said and I point to the real numbers provided by Mastercard.

Merchants have to pay for multiple services like the risk that they will default, anti-fraud screening, data processing services etc. Therefore the amount charged to merchants is not equal to what the issuing bank receives as compensation for the interest-free grace period.

The numbers shown in the PDF are exactly what gets passed through to the issuing bank. Mastercard and Visa both disclose this as a result of anti-trust lawsuits. So they are real numbers and not fake.

The issuing bank further pays Visa/Mastercard fees, those are somewhat opaque. The network also takes a further cut from the merchant for providing their services.

But the real numbers show that 2% across the board is not sustainable in nearly all cases.

don't want to get in an argument about this. you are correct, and what I've paid all these years in merchant fees is wrong... and that banks are in the credit card business to lose money.

 

[Baymowe335]

Uh.. I wouldn't agree. For Apple services (e.g. Apple Music, App Store, iCloud, etc) cash, a debit / ATM card or the 1% Titanium Physical Apple Card can out do the 3% Daily Cash back from direct Apple purchases because discounted iTunes gift cards can easily be had for at least 5% off all over the place. And semi-regularly are 10 to 15% off sometimes going up to 20 or 25% off on ebay or paypal or such.

Hardware-wise, again, 3% Daily Cashback for say AirPods purchased from Apple (online or retail) is silly compared to purchasing them Amazon where they’re just directly discounted, 9% off for standard - 17% off the model including the wireless charging case. Then your Amazon.com card provides 5% back on top of that.

That’s a cherry picked example, but direct purchases from Apple with the Apple Card are foolish when so many other options exist.

Amazon has many non discounted Apple Products.

What is better than 2% cash back at all ApplePay locations and no foreign fees? I said better, not the same.

 

[bigjnyc]

Amen!

When I say credit is money debt slavery it may sound to you like a crazy conspiracy theory thing, but if you think about it that's exactly what it is.

Say you buy a house with a 30 yr mortgage - well you've just signed papers to be a slave to the banks for the next 30 years. You have to pay it back otherwise you lose your home (and more importantly your spouse and kids lose their home). If you don't leave your home, it's enforced by police / jail.

It's true you did this to yourself, and you shouldn't have been so stupid as to fall for that BS.

And yet on ever street corner somebody is selling you a shiny new item you don't need for debt - on every street corner you can become a slave to the system, with limited freedoms. You need to work a job to pay back your money - so your freedom to leave jobs is very much limited now. The interest will keep you on your toes forever and God forbid you mess up even only once - then you're in big trouble.

Just because it's a voluntary opt in slave system doesn't make it less of a slave system.

As an aside, Apple is
1 - Super amazing at making more and more money - holy ****!
and
2 - Having to become increasingly evil to raise their bottom line. Google says hello.

Next thing you know Apple is in with the pharma industry keeping people sick and paying their entire life. They already hired some pharma guys - probably due to expanding Apple Health devices and services. The writing is on the wall.

if you know what you’re doing a mortgage can be an investment. I have a 30 year mortgage but my house is currently worth 28% more than when I bought it. in addition to that I made a 20% down payment, and I’ve been making extra payments to the principal along the way. If god forbid I couldn’t pay my mortgage anymore I can easily sell my house and make a pretty substantial profit over what I owe on it.

Same for credit cards, if you know what you’re doing you can use them to your advantage. For example I have the capital one venture card which gives me double points.... currently I have $4k worth in points which I’ll be using to take my family on a nice trip to Hawaii this summer. I’ve never paid a single penny in interest since I’ve owned the card. Never carried a balance over to the next month...... but I use it for all purchases and Bill payments rather than my debit card, for the points.

So if you’re smart about it not all debt is evil and you can easily become the slave master

 

[alexandr]

I see. Thank you.

no problem, i'll be here all week!

 

[Braderunner]

Are you sure that your rate went up by .74% rather then going down by .25%? If so, then that's odd.

For the people I know with an Apple Card, their rates went down .25%. That's what we'd expect as the rate is variable based on the Prime Rate which went down .25% in September. It went down another .25% yesterday, so I'd expect that we'll see another .25% reduction our Apple Card rates soon - to .50% lower than whatever it was in early September.

Yes. I’m sure.

 

[31 Flavas]

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.

I’ve not personally verified this - however, I’ve read that if you first transfer cash to your apple cash card and then use Apple Cash to pay your Apple Card balance - that then your balance is instantly usable. Otherwise, it’s like an e-check and the funds have to clear first.

 

[macfacts]

This statement makes utterly zero sense.

You are paying (in a sense), through the purchase of items via Apple Pay. Normally, Apple gets just a 0.15% cut. Now, they get the full amount, since there is no bank to act as the middleman, minus your 1-3% rebate, as well as Goldman Sach’s cut.

Not to mention the money made elsewhere through greater loyalty to the platform (you need to keep using an iPhone to benefit from Apple Card, plus there is now greater incentive to funnel your purchases through iTunes, meaning Apple isn’t deprived of their 15-30% cut).

I am not sure what sort of info you think Apple really wants from you that would benefit their business model.

So I am neither customer nor product here but something more. Co-conspirator perhaps?

Apple's business model is to make money any way possible. You think apple doesn't want to copy Google's business model? Apple has shown they will copy anyone's business model. Apple just launched a streaming video service copied from competitors.