The Apple Card has been a successful venture for Apple and its partner Goldman Sachs, at least based on comments made by the companies. And now a report sheds some light on just how much money has been handed out in the form of available credit to customers of the first Apple-branded credit card.
Bloomberg has highlights from the Goldman Sachs regulatory filing this week. Unfortunately we don’t get to hear just how many iPhone owners actually signed up for Apple Card. However, the report does tell us that between the time that Apple Card launched in August and September 30, 2019, Goldman Sachs rolled out $10 billion in total credit to Apple Card customers.
Goldman Sachs says that by the end of September, Apple Card customers had $736 million in loan balances. And, perhaps unsurprisingly, the majority of the company’s growth came from credit card loans over the last several months.
Back in August the CEO of Goldman Sachs issued a memo to employees celebrating the launch of Apple Card, and the banking establishments big move into consumer credit cards. Up to this point Goldman Sachs has primarily worked with investors and corporations. The Apple Card is the company’s effort to break into the consumer market, and it appears it’s working out.
Apple’s CEO, Tim Cook, recently said that the company will soon let future iPhone buyers use the Apple Card as a way to finance their device over the course of 24 months. They’ll get 3% cash back on the total price of the iPhone they choose, and, perhaps best of all, it comes with 0% interest.
The fact that Apple’s first credit card is going so well is good news for both Apple and Goldman Sachs, but it also means that a lot of customers were ready for something like this to launch. Indeed, being able to quickly and easily handle payments and more right from the Wallet app is a nice touch. Plus, the physical card itself is nice, too.
Did you get yourself an Apple Card? If not now, do you plan on applying in the near future?