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

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.

applecardhandson
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.”

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.

Popular Stories

Apple iPhone 16e Feature

Apple Announces iPhone 16e With A18 Chip and Apple Intelligence, Pricing Starts at $599

Wednesday February 19, 2025 8:02 am PST by
Apple today introduced the iPhone 16e, its newest entry-level smartphone. The device succeeds the third-generation iPhone SE, which has now been discontinued. The iPhone 16e features a larger 6.1-inch OLED display, up from a 4.7-inch LCD on the iPhone SE. The display has a notch for Face ID, and this means that Apple no longer sells any iPhones with a Touch ID fingerprint button, marking the ...
iphone 17 pro asherdipps

iPhone 17 Pro Models Rumored to Feature Aluminum Frame Instead of Titanium Frame

Tuesday February 18, 2025 12:02 pm PST by
Over the years, Apple has switched from an aluminum frame to a stainless steel frame to a titanium frame for its highest-end iPhones. And now, it has been rumored that Apple will go back to using aluminum for three out of four iPhone 17 models. In an investor note with research firm GF Securities, obtained by MacRumors this week, Apple supply chain analyst Jeff Pu said the iPhone 17, iPhone...
apple launch feb 2025 alt

Here Are the New Apple Products We're Still Expecting This Spring

Thursday February 20, 2025 5:06 am PST by
Now that Apple has announced its new more affordable iPhone 16e, our thoughts turn to what else we are expecting from the company this spring. There are three product categories that we are definitely expecting to get upgraded before spring has ended. Keep reading to learn what they are. If we're lucky, Apple might make a surprise announcement about a completely new product category. M4...
iPhone 17 Roundup Feature 2

iPhone Design to Change 'Significantly' This Year

Monday February 17, 2025 7:09 am PST by
Apple is set to "significantly change" the iPhone's design language later this year, according to a Weibo leaker. In a new post, the user known "Digital Chat Station" said that the iPhone's design is "starting to change significantly" this year. The "iPhone 17 Air" reportedly features a "horizontal, bar-shaped" design on the rear, likely referring to an elongated camera bump. On the other...
Generic iOS 18

Here's When Apple Will Release iOS 18.4

Wednesday February 19, 2025 11:38 am PST by
Following the launch of the iPhone 16e, Apple updated its iOS 18, iPadOS 18, and macOS Sequoia pages to give a narrower timeline on when the next updates are set to launch. All three pages now state that new Apple Intelligence features and languages will launch in early April, an update from the more broader April timeframe that Apple provided before. The next major point updates will be iOS ...
apple launch feb 2025

Tim Cook Teases an 'Apple Launch' Next Wednesday

Thursday February 13, 2025 8:07 am PST by
In a social media post today, Apple CEO Tim Cook teased an upcoming "launch" of some kind scheduled for Wednesday, February 19. "Get ready to meet the newest member of the family," he said, with an #AppleLaunch hashtag. The post includes a short video with an animated Apple logo inside a circle. Cook did not provide an exact time for the launch, or share any other specific details, so...
iOS 18

iOS 18.4 Coming Next Week With These New Features for Your iPhone

Friday February 14, 2025 6:18 am PST by
The first iOS 18.4 beta for iPhones should be just around the corner, and the update is expected to include many new features and changes. Bloomberg's Mark Gurman expects the iOS 18.4 beta to be released by next week. Below, we outline what to expect from iOS 18.4 so far. Apple Intelligence for Siri Siri is expected to get several enhancements powered by Apple Intelligence on iOS...
Apple 2025 Thumb 1

Two of Apple's Oldest Products Are Finally Getting Updated This Year

Friday February 14, 2025 6:03 am PST by
Apple released the HomePod mini in November 2020, followed by the AirTag in May 2021, and both still remain first-generation products. Fortunately, rumors suggest that both the HomePod mini and the AirTag will finally be updated at some point this year. Below, we recap rumors about the HomePod mini 2 and AirTag 2. HomePod mini 2 In January 2025, Bloomberg's Mark Gurman said Apple is ...

Top Rated Comments

MoreRumors? Avatar
70 months ago
Like Apple, Goldman Sachs won’t say how many actually have been issued the Apple CC. What does successful mean without actual number to gauge or compare?
Score: 14 Votes (Like | Disagree)
Baymowe335 Avatar
70 months ago

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%)
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.
Score: 13 Votes (Like | Disagree)
ersan191 Avatar
70 months ago
Isn't this Goldman Sachs' only credit card launch ever? How would they know?
Score: 12 Votes (Like | Disagree)
Mutepointer Avatar
70 months ago
The Apple Card was "the most successful credit-card launch ever," according to Goldman Sachs CEO. Translation = $$$$$$$$$$$$$$$$$$$$$$$
Score: 10 Votes (Like | Disagree)
yossi Avatar
70 months ago
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%)
Score: 9 Votes (Like | Disagree)
twocents Avatar
70 months ago
I can't really say that I *like* having another credit card, but Apple really put some polish on this service with no fees, transparency with interest rates, and spending tracking. Looking forward to additional 3%-er partners soon
Score: 8 Votes (Like | Disagree)