Payments

Research: How Apple Card is performing after its public launch

  • After touting Apple Card's successful launch, Goldman Sachs finally provides the public with some data.
  • After publicly launching in third quarter, Goldman has extended almost $10 billion in credit.
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Research: How Apple Card is performing after its public launch

Goldman Sachs has been banging the drum on how successful Apple Card's launch has been. But, the bank hasn't provided metrics to back up this assertion.

Regulatory filings this week provide the first glimpse into how well Apple Card, and ultimately the partnership between Apple and GS, is performing.

What we know:

  • Goldman Sachs has extended about $10 billion in credit lines to Apple customers as of Sept. 30
  • New credit card customers had $736 million in loan balances at the end of the third quarter
  • Goldman had throttled its consumer lending via Marcus in anticipation of Apple Card's launch. Outstanding loan balances remained at $4.8 billion for the quarter.
per Bloomberg

Switching gears:

We don't know exactly how this will impact Apple.

Tearsheet's own research shows the financial professionals see growing competition from Apple in consumer banking. People who work in financial services and fintech expect Apple's consumer finance offerings to become more competitive in three to ten years.

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