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.
We don’t know exactly how this will impact Apple.
- Given how large Apple is, it will take a lot for the firm to register even $1 billion in revenues.
- Here’s a look at Apple’s leadership team behind Apple Card
- Last week, Apple released earnings information and also lauded the card’s launch success without providing metrics.
- Apple launched into a market that shows record levels of satisfaction with existing card offerings. The jury is out to see whether people will indeed switch to Apple Card.
- Consumer sentiment, as measured via social media, seemed to peak and then drop after the launch of Apple Card.
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.