A close look at the physical Apple Card

Just about two months after Apple Card became available to the public, the CEO of Goldman Sachs — Apple’s bank partner — shared today in an interview how happy he is with the launch of the product, saying he thinks it’s the “most successful credit card launch ever.”

There have been some doubts about the profitability of Apple Card, with Citibank reportedly abandoning a deal with Apple over the concern for its new credit card before Goldman Sachs sealed the deal.

However, we’ve also heard reports that consumer interest and awareness for the product is “remarkably high.” And the prediction that Apple Card will be a hit.

In a new interview today with CNBC, CEO of Goldman Sachs, David Solomon, shared just how thrilled he is with the launch of Apple Card. He shared a couple of achievements from other parts of the company’s business, then raved about Apple Card’s launch.

“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.”

Solomon didn’t give specifics on Apple Card adoption, but said demand has been high while it has been able to keep its underwriting standards:

“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 compromising our credit underwriting standards.”

Further, Solomon said Apple Card along with Goldman Sachs’ other innovation efforts like “‘next generation’ electronic trading platforms” are important pieces of expanding the company’s “competitive position.”

Back on the day Apple Card launched, the Goldman Sachs CEO shared his optimism for the long-term future with Apple Card.

Apple Card is big, but it’s also a beginning. With no real legacy technology or a longstanding consumer business to defend, we are positioned to innovate, unlike many others in the industry. In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.

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About the Author

Michael Potuck

Michael is an editor for 9to5Mac. Since joining in 2016 he has written more than 3,000 articles including breaking news, reviews, and detailed comparisons and tutorials.