Goldman Sachs has offered up some early details on its Apple Card investments this week. In regulatory fillings, the bank indicated that thus far, it has extended $10 billion in credit lines to Apple Card customers.
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The filings show that of the $10 billion in credit lines, customers ended the month of September with a total of $736 million in loan balances. To offset the launch of Apple Card, Goldman halted its unsecured personal loan business.
For Goldman Sachs, the Apple Card is part of its bigger push in consumer finance. The bank has traditionally worked with larger corporations and investors, but as that has become less lucrative over the years, it’s expanding its consumer finance efforts. As Bloomberg explains:
The credit card is part of Goldman’s recent foray to turn its attention to Main Street consumers after more than a century of catering to large corporations and big investors. Its partner in the venture — Apple Inc. — has tried to minimize the investment bank’s role.
Bloomberg also notes that comparing Goldman’s data to other cards is tricky because “most banks don’t break out performance by individual cards.”
Last month, Goldman Sachs CEO David Solomon touted that Apple Card was “the most successful credit card launch ever.” This month’s regulatory filings offer our first look at the actual data behind Apple Card use so far.
On Apple’s earnings call this week, Tim Cook corroborated Solomon’s claims and said Apple Card has been the “most successful launch of a credit card in the United States ever.” He also announced that Apple Card is adding 0% interest financing for iPhone purchases later this year.
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