Of all the new developments at Apple this year that signify just how different a company it is these days when it was once so largely tied to (and regarded in the minds of the general public) as the iPhone company, we could point to things like the forthcoming launch of Apple TV+ as indicative of how different an enterprise Apple is today. Likewise, the launch earlier this year of an Apple-branded credit card — with Apple Card initially serving as the target of some people’s ire, people who wondered why the tech company was bothering to launch a credit card at all with all its attendant features like a cashback program and interest rates and the like.
The card is, of course, a natural outgrowth of the existing Apple Pay platform. And while the card has only been live for several weeks now, Apple’s card partner is out with new comments raving about the card’s launch.
In comments shared during an investor conference call on Tuesday, Goldman Sachs CEO David Solomon didn’t mince words, calling the introduction of Apple Card “the most successful credit-card launch ever.”
“Since August,” Solomon told investors Tuesday, “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.”
Apple, you may recall, came up with that tagline for the card about it being “created by Apple, not a bank,” which is meant to speak to all the myriad Apple-y aspects of the card like its sleek design and lack of fees. However, that tagline belies how much effort Goldman Sachs spent on helping Apple launch the card, which included Goldman tasking thousands of its employees to help get the card and its various systems and technologies finished on time. All told, according to The Wall Street Journal, Goldman spent about $300 million to launch the card.
As a further indication that it’s still early days for the product, meanwhile, Goldman Sachs has confirmed Apple and the investment bank have yet to start reporting card-related payment information to the major credit bureaus. That’s due to this still being a pretty new card, but don’t let that be an invitation to get too cavalier with your card. Presumably, this will be corrected soon.