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Goldman Sachs Handed Out $10 Billion in Apple Card Credit

Regulatory filings reveal that Goldman Sachs issued approximately $10 billion in credit lines to Apple customers as of September 30.

November 2, 2019
Apple Card

Apple and Goldman Sachs should be ecstatic with the Apple Card's performance so far. Data in regulatory filings discovered by Bloomberg reveals just how much money in credit lines Goldman Sachs has issued to Apple customers.

The Apple Card arrived at the end of August, but it has already attracted a large number of iPhone owners who want the no-fee structure, bonus cashback rewards on certain purchases, and seamless iOS integration. Goldman Sachs appears to have issued a whopping $10 billion in credit lines as of September 30. In total, the customers who signed up for the Apple Card had $736 million in loan balances during the period.

Bloomberg couldn't compare any of this to other credit cards, however, as most financial institutions don't share these statistics.

With the Apple Card, Goldman Sachs targets an entirely different set of consumers. The Apple Card, like its Marcus brand of savings accounts and personal loans, tries to attract younger, tech-savvy groups. Traditionally, Goldman Sachs' services are for wealthier groups such as professional investors and corporations.

Apple, however, handles the software. Goldman Sachs serves as the financial provider on MasterCard's network, but the Cupertino-based company tailored the Apple Card for iOS. It syncs with the Wallet app to show your total balance, latest transactions, weekly activity, and upcoming payments.

In terms of cashback rewards, the Apple Card distributes 3% daily cash back on purchases from Apple and select merchants. Bonuses are available from Uber, Uber Eats, T-Mobile, Duane Reade, and Walgreens. Other purchases with the Apple Card on Apple Pay net 2% daily cash back. If a merchant doesn't accept Apple Pay online or in-store, the physical version of the Apple Card can be used for 1% daily cash back.

We're not going to tell you how to spend your money with the Apple Card, but we do highly suggest avoid storing it inside a leather wallet. Treat your Apple Card with care, friends.

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About Justin Herrick

Justin is easily attracted to power buttons. His interest in technology started as a child in the 1990s with the original PlayStation, and two decades later he can't keep his hands off the latest gadgets. His work has appeared in TechnoBuffalo, Talk Android, Business Insider, and other award-winning publications. If you're interested in his latest ramblings, drop Justin a follow on Twitter @JustHerrick and Instagram.

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