Goldman Sachs has offered some details on Apple Card investments this week. In regulatory filings, the bank indicated that it has so far extended $ 10 billion in credit lines to Apple Card customers.
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The filings show that of $ 10 billion in credit lines, customers ended the month of September with a total of $ 736 million in loans. To offset the launch of the Apple Card, Goldman stopped its unsecured personal loan business.
For Goldman Sachs, Apple Card is part of the larger pressure in consumer finance. The bank has traditionally worked with larger companies and investors, but as it has become less lucrative over the years, it extends the efforts for consumer financing. As Bloomberg explains :
The credit card is part of Goldman's recent meeting to draw attention to Main Street consumers after more than a century of catering to large corporations and large investors. Its partner in the venture – Apple Inc. – has tried to minimize the role of the investment bank.
Bloomberg also notes that it is difficult to compare Goldman's data with other cards because “most banks do not break out performance with individual cards. "
Last month, Goldman Sachs CEO David Solomon announced that Apple Card was" the most successful credit card launch ever. "This month's legislative filings offer our first look at the actual data behind Apple Card usage so far.
At Apple's revenue talks this week, Tim Cook confirmed Solomon's claims, saying that Apple Card has been the" most successful launch of a credit card in the US ever. "He also announced that Apple Card will add 0% interest financing for iPhone purchases later this year.
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