Apple Card has Apple branding and is issued through Goldman Sachs and runs on Mastercard's network. It's only available to iPhone users and works just like any other credit card – you can use the physical card in all the usual locations, as well as inside the Apple Pay feature to make contactless payments with an iPhone.
The card is Goldman's last time in retail consumer business following the establishment of its online Marcus brand in 201
As Apple takes center stage, the bank has slowed growth of Marcus, which remained stable at $ 4.8 billion.
Nomura analysts predicted in an August report that it would take Goldman Sachs four years to settle on an Apple Card customer, assuming it took $ 350 to acquire the customer and that person spent $ 5,000 a year with an 18, 5% apr. The analysts wrote that Apple's desire to "approve as many iPhone customers as possible effectively puts [Goldman Sachs] in a position to have to approve applications for people with below average credit rating."