Apple Card has an Apple branding and is issued through Goldman Sachs and operates on the Mastercard network. It is accessible only to iPhone users and works just like any other credit card – you can use the physical card in any ordinary place, as well as inside Apple Pay to make contactless payments with the iPhone.
The card is Goldman & # 39; s latest intervention in the consumer retail business since the creation of the online Marcus brand in 201
While Apple takes center stage, the bank slows Marcus growth, which stays at $ 4.8 billion.
Nomura analysts predicted in August a report would take four years for Goldman Sachs even punched an Apple Card customer, assuming $ 350 was needed to acquire the customer, and that person was spending $ 5,000 a year with an 18.5% APR. 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 lower average credit ratings."