So far the performance by Apple Card should make both Apple and Goldman Sachs very happy. Additionally, the amount of money that Goldman Sachs has issued ion credit lines to Apple customers has been reported by Bloomberg through the data it discovered in regulatory filings.
The Apple card, which was introduced right at the end of last month comes with a hassle free iOS integration, no- fee structure and bonus cashback rewards on certain purchases; and thus has already attracted an impressive bulk of iPhone owners. Starting September 30th, a whopping $10 billion in credit lines have appeared to be issued by Goldman Sachs. Since detailed statistics like those obtained in this case are generally not shared by other financial institutions, a comparison cannot be drawn with respect to other credit cards.
The Marcus brand by Goldman Sachs of saving accounts and personal loans tagets younger and a more tech- savvy population, with the Apple Card the target customers are no different. Professional investors, corporations and other such wealthier groups have always been serviced by Goldman Sachs since the very beginning.
MasterCard’s network for instance is served by Goldman Sachs as a financial provider, however in case of Apple which deals with the software part, the Apple card has been customized and designed for iOS integration. Latest transactions, upcoming payments, weekly activity, total balance and so on are revealed once the card is synced with the Wallet App of the Cupertino- based company.
Customers who purchase from Apple and some other selected merchandise get a 3 percent cashback reward by the Apple Card. Apps like Walgreens, Duane Readte, T- Mobile, Uber and Uber Eats provide bonuses. Apart from the above, a 2% cashback is assured when Apple Card is used for all other purchases. Furthermore, a 1% cashback is assured when the physical version of the Apple Card is used in case a merchant does not accept Apple Pay in- store or online.
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