Goldman Sachs CEO Calls Apple Card The Most Successful Credit Card Launch Ever LINK
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Goldman Sachs CEO Praises Apple Card as a Huge Success
Goldman Sachs CEO David Solomon has hailed the Apple Card as \"the most successful credit card launch ever\" in a conference call with investors on Tuesday. Solomon said that the bank was pleased with the high level of consumer demand for the product, which was launched in August in partnership with Apple.
The Apple Card is a digital-first credit card that is integrated with the iPhone's Wallet app and offers a range of features, such as cash back rewards, no fees, and enhanced security. Users can also apply for a physical titanium card that has no card number, CVV, expiration date, or signature. The card uses machine learning and Apple Maps to provide clear transaction names and locations, and helps users track their spending habits and pay off their balance.
According to Solomon, the Apple Card is part of Goldman Sachs' efforts to expand its capabilities and reach new customers. \"In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card,\" he said. \"Taken together, these investments draw on our returns in the short term, but are critical to expanding our capabilities and our competitive position.\"
Goldman Sachs is not the only one to benefit from the Apple Card's popularity. Apple CEO Tim Cook said in September that the card had the \"most successful launch of a credit card in the United States ever.\" Cook also said that Apple was \"thrilled\" with the reception of the card and that it was \"adding more and more cardholders every day.\"
The Apple Card is currently available only in the United States, but there are reports that it may expand to other countries in the future. Some analysts have estimated that the card could generate billions of dollars in revenue for both Apple and Goldman Sachs over the next few years.
Not only is the Apple Card easy to use and manage, but it also offers several features and benefits that make it stand out from other credit cards. Here are some of the advantages of using the Apple Card:
Daily Cash: The Apple Card lets you earn cashback on all purchases, which gets paid out every day. Purchases through Apple Pay get 2% cashback, while purchases from Apple earn 3% cashback. Apple purchases include everything from in-store products to Apple subscriptions and in-app purchases from the App Store[^5^]. You can use your Daily Cash to pay your balance, send money to friends, or spend it anywhere Apple Pay is accepted[^2^].
No fees: The Apple Card has no annual, over-the-limit, foreign-transaction, or late fees[^2^]. It also offers interest rates that are among the lowest in the industry and shows you how much interest you'll pay based on your payment amount[^2^]. You can also choose a payment schedule that works for you, whether it's weekly, biweekly, or monthly[^2^].
Budget and financial tools: The Apple Card integrates with the Wallet app and provides you with a clear and detailed view of your spending habits. You can see how much you've spent in different categories, such as food, entertainment, or shopping, and get weekly or monthly summaries. You can also see where you've made each purchase on a map and get the merchant name and location[^2^]. The app also helps you track your payments and balance and gives you smart suggestions to pay less interest[^2^].
Security and privacy: The Apple Card uses advanced technologies like Face ID, Touch ID, and Apple Pay to protect your information and prevent fraud. Each transaction is authorized with a one-time security code and your card number is never stored on your device or shared with merchants[^2^]. You can also get a virtual card number for online purchases from retailers that don't accept Apple Pay through Safari browser[^1^]. If you lose your card or suspect unauthorized activity, you can lock your card, request a new one, or contact support right from the app[^2^].
Apple Card Family: The Apple Card allows you to share your account with up to five people who are part of your Family Sharing group. You can choose to make someone a co-owner or a participant of your account. Co-owners have equal rights and responsibilities for the account and can build credit together. Participants can use the card with spending limits set by the owners and can also build their own credit history[^2^]. You can also track everyone's spending and manage payments from one place[^2^].
Apple Card Monthly Installments: The Apple Card offers interest-free installment plans for select Apple products purchased at Apple Store locations, apple.com, the Apple Store app, or by calling 1-800-MY-APPLE. You can choose to pay over 6, 12, or 24 months depending on the product and get 3% Daily Cash back on your purchase. You can also see your monthly payments and remaining balance in the Wallet app[^2^].
Mastercard benefits: Because Apple Card is part of the Mastercard network, it's accepted anywhere in the world. Plus, you have access to Mastercard benefits, like identity theft protection and discounts worldwide. And because Apple Card is designed to have no fees at all, you won't get charged any foreign transaction fees[^6^]. Other benefits include free shipping with stores that use ShopRunner, access to travel purchases with Mastercard Travel, exclusive access to select restaurants through the 'Priceless Cities' program, offers/perks at \"premier golf clubs,\" and a 10 percent discount on rental homes through onefinestay[^3^].
With all these features and benefits, it's no wonder that the Apple Card has been praised as a huge success by both Apple and Goldman Sachs. If you're looking for a credit card that is simple, smart, and rewarding, you might want to give the Apple Card a try. aa16f39245