The Apple card has been around since just before COVID. I have one. Goldman-Sachs is the bank that sits behind the metal card that links to your iPhone. The latest news, however, is that Goldman-Sachs has spent about $1 Billion to keep this running, and may not break even until 2025. This is the rough part of credit cards where it takes time for them to generate enough people who owe debt to make it worthwhile. The upscale card is something that does take some people some time to migrate, and it also came out just months before COVID had a lot of us reviewing our place in the world.
Goldman Sachs submitted a regulatory filing today for its “Platform Solutions” group of businesses that includes Apple Card. The collection of consumer offerings from Goldman is on track for a loss of $4 billion since 2020 with Apple Card making up more than $1 billion of that.