The Apple Card’s rollout was “the most successful credit card launch ever,” according to Goldman Sachs CEO David Solomon.
Solomon gave the update at the top of a conference call with investors on Tuesday morning, covering some of the initiatives that Goldman Sachs has undertaken over the past few years (via CNBC).
“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,” Solomon said.
On that last initiative, the CEO added that Goldman Sachs believes it is the “most successful” credit card launch to date.
“Since August, we’ve been pleased to see a high level of consumer demand for the product,” Solomon said.
Solomon didn’t reveal any additional details about the Apple Card’s performance during the call, but he pointed out that Goldman Sachs has been able to handle the demand “smoothly” and “without compromising (their) credit underwriting standards.”
Previously, Goldman Sachs revealed that it spent as much as $350 for each Apple Card user who signs up for the platform. At the time, Solomon said that the spending was “critical” to expanding the firm’s capabilities and competitiveness.
While the Apple Card is Apple’s first real financial venture, it’s also the first consumer credit card issued by Goldman Sachs. On the bank’s side of the equation, Solomon says it represents its move into “next generation” financial platforms.
The Apple Card itself is pretty unique among credit cards. iPhone users can apply for the credit card right on the iOS Wallet app. If approved, they can begin using the credit card immediately via Apple Pay while they wait for their physical titanium card to arrive.
In addition to usability and Apple cachet, the Apple Card also has a number of budgeting, cash back, security and privacy features.
It also represents Apple’s slow move into the services space. Apple Card was debuted at a March keynote earlier this year alongside original content streaming platform Apple TV+, gaming subscription Apple Arcade, and news and magazine service Apple News+.
Apple’s Services sector — which includes the aforementioned services — is largely expected to overtake the iPhone within the next few years as the Cupertino tech giant’s primary revenue growth driver.