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Apple Card prompted Goldman Sachs to award $ 10 billion worth of credit



Apple released its first credit card in August with the aptly named Apple Card. When the new Apple Card came out, some of its first members had no credit rating or substandard credit. As of September 30, Goldman has given approximately $ 10 billion, and customers have a loan of $ 736 million, according to the available evidence.

Apple Card carries the Apple trademark, is issued by Goldman Sachs and runs on the Mastercard network. It is only available to iPhone users and works much like any other credit card. You can use the physical card in all common locations as well as in the Apple Pay feature for contactless payment with an iPhone.

The card belongs to Goldman Latest entry into the private customer business after the launch of the online brand Marcus in 201

6. Marcus awards unsecured personal loans, including to consumers who deal with credit card debt.

With Apple at the center, the bank has slowed Marcus' growth. Nomura analysts predicted in an August report that it would take four years for Goldman Sachs to break the break even for an Apple Card customer, assuming it needed $ 350 to acquire the customer and that person spent $ 5,000 a year on an annualized rate of 18.5%. The analysts wrote that Apple's desire to "approve as many iPhone customers as possible" means that [Goldman Sachs] applications must be approved for those with below-average credit ratings. " According to Stephen Scherr, the percentage of revenue spent on employee payments is expected to decrease as the company focuses on technology-based projects and "four key projects," including Apple Card, the first credit card, and Marcus. An online brand that focuses more on the consumer. For the most recently completed quarter, the average salary per employee was $ 72,249 after $ 83,168 in the prior year.


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