Goldman Sachs CEO: Apple Card is the start of Goldman’s transformation into a consumer powerhouse

Created by Apple and designed for iPhone, Apple Card brings together Apple’s hardware, software and services to transform the entire credit card experience.
Created by Apple and designed for iPhone, Apple Card brings together Apple’s hardware, software and services to transform the entire credit card experience.

CEO David Solomon said that with the Apple Card, Goldman Sachs is embarking on a multi-decade journey to becoming a leader in consumer banking just as it has been in Wall Street banking and trading.

Yun Li and Dawn Giel for CNBC:

“Apple Card is big, but it’s also a beginning,” Solomon said Tuesday in an internal memo obtained by CNBC. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.”

“Apple Card makes a typically frustrating application process easy; it provides an interface with more useful information for the customer; and it places greater importance on customer privacy and security. As a beta user for the last few months, I’m a happy customer and use the card all the time both through Apple Pay and the titanium physical card.”

MacDailyNews Take: We already love our Apple Cards, too!

Apple Card will be a smashing success! — MacDailyNews, April 29, 2019

9 Comments

    1. He’s too focused on the physical card which is just a backup. All my purchases so far except one (eBay) have gotten 2% cash back. My previous bank credit card didn’t even have cash back but some convoluted points system so even 1% would have been an upgrade. The rewards system isn’t static either as we’ve already seen with 3% back on Uber and much more to come. Most if not all iPhone users will have an Apple Card eventually, they’ll be even more popular than Airpods.

    2. Right off the bat, this guy tries to find the worst, the example he shows is at a restaurant where the waiter brings the device to the table, why didn’t he use Apple Pay? Would have gotten a full 1/2 point better then his cards?(admits later he only gets 1.5%)

      He also glosses over the cash back is daily, not monthly.

      It’s almost like he’s trying to talk himself out of liking the features, and uses the haters terms of the card being more a pretentious thing than having good features.

      Based on his comments, I also wonder what his %of credit usage is and over all score in order for his score to ‘take a hit’ by getting the card, based on a screenshot, he already charge over $1600(if his card screenshot) seems like a lot of usage in a short time for not liking it?

  1. Ha, Goldman should stay out of consumer banking, imo. When the Dems bring back Glass-Steagall, what are they going to do, spin off their consumer banking division?

  2. Points force you to buy products they carry, from their catalog, at their prices, after waiting 3 months to a year to get them, while cash (earned immediately) is a universal transaction medium.

    Throw in the total lack of revenue enhancing fees (that wipe out accrued points) and the Apple Card experience is much more rewarding.

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