Goldman Sachs is excited that Apple Card will “push the brand much further into the mainstream” and hopes customers will buy a lot of Apple products and use the 3% cash back (via Reuters).
Aside from “buzz” suggesting the Apple Card will launch this week, we also have a copy of Goldman Sachs’ customer agreement form. For example, Apple Card users can’t jailbreak their device. The bank is positive about the card, and expects “solid issuance right out of the box.”
However, Wall Street analysts are concerned about Goldman’s move into the consumer space.
For one, the bank has precious little experience dealing with Main Street borrowers. Many economists and analysts believe the United States is overdue for a recession, which makes the timing of Goldman’s card roll-out less than ideal.
Bank executives said last month that they have tamped down efforts to grow consumer loans because of heightened credit risk. As of July, Marcus had a $6 billion book of unsecured loans, which mostly stem from consumers who consolidated existing credit-card debt into a cheaper product. Marcus also held more than $50 billion in retail deposits.