During an earnings call for Goldman Sachs, chief financial officer Stephen Scherr responded to a question and said that the bank decides who gets the Apple Card, not Apple (via Business Insider).

Goldman Card

The question came from RBC Capital Markets analyst Gerard Cassidy, who asked if Apple’s marketing for its credit card could make it difficult to crack down on debtors in a recession where default rates rise.

Are you going to be hamstrung trying to collect those delinquencies because of the way it’s been branded as an Apple Card, and it’s not a bank?

To which Mr. Scherr replied:

Whoever lays claim to the creation of the card, there’s only one institution that’s making underwriting decisions, and that’s Goldman Sachs.

Notably, in its marketing Apple stresses that its credit card is “created by Apple, not a bank.” But Mr. Scherr said Goldman Sachs has the final say, because it’s the one that manages the back end, which according to CEO David Solomon runs on Amazon Web Services (AWS).

Further Reading

[How Goldman Sachs Evaluates Your Apple Card Application]

[How Apple Card Compares to Other Credit Cards]

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Macfox

One thing I’ve been concerned about and talked to Goldman is the lack of being able to add my spouse. I’ve complained and been told the Apple Card is for ONLY the card holder. This is the only credit card I’ve ever seen that has such a problem. As such I’m the only one that can use my iPhone(and card) when making a purchase. Yes, sure, she can use the actual card, but that defeats the extra cash incentive for using my iPhone. Has anyone else had a problem with this attitude from Goldman/Apple? FYI, I’ve used credit cards for… Read more »