Goldman Sachs CEO says he’s already using Apple Card


Apple Card
Are you excited about Apple Card?
Photo: Apple

The Apple Card hasn’t publicly launched yet, but employees at both Apple and its partner Goldman Sachs are already publicly testing out the credit card.

In an interview at Recode’s Code Conference, Goldman Sachs CEO David Solomon talked about his experience of using the joint credit card. Perhaps unsurprisingly, he really, really likes it.

“I like the simplicity, the lack of friction when it comes to paying bills, looking at what you’ve spent, ease of use,” Solomon said.

The chief exec said that the card is “in beta” right now. However, he noted that “some employees of Apple that are using the card. I’m using the card, I like the way it works.”

He also said that he thinks the card’s unique features are likely to be well-received by the public. “The early feedback indicated that there will be a lot of interest in it when we finally do launch it later this summer,” he continued.

More on the Apple Card

As we get closer to the launch of Apple Pay, Goldman Sachs has been opening up about it the new joint card.

Earlier this week, Omer Ismail, who heads up Goldman’s Marcus division, said that Goldman isn’t worried about potential lack of profitability. This is the reason Citigroup reportedly pulled out of a deal with Apple for Apple Card. “The idea that doing right by the customer means being less profitable is just not an idea we subscribe to,” Ismail said. “If you do right by the customer, you’re going to ultimately win their loyalty.”

Goldman Sachs’ research has predicted that Apple Card will rack up around 21 million users by the end of 2020. It thinks that card holders will spend an estimated $1,000 per month. That would generate about $882 million in revenue. It’s not clear exactly how this will be split between Apple and Goldman Sachs.

For more on Apple Card and its innovative features, check out our original post here.

Source: CNBC


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