Goldman extends $10bn in Apple card credit

Bloomberg

Goldman Sachs Group Inc leaders have been coy about backing up their recent assertion that the Apple Inc card is the industry’s most successful credit card launch ever. Regulatory filings offer a first glimpse into the numbers that had the bank gushing.
After a full roll-out of the card last quarter, credit lines the bank has extended to Apple customers totalled about $10 billion.
Customers who’ve signed up for the credit card had $736 million in loan balances at the end of September. It’s hard to draw comparisons with other launches as most banks don’t break out performance by individual cards.
The credit card is part of Goldman’s recent foray to turn its attention to Main Street consumers after more than a century of catering to large corporations and big investors. Its partner in the venture — Apple Inc— has tried to minimise the investment bank’s role as it markets the product with a tagline that reads: “A new kind of credit card. Created by Apple, not a bank.”
With the Apple Card launch, Goldman hit the brakes on unsecured personal loans.