Apple Card had the 'most successful credit card launch ever' says Goldman Sachs

AppleInsider

Apple's financial partner company Goldman Sachs reports that its first-ever consumer credit card launch -- the Apple Card -- has been a success, and that here is a "high level" of demand for it.

In an update to investors, Goldman Sachs says that its partnership with Apple to produce the Apple Card has become "the most successful credit card launch ever."

"Since August," said CEO David Solomon, "we've been pleased to see a high level of consumer demand for the [Apple Card] product."

According to CNBC, Solomon was particularly briefing investors on how Goldman Sachs has recently been undertaking several new initiatives.

"In three short years," he continued, "we have raised $55 billion in deposits on the Marcus [savings account] platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card."

Without revealing an more specifics about the Apple Card, Solomon said that all of these initiatives had been introduced without disruption to its existing products and services.

"From an operational and risk perspective, we've handled the inflows smoothly and without compromising our credit underwriting standards," he said.

Apple Card is the first consumer credit card from Goldman Sachs, and the partnership represents part of a move into what Solomon described as "next generation" electronic trading platforms.

Goldman Sachs has previously revealed that it spent heavily on Apple Card -- reportedly $350 for each person who signs up -- and these other initiatives.

"Taken together, these investments draw on our returns in the short term," concluded Solomon, "but are critical to expanding our capabilities and our competitive position."

spice-boy

Of course they would say this, press release written a year ago.

StrangeDays

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

AppleExposed

Are we supposed to be surprised?......

BtheB

I've had the Apple Card since it's first week... Wonderfully useful if you also have an Apple Watch. I recently completed a three week trip to Spain, and used my wrist to purchase 95% of my expenses. The 'instant' feedback on my iPhone (and wrist) regarding payments was very assuring. The 2% back on all those purchases is a nice, immediate bonus. And, of course, it's accepted EVERYWHERE, unlike my much more expensive AmEx platinum card.. Apple Card deserves to be a great success.

CloudTalkin

StrangeDays said:

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

Being the CEO of Goldman does make him qualified to say it's the most successful credit card they've launched. It's iirrelevant because that's not what he said and it's definitely not what he implied.  The quote from the article (and author's quote is paraphrased and incomplete btw) says "the most successful credit card launch ever."  That implies what it says.  But afaict, he doesn't list the criteria used to make that determination.  He also covers his ass in his true quote, not what AI paraphrased.

In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.

That says to me he's not stating facts backed by data, but simply rendering an opinion to influence market perception.  Pretty sure it was always going to be successful.  What else was he going to say?  So there's no worry about lying to the SEC.  Besides we're all adults here.  No sense in pretending any of the financial services companies have any reservations about lying to the SEC.  They take their fines and keep moving.  If the cost/benefit analysis tells them a lie is more profitable than the truth, they'll lie without compunction.

StrangeDays

CloudTalkin said:

StrangeDays said:

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

Being the CEO of Goldman does make him qualified to say it's the most successful credit card they've launched. It's iirrelevant because that's not what he said and it's definitely not what he implied.  The quote from the article (and author's quote is paraphrased and incomplete btw) says "the most successful credit card launch ever."  That implies what it says.  But afaict, he doesn't list the criteria used to make that determination.  He also covers his ass in his true quote, not what AI paraphrased.

In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.

That says to me he's not stating facts backed by data, but simply rendering an opinion to influence market perception.  Pretty sure it was always going to be successful.  What else was he going to say?  So there's no worry about lying to the SEC.  Besides we're all adults here.  No sense in pretending any of the financial services companies have any reservations about lying to the SEC.  They take their fines and keep moving.  If the cost/benefit analysis tells them a lie is more profitable than the truth, they'll lie without compunction.

Which is why I said "he's qualified to say it's at least the most successful credit card they've launched”.

And yes, there is worry from lying to the SEC. If the rollout was not ultra successful, and he told investors it was the best rollout ever, there would be a problem. 

I'm not familiar with the routine practice of financial executives intentionally lying to investors and paying the fines later. What do you have?

CloudTalkin

StrangeDays said:

CloudTalkin said:

StrangeDays said:

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

Being the CEO of Goldman does make him qualified to say it's the most successful credit card they've launched. It's iirrelevant because that's not what he said and it's definitely not what he implied.  The quote from the article (and author's quote is paraphrased and incomplete btw) says "the most successful credit card launch ever."  That implies what it says.  But afaict, he doesn't list the criteria used to make that determination.  He also covers his ass in his true quote, not what AI paraphrased.

In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.

That says to me he's not stating facts backed by data, but simply rendering an opinion to influence market perception.  Pretty sure it was always going to be successful.  What else was he going to say?  So there's no worry about lying to the SEC.  Besides we're all adults here.  No sense in pretending any of the financial services companies have any reservations about lying to the SEC.  They take their fines and keep moving.  If the cost/benefit analysis tells them a lie is more profitable than the truth, they'll lie without compunction.

Which is why I said "he's qualified to say it's at least the most successful credit card they've launched.

And yes, there is worry from lying to the SEC. If the rollout was not ultra successful, and he told investors it was the best rollout ever, there would be a problem. 

I'm not familiar with the routine practice of financial executives intentionally lying to investors and paying the fines later. What do you have?

He's also qualified to say if his wife is a good cook.  Equally irrelevant.  He is implying it the most successful credit card launch ever.  There's a huge difference in meaning.  
Again, no.  They aren't really worried about lying to the SEC.    https://www.marketwatch.com/story/banks-have-been-fined-a-staggering-243-billion-since-the-financial-crisis-2018-02-20

StrangeDays

CloudTalkin said:

StrangeDays said:

CloudTalkin said:

StrangeDays said:

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

Being the CEO of Goldman does make him qualified to say it's the most successful credit card they've launched. It's iirrelevant because that's not what he said and it's definitely not what he implied.  The quote from the article (and author's quote is paraphrased and incomplete btw) says "the most successful credit card launch ever."  That implies what it says.  But afaict, he doesn't list the criteria used to make that determination.  He also covers his ass in his true quote, not what AI paraphrased.

In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.

That says to me he's not stating facts backed by data, but simply rendering an opinion to influence market perception.  Pretty sure it was always going to be successful.  What else was he going to say?  So there's no worry about lying to the SEC.  Besides we're all adults here.  No sense in pretending any of the financial services companies have any reservations about lying to the SEC.  They take their fines and keep moving.  If the cost/benefit analysis tells them a lie is more profitable than the truth, they'll lie without compunction.

Which is why I said "he's qualified to say it's at least the most successful credit card they've launched.

And yes, there is worry from lying to the SEC. If the rollout was not ultra successful, and he told investors it was the best rollout ever, there would be a problem. 

I'm not familiar with the routine practice of financial executives intentionally lying to investors and paying the fines later. What do you have?

He's also qualified to say if his wife is a good cook.  Equally irrelevant.  He is implying it the most successful credit card launch ever.  There's a huge difference in meaning.  
Again, no.  They aren't really worried about lying to the SEC.    https://www.marketwatch.com/story/banks-have-been-fined-a-staggering-243-billion-since-the-financial-crisis-2018-02-20

They’re inherently dissimilar. His wife’s cooking is subjective without any quantifiable metrics of success, while financial product rollouts do have quantitative metrics of success, even if they aren’t disclosed. If the metrics don’t support the conclusion, or outright contradict the claim, that’s lying to investors. 

Interesting on the link, tho it says the majority of that was about mortgage bonds. But still interesting. 

Regardless, I find the likeliness of Solomon’s conclusion as CEO of the company that launched it far more likely than the suggestion by a guy on the internet named “Spice-boy” that the card is somehow not a success and the executives are lying about it. He’s provided no evidence to support the implication so it’s pretty worthless. 

CloudTalkin

StrangeDays said:

CloudTalkin said:

StrangeDays said:

CloudTalkin said:

StrangeDays said:

spice-boy said:

Of course they would say this, press release written a year ago.

Solomon is the CEO of Goldman Sachs, I think he's qualified to say it's at least the most successful credit card they've launched. He's also the head of a publicly traded company and is prohibited from lying to investors by the SEC. 

What data points do you offer to cast doubt on his claim? General sour grapes isn't enough.

Being the CEO of Goldman does make him qualified to say it's the most successful credit card they've launched. It's iirrelevant because that's not what he said and it's definitely not what he implied.  The quote from the article (and author's quote is paraphrased and incomplete btw) says "the most successful credit card launch ever."  That implies what it says.  But afaict, he doesn't list the criteria used to make that determination.  He also covers his ass in his true quote, not what AI paraphrased.

In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched ‌Apple Card‌,” Solomon said, adding “which we believe is the most successful credit-card launch ever.

That says to me he's not stating facts backed by data, but simply rendering an opinion to influence market perception.  Pretty sure it was always going to be successful.  What else was he going to say?  So there's no worry about lying to the SEC.  Besides we're all adults here.  No sense in pretending any of the financial services companies have any reservations about lying to the SEC.  They take their fines and keep moving.  If the cost/benefit analysis tells them a lie is more profitable than the truth, they'll lie without compunction.

Which is why I said "he's qualified to say it's at least the most successful credit card they've launched.

And yes, there is worry from lying to the SEC. If the rollout was not ultra successful, and he told investors it was the best rollout ever, there would be a problem. 

I'm not familiar with the routine practice of financial executives intentionally lying to investors and paying the fines later. What do you have?

He's also qualified to say if his wife is a good cook.  Equally irrelevant.  He is implying it the most successful credit card launch ever.  There's a huge difference in meaning.  
Again, no.  They aren't really worried about lying to the SEC.    https://www.marketwatch.com/story/banks-have-been-fined-a-staggering-243-billion-since-the-financial-crisis-2018-02-20

They’re inherently dissimilar. His wife’s cooking is subjective without any quantifiable metrics of success, while financial product rollouts do have quantitative metrics of success, even if they aren’t disclosed. If the metrics don’t support the conclusion, or outright contradict the claim, that’s lying to investors. 

Interesting on the link, tho it says the majority of that was about mortgage bonds. But still interesting. 

Regardless, I find the likeliness of Solomon’s conclusion as CEO of the company that launched it far more likely than the suggestion by a guy on the internet named “Spice-boy” that the card is somehow not a success and the executives are lying about it. He’s provided no evidence to support the implication so it’s pretty worthless. 

Without those metrics they are equally irrelevant.  One I made up and the other you made up.  Besides, he doesn't need metrics to "believe" something, which is why I think he used those exact words.  He didn't say they had the most successful launch ever.  That would require proof.  He said he believed they did.  If questioned, he could easily claim hyperbolic enthusiasm or some other nonsense.  ← please don't get distracted by the example.  you do that often and tend to lose the plot.

Spice boy wasn't claiming the card wasn't a success.  No one here is doing that.   That's all in your head.  He's implying Goldman was always going to say what they said.  Apple card can be a success without being the most successful launch ever.  There's a huge nuanced gap there.  

Goldman's reputation is not one of trustworthiness and truthfulness.  Skepticism about anything they're involved with is not unwarranted.

matrix077

AppleExposed said:

Are we supposed to be surprised?......

No. Only an idiot will doubt it. I have never seen a credit card that was hyped - and was hated - more than this. 

lkrupp

matrix077 said:

AppleExposed said:

Are we supposed to be surprised?......

No. Only an idiot will doubt it. I have never seen a credit card that was hyped - and was hated - more than this. 

I can agree with the “hyped” but you certainly cannot substantiate the “hated" part. But then, a lot of people here hate everything Apple does and trumpet it from the rooftops every chance they get.

anantksundaram

It is easily the the most consumer-friendly credit card I’ve owned.

Since the AppleCard, I’ve barely used my Amex. The only reason I’ll keep it going by paying the fees is for the lounge access, 5x points on travel bookings, and a few other perks. For pretty much everything else, it’s AC. If, at some point, Apple can create a higher tier card — obviously with fees — with Amex-style perks, it could put Amex out of business.

blurpbleepbloop

He then went on to say, “All other credit card launches have been disasters.  Big, fat, incompetent disasters.  But ours as been great...really great.  I would rate us as having done an excellent job at bringing Apple Card to the market.  And not everyone can get the Apple Card, and they complain because they are losers and don’t deserve the Apple Card, which really is just great...a great, terrific credit card.”

eh, you know what? I think I’m thinking of something else.  Never mind.

felix01

GS is getting their payments act together. I’d just as soon not put my bank access numbers on file with GS for them to transfer payments so I pay by check from my billpay service. That took awhile to find out what address to use and what account number was to be used but finally the GS customer service folks got clued in. 

Initially, I tried. $5 check to see if the payment even made it to my account. Took two weeks after my billpay service said the check arrived before the payment showed up in the Wallet. So then I tried $250 and the time was a bit less than two weeks. 

This billing cycle, I noticed that my billpay service is using electronic transfer instead of a snail mail check. They’ve apparently worked out an electronic transfer system with GS to pay Apple Card debts, like they have with almost every other biller of any size I pay on a recurring basis. So yesterday I sent a grand to my account. And it showed up in my Wallet this morning.

Well done Goldman Sachs! 

SpamSandwich

Start a credit union, Apple. I’d gladly move my accounts.

felix01

SpamSandwich said:

Start a credit union, Apple. I’d gladly move my accounts.

Here you go:  

Apple Federal Credit Union 
http://bit.ly/2IWuH6s

cessnapaul

BtheB said:

I've had the Apple Card since it's first week... Wonderfully useful if you also have an Apple Watch. I recently completed a three week trip to Spain, and used my wrist to purchase 95% of my expenses. The 'instant' feedback on my iPhone (and wrist) regarding payments was very assuring. The 2% back on all those purchases is a nice, immediate bonus. And, of course, it's accepted EVERYWHERE, unlike my much more expensive AmEx platinum card.. Apple Card deserves to be a great success.

The "instant feedback" feature has been available on Amex Cards used within Apple Pay for years.

I do get the acceptance piece in the EU tho. 

bbh

BtheB said:

I've had the Apple Card since it's first week... Wonderfully useful if you also have an Apple Watch. I recently completed a three week trip to Spain, and used my wrist to purchase 95% of my expenses. The 'instant' feedback on my iPhone (and wrist) regarding payments was very assuring. The 2% back on all those purchases is a nice, immediate bonus. And, of course, it's accepted EVERYWHERE, unlike my much more expensive AmEx platinum card.. Apple Card deserves to be a great success.

I just returned from a 2 week cruise around Great Britain with stops in Ireland, Scotland and England. ApplePay with the Apple Watch EVERYWHERE, including roadside snack stands. Come on, USA....catch up !!!