Goldman Sachs extends $10B in Apple Card credit over first month
According to regulatory filings made public this week, Apple Card financial partner Goldman Sachs said it doled out about $10 billion in credit lines for the Apple branded credit card in a little over one month.

The $10 billion figure is current as of the the third quarter, which ended on Sept. 30, just over a month after Apple Card launched launched on Aug. 20, reports Bloomberg.
Considering the fast pace at which Goldman is issuing credit for Apple Card, the present tally is likely much higher.
Apple Card's customer base carried a collective $736 million in loan balances at the end of the reporting period. As noted in today's report, calculating a card's success on loan figures is a difficult task, as competing issuers rarely break out performance on a per-card basis. That said, Goldman in October declared Apple Card to be the "most successful credit card launch ever."
"Since August, we've been pleased to see a high level of consumer demand for the product," David Solomon, CEO of Goldman Sachs, said of Apple Card at the time.
Apple CEO Tim Cook echoed Solomon's plaudits in an earnings conference call on Wednesday, but added a caveat, saying the launch was the most successful in U.S. history.
Significant capital layouts went into the development and debut of Apple Card, which marks not only the first card for Apple, but also Goldman's Marcus consumer banking division. Analysts in August estimated the bank is spending some $350 to acquire each Apple Card user.
Prior to launch, Goldman CFO Stephen Scherr said the company was intentionally slowing growth of unsecured personal loans under the Marcus brand to protect against exposure from Apple Card. The bank earmarked reserves representing 2.7% of existing credit card loans as it feels out customer behavior, the report said.
Apple continues to push Apple Card with ads that present users the option to gain 3% "Daily Cash" when paying for Apple products and services in its stores and online. Other benefits include a lack of fees, impressive security features and deep integration with the Apple Pay and the iOS Wallet app.

The $10 billion figure is current as of the the third quarter, which ended on Sept. 30, just over a month after Apple Card launched launched on Aug. 20, reports Bloomberg.
Considering the fast pace at which Goldman is issuing credit for Apple Card, the present tally is likely much higher.
Apple Card's customer base carried a collective $736 million in loan balances at the end of the reporting period. As noted in today's report, calculating a card's success on loan figures is a difficult task, as competing issuers rarely break out performance on a per-card basis. That said, Goldman in October declared Apple Card to be the "most successful credit card launch ever."
"Since August, we've been pleased to see a high level of consumer demand for the product," David Solomon, CEO of Goldman Sachs, said of Apple Card at the time.
Apple CEO Tim Cook echoed Solomon's plaudits in an earnings conference call on Wednesday, but added a caveat, saying the launch was the most successful in U.S. history.
Significant capital layouts went into the development and debut of Apple Card, which marks not only the first card for Apple, but also Goldman's Marcus consumer banking division. Analysts in August estimated the bank is spending some $350 to acquire each Apple Card user.
Prior to launch, Goldman CFO Stephen Scherr said the company was intentionally slowing growth of unsecured personal loans under the Marcus brand to protect against exposure from Apple Card. The bank earmarked reserves representing 2.7% of existing credit card loans as it feels out customer behavior, the report said.
Apple continues to push Apple Card with ads that present users the option to gain 3% "Daily Cash" when paying for Apple products and services in its stores and online. Other benefits include a lack of fees, impressive security features and deep integration with the Apple Pay and the iOS Wallet app.

Comments
Is $10B of credit lines a lot or a normal amount?
Just for grins I looked up AMEX (2018) and they had a worldwide total number of cars outstanding of 114M with total spending of $1,184B (that's over $1 Trillion dollars), so while this is a good start for Goldman/Apple it is only a start.
That depends on many metrics which we don't have access to. The easy ones are that it's low for established financial institutions that have a history of issuing credit, but it's likely very high for a single card after one month. You could all do comparisons based on credit limits compared to FICO scores, interest rates, economic brackets, age, sex, location types, preferred device type(s), and countless other measures if we had access to the data.
My main complaints about that:
1) There is no download to Quicken so I have to do the reconciliation by hand
2) I have no control over the period end date so AppleCard is an outlier that I need to handle separately (all my other cards end on the 23rd or 24th of the month)
3) I cannot pay by check or even let my bank send a payment - I am forced to let Goldman store my bank account info on their site as that's the only way to pay.
I'm thinking the Apple Card was designed for young people naive to credit cards. For myself, I find my other, more traditional cards much easier to deal with. AppleCard is mostly a PIA -- so I restrict it to Apple purchases only.
I think Goldman & Apple need to up their game for this card if they want it to become mainstream. While it is simple, it is also restrictive.
Some estimates say Apple Pay has about 253M users worldwide with international Apple Pay users actually accounting for more at 215 million versus 38 million in US.
GS, I'm guessing, will only handle US customers so they will top out at 38 million Apple Card accounts. Internationally is where Apple Card can expand substantially.
A few comments below yours, there's somebody else who's guessing $7,500. That's probably a bit on the high side.
My $5,000 butt pull figure is right in the middle of your estimate and the $7,500 estimate, but the actual figure is probably closer to $2,500 than it is to $7,500 imo.
LOL no. My friends and I who use the card are middle aged, and one owns his own jet. I do not and will never perform the sort of account reconciliation you perform. Instead I just pay my monthly balance before the due date.
Also, are you certain GS stores your banking info? I don’t know who initiates the ACH, GS or Apple.