Apple Card, which was shown as Apple’s first step into the financial world and separated from its competitors with its titanium alloy, did not receive the expected attention. Investments by infrastructure partner Goldman Sachs also evaporated.Why didn’t Apple Card attract attention?
Launched in the summer of 2019, Apple Card came with many advantages such as zero card fees and late fees, installments for purchases of Apple products, money back advantages, refunds for Apple Pay transactions, and interest-free loans.
Goldman Sachs has invested around $1.3 billion in infrastructure. He also allocated a marketing budget of around $350 for each Apple customer he would win. The cost of Goldman Sachs has also increased due to the important advantages mentioned above.
Despite calling it the most important credit card launch in its history, Goldman Sachs failed to get the expected output. In addition to sexism cases, the pandemic process and the economic crisis afterward were enough for users to escape.
According to the information received, Platform Solutions dealing with Apple Card has lost 1.2 billion dollars in the first 9 months of 2022. Previously, a loss of $1.3 billion was reported from mid-2019 to 2022. Even though high expenses are still being made, Apple Card customers cannot afford it. Goldman Sachs hopes the division will start making money in the coming years.
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