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Apple: Bank Had $786 Million In Loan Balances From Apple Card Users

Apple Card Users Had $786 Million In Loan Balances

Saturday, November 2, 2019

/ by Rose Manij

  • Apple: Bank Had $786 Million In Loan Balances From Apple Card Users
  • Apple Card Users Had $786 Million In Loan Balances



On of the best decision Apple to make is to launch the Apple Card, this is a smart move for the world first trillion dollar company in order to earn more revenue through Services. 
No doubt, the segment performed well in Apple's last quarter, as it managed to raise revenues from $10 billion to $12.5 billion. Services revenue includes that what Apple earns by the Apple Card, and today we've got more details for the company's credit card. Read on for more details. Recently Goldman Sachs stretches $10 Billion credit line to Apple Card users; Bank had $786 Million in loan balances from Apple Card users.

As seen on Bloomberg, they published a data, claims that is from Goldman Sach's recent regulatory filings. We were unable to locate the data ourselves from Goldman's 8K, earnings presentation and investor presentations. The data shows that Goldman Sachs has extended a $10 billion credit line to users of the Apple Card. A credit line is an amount extended by a bank to its customers for making purchases, paying off obligations or carrying out other related actions.
Related: Apple Is Looking For Tariff Waivers On iPhone Parts, Apple Watch, Mac, AirPods And Other Devices
So far, Apple Card users have loaned $786 Million using service. This sounds healthy since it's only been a handful of months since the company introduced the Apple Card in August this year. Looks like Apple's credit service is catching on with customers fast. Purchases made using the Apple Card from Apple, Uber, Uber Eats, T-Mobile, Walgreens, and Duane Reade will offer users a 3% cashback. Purchases made from other companies will give users a 1% cashback.

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