2023-07-06 16:53:46
The future of Apple’s credit card is uncertain. Image: Mauritius
The group advertises with 4.15 percent interest – but the partner for it could get lost. What’s next with the credit card?
It was news that caused a stir: Apple has been offering 4.15 percent interest on its savings account in connection with the credit card since April (FAZ from April 19). The only catch was that you have to have the Apple card, which is only available in the United States so far. But the level of interest was a sensation: because the average APR for savings accounts in the United States is currently only 0.35 percent, so Apple’s 4.15 percent is an announcement – more than ten times the average. This is almost unrivaled in the United States; according to a CNBC report, there are only four similar offers, but they require minimum balances or offer slightly lower interest rates. With more than $1 billion in deposits, the savings product has made waves.
But market observers have long wondered how Goldman Sachs, as Apple’s partner, judges the credit card’s success itself (FAZ, February 1). After all, the responsible department has been making losses for years, and the Apple Card is said to be the cause. The loss in the corresponding segment between 2020 and 2022 amounts to 4 billion dollars, according to the reports, the Apple Card is said to be responsible for up to 3 billion dollars. This year, the Apple Card should now make a profit for Goldman Sachs for the first time, which has been postponed to 2025.
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