Apple has also been busy winning over
Goldman Sachs, after another bank, Citigroup,
decided against partnering with Apple for the
project. Due to the lack of fees for the card,
Citigroup was concerned that it would not
be sufficiently profitable, but Goldman has
openly scotched that idea.
At the Business Insider Ignition Finance event
in June, Osmer Ismail, who heads consumer
digital finance in the bank’s Marcus division,
insisted that “the idea that doing right by the
customer means being less profitable is just
not an idea we subscribe to”. He added: “If
you do right by the customer, you’re going to
ultimately win their loyalty.” He also noted that
Goldman was new to consumer finance and so
was sufficiently flexible to put together modern
technology suitable for the project.
FURTHER INSIGHT INTO HOW
THE APPLE CARD WILL WORK
In many ways, the Apple Card can be used just
like any other credit card. For example, you will
need to pass credit approval to get your hands
on it, and the physical titanium card can be used
for traditional purchases – especially convenient
in places where Apple Pay isn’t supported but
you would still like to utilize Apple-standard
security and privacy. The card will be laser-
etched with your name but won’t show a card
number, expiration date, CVV or signature.
As a result, anyone else who finds or steals the
card will be unable to use it, at least for online
purchases. The card number and CVV will instead
be tucked away in the Wallet app in case you
require them, although the card will still come