Each and every time a user successfully applies for an Apple Card it costs Goldman Sachs – the bank powering the service – $350, according to Japanese financial services group Nomura who claim the bank will be waiting for more than four years to recuperate its costs and start making Apple Card profitable.
As shared by CNBC, the group says Apple’s no-fee approach to the service and high user acceptance rate will prolong the period Goldman Sachs will receive payback for its initial investment into the service.
Brushing off the fears, Goldman Sachs has said that it is looking at Apple Card as a long-term investment, and not something that the bank intends to make money from straightaway.
Apple Card began its roll out across the United States earlier this month, with those who registered their interest in the service by filling out the ‘Notify Me’ form on Apple.com receiving invites to join the service through the Wallet app on iOS. – Here’s how to apply for Apple Card.