Goldman Sachs Credit Cards
Goldman Sachs has jumped into the consumer banking world with co-branded credit cards. These cards give you the chance to earn rewards on purchases and get great rates on savings and certificates of deposit.
The Goldman Sachs bank offers a variety of credit cards and personal loans. Its credit card products are available to people with good or excellent credit, and the bank’s underwriting process doesn’t result in a hard pull on your credit report. The company also offers a range of online savings and money market accounts. In 2019, Goldman Sachs entered the consumer credit card market with its Apple Card, which was designed to help customers manage their money by offering perks like 2% daily cashback and interest-free installment payments on purchases from select companies, including Apple. The company also bought GM’s credit card portfolio in 2020 from Capital One, and it now handles the automaker’s rewards program and digital wallet app.
Its banking products include Marcus by Goldman Sachs, which launched in 2016 and offers unsecured personal loans, high-yield online savings accounts, and certificates of deposit. The division’s products are offered both directly to consumers and through partnerships with existing fintech platforms, such as Clarity Money and GreenSky.
In order to qualify for a Goldman Sachs credit card, you must have an excellent or good credit score and a long and established credit history. In addition, you must be a U.S. citizen or permanent resident and at least 18 years old to apply. You must also provide proof of income and residence, such as pay stubs or tax returns. If you have a co-signer, the person must also meet these requirements.
Is the Apple Card through Goldman Sachs Worth It?
The Apple Card is a co-branded credit card from Goldman Sachs and Apple. The card was launched in August 2019, optimized for Apple Pay, and built into the iPhone wallet app. The card offers no fees, daily cash back, and other perks. Apple handles the UI, a sleek titanium card, and other slick features while Goldman Sachs handles customer service, underwriting, and transactions.
The Card also comes with a savings account that allows cardholders to earn 4.15% interest on money they deposit into the account. However, the savings account has seen some issues with withdrawals and a lack of transparency. The Wall Street Journal recently reported that some customers were unable to withdraw the money they had deposited into their Apple savings accounts for weeks.
In early 2020, Apple began working with financial apps to allow users to export their Apple Card data in CSV and OFX formats for use in Quicken, QuickBooks, and other software programs. The cards are also eligible for a free FICO score, which is updated monthly. Initially, the card was not reported to credit bureaus, but this changed in December 2019.
If it succeeds, the Apple Card could significantly boost Goldman’s consumer finance business. The firm already has a small credit card portfolio through its Marcus brand, which also includes interest-free personal loans and high-yield online savings accounts.
