Tensions rise over Apple Card as Goldman Sachs asserts control

Like basically every other Apple product, the Apple Card was marketed as a product created entirely to the company’s specifications. It’s reflected in the slogan, too: “Created by Apple, not a bank”.

Except the Apple Card does, of course, need the infrastructure of a financial institution in order to operate, and that institution is Goldman Sachs, the bank Apple collaborated with to create the Card. And according to the bank, the Apple Card was and is controlled by Goldman Sachs, not the iPhone maker, despite what the latter may claim.

As Business Insider reported, Goldman Sachs states that, though the card was designed with Apple’s goals, the “ultimate decision” is always with them. The bank is the one shouldering the risk, and thus it makes the final call on important matters like approving credit lines and collecting debt.

Since its inception, the Apple Card has enjoyed much popularity for its clear terms and generous rewards on Apple products, but it’s also received a lot of backlash. Last November, issues of discrimination over the application process were raised concerning the seemingly-sexist algorithm used by Goldman Sachs.

Whatever the case may be, it’s more evident that Apple’s entry into financial services was not free of issues. Even though the shiny titanium Apple Card may bear the classic fruit logo, it’s not the only company involved. And Goldman Sachs wants you to know.