Goldman hopes to lure iBorrowers with Apple card launch

NEW YORK - Goldman Sachs Group Inc's credit card is expected to appear in Apple Inc stores as soon as this week, introducing another major touchpoint with affluent, tech-savvy consumers the Wall Street bank hopes to lure.

The Apple alliance will push the brand much further into the mainstream than Goldman's prior efforts, analysts said. Effectively, the Goldman Sachs-Apple card will become the vehicle for people who want to buy pricey smartphones, computers and other gadgets from one of the world's most popular consumer brands.

On Friday, Goldman Sachs released terms and conditions, including details on interest rates and rewards. Bank executives said last month that they have tamped down efforts to grow consumer loans because of heightened credit risk. As of July, Marcus had a $6 billion book of unsecured loans, which mostly stem from consumers who consolidated existing credit-card debt into a cheaper product. Marcus also held more than $50 billion in retail deposits.

Those three projects dragged down Goldman's return-on-equity by 60 basis points in the second quarter, Scherr said. But he predicted they will bolster profits once they are running at full-scale.

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