But in all seriousness -- at least in terms of this particular business unit, how are they effectively losing money on this? I've always been under the impression that banks make crazy amounts of money on the interest from credit card debt. I don't entirely understand it. But it looks like it's an industry wide phenomenon right now [1], and not just related to GS.
[1] https://www.cnbc.com/2023/09/22/credit-card-losses-are-risin...
>The people likely to buy and iphone and sign up for an apple card are not carrying balances and racking up interest.
I've been using credit cards for the past 15 years, and never paid a single cent of interests. In fact, in my Central European country it is quite common to own a credit card simply for added convenience and safety, but I do not know anyone who does not pay their debt on time. In fact banks here even offer you the "autopay" option, so at the end of the month the balance gets paid off automatically, so you can avoid any charges easily.
It's the ideal card for people who value their time and agency.