Goldman Sachs says Apple's friendly image won't stop it from chasing down debt

The Apple Card might have Apple's logo on it and it might have fewer strings attached then most credit cards, but that doesn't make it any less dangerous. And Apple's partner Goldman Sachs says it will chase down anyone who owes it money despite Apple's image.

The news came during a Goldman Sachs earnings call as reported by Business Insider. During the call Goldman CFO's pointed out that even though Apple may "lay claim" to Apple Card, it's still a Goldman Sachs card at heart.

"Whoever lays claim to the creation of the card, there's only one institution that's making underwriting decisions, and that's Goldman Sachs," says CFO Stephen Scherr.

It was also posed that Apple's brand and reputation might get in the way of Goldman's need to chase those who owe it money, with RBC Capital Markets analyst Gerard Cassidy asking a simple question – will the company need to look after Apple's reputation?

RBC Capital Markets analyst Gerard Cassidy asked Goldman if, when a recession hits and default rates rise, the Apple Card's marketing could make it difficult for the bank to chase down debtors, given the potential damage to Apple's brand and reputation for customer service.

"Are you going to be hamstrung trying to collect those delinquencies because of the way it's been branded as an Apple Card, and it's not a bank?" he asked finance boss Stephen Scherr on Goldman's earnings call.

In response, Scherr noted that the "ultimate decision sits with us" and that Goldman will "calibrate, manage our risk and collections in the context of that." In other words, if you owe money on your Apple Card and don't pay, someone will come knocking at our door. Regardless of whether it might tarnish Apple's reputation or not.