What kind of person uses an Apple card backed by Goldman Sachs? It might be the unseen husband in the now-notorious Peloton ad, where a model plays a desperately grateful wife whose life is transformed by the surprise gift of the exercise machine. One reason for her gratitude could be that her much lower credit limit makes her dependent on her husband’s generosity (Goldman denies any gender bias in its card).

Goldman itself is using a different kind of model for Apple card, however – a Basel internal risk model. We are starting to see the impact of the bank’s push into retail – including its joint venture with the iPhone maker – in Pillar 3 regulatory filings.