Goldman Sachs may lose money on the Apple Card in the next recession

Goldman Sachs may get stung by rising loan losses on the Apple Card in the next economic downturn, according to Nomura analysts.

The much-hyped credit card, which Goldman began to make available last week, has no fees, the industry’s lowest interest rate range for comparable cards, and a mandate to approve as many iPhone users as possible, according to a report Wednesday from analysts led by Bill Carcache.

That leads Carcache to one conclusion: “The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average.” 

In his analysis, which assumes that Goldman spends $350 to acquire each new user, the bank…