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There’s an important few paragraphs in the middle of the article:

> The biggest reason is because Goldman’s customers have been with the bank for less than two years on average, according to people with knowledge of the business.

> Charge-off rates tend to be highest during the first few years a user has a card; as Goldman’s pool of customers ages and struggling users drop out, those losses should calm down, the people said. The bank leans on third-party data providers to compare metrics with similar cards of the same vintage and is comfortable with its performance, the people said.

“People with knowledge of the business” is likely journalistic code for “insiders (even the CEO being criticized) speaking off the record,” so should be taken with a grain of salt. But it seems like important context.

I wonder if this is the main reason the Apple Card hasn't expanded to other countries? I don't know if the Apple brand is incentive enough for banks in Canada or the UK to expand who they offer their credit cards to. At the end of the day, it's the Bank that is taking all the risk.