A fine commercial, but one bit of the voiceover stuck out to me:

It’s a new kind of credit card, created by Apple, not a bank.

The fine print in the ad (tiny, but readable) says, in part:

Issued by Goldman Sachs Bank, USA

I get the point. Apple is the creator of the card, Goldman Sachs Bank a partner. And, more importantly, a partner who follows Apple’s specific privacy rules.