I just read this morning in the Wall Street Journal that Goldman Sachs and Apple are teaming up to issue a new Apple Pay branded credit card through Goldman’s Marcus division. No real details issued yet except that it will replace the Barclays Apple rewards Visa. Goldman Sachs is trying to make their entrance into the credit card market and this is their start. Should be interesting to see if they can make a go of it. It’s gotta be better than the Starbucks and Chase issuing a card.
The additional revenue could help Apple as it pursues a goal of doubling its services business to about $50 billion annually by 2020 from $24.35 billion in 2016.
NEW Condo 😏😏
Just ran accross this article on yahoo finace thats states apple is in talks to switch its credit card from barclays to goldman sachs.
This can't come soon enough. More competition is always good for the consumer.
"Apple Inc. and Goldman Sachs Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.
The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said. Apple will replace its longstanding rewards-card partnership with Barclays PLC, the people said."
I came here just to post this! XD
This is good news. The Barclays card they offer is meh at best and really only great for that first purchase on sign-up (18 months no interest and some paltry cash back).
What's not obvious is if cardholders will still receive any kind of rewards for using the card (either within an Apple store/at apple.com or otherwise). If not, I can't imagine this would be something I'd pick up.
I'd imagine Barclays converts them to something else... a less likely but still possible outcome is the card holders are brought over to the new card (a la Costco with AmEx > Citi).
This will be especially good news for Apple aficionados who are on Barclay's black list.
Yes, I was thinking about this, too. I'm interested to see how they do their underwriting for the card, compared to Barclays.