Apple Inc. and Goldman Sachs are launching a new joint credit card, which will deepen Apple’s access to customers’ money and signal the financial firm’s intro into the world of credit cards. The card will likely launch early in 2019, according to the Wall Street Journal, and it will replace the Apple credit card partnership with Barclays.
Review what GOBankingRates knows about the new card and see if it might be the best credit card for your needs.
Apple and Goldman Sachs Credit Card Review
Apple is a tech giant with a market value of approximately $940 billion, according to The New York Times. Goldman Sachs, a global investment banking and investment management and securities firm, is worth $10.9 billion, according to Interbrand. The two companies’ credit card will likely be hugely successful.
The companies are still determining the new card’s terms, benefits and perks, but they have already worked out that Goldman will be providing in-store loans to Apple customers for their tech needs. The Apple Barclays card offered customers zero-interest financing for Apple products and Apple rewards in the form of Apple gift cards.
Apple will boost its revenue by collecting money from Goldman for each new cardholder who signs up — this practice is common among store-brand cards and can pay more than $100 per card. That means plenty of additional revenue for Apple, which might be able to double its business to approximately $50 billion per year by 2020.
Possible Apple and Goldman Sachs Credit Card Features
The new Apple and Goldman Sachs card might be similar to Apple’s current card with Barclays. Here’s a look at Apple Barclaycard benefits, which could be an indicator of what the new Apple card from Goldman Sachs might offer:
- Special financing on Apple store purchases within the 30 days of account opening
- Points for all purchases
- More points for purchases made at Apple
- Ability to earn iTunes or Apple Store gift cards
Will the Apple Goldman Sachs Card Be Right for You?
Previously, Apple’s card with Barclays enabled Apple purchasers to get the special financing, with a promo period based on the purchase amount. If you love everything Apple — and if the new card offers special financing on Apple products — this could be the perfect card for you.
If this card offers the same benefits as the Apple-Barclays card, you’ll also earn points for each dollar you spend at Apple. And when the card comes out it could also offer additional benefits and perks.
Consider these things if you think you want the new card: Goldman has dealt in the consumer finance vertical for fewer than two years, and the credit card business is tough, even for the best credit cards. Before you apply for any credit card, review all of its features carefully, and always compare credit cards prior to signing up for one.
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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Apple or Goldman Sachs.