Goldman Sachs start issuing Apple cards to consumers

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Goldman Sachs start issuing Apple cards to consumers

Goldman Sachs Group Inc., the US-based multinational investment bank and financial services company headquartered on New York city, had rolled out Apple Inc.’s virtual Apple credit Card on Tuesday, the 6th of August 2019, a maverick move which would likely to help Apple Inc.

diversify its business spectrum, meanwhile ramping up Goldman Sachs’ new consumer credit card business. According to media report revealed later last week on Apple Inc.’s Apple card, any purchase from Apple stores using Apple Credit Card by an iPhone owner would be provided with a 2 percent cashback, while the purchases would not involve any kind of additional fees.

Over the other side of the coin, credit card issuer for Apple Inc., NY-based Goldman Sachs, one of the largest lenders in the world, would benefit by enhancing its operations on its Marcus consumer banking brand, a low profit-margin, yet a safer financial service, which it had launched back in 2015 in order to even out the odds of its high profit-margin, but riskier, trading and investment banking segment.

Nonetheless, according to a Goldman Sachs’ official, so far very little number of people had showed interest on Apple Inc.’s new credit card, while downscaling optimism further on Apple Inc.’s newly introduced credit card, an expert on credit cards at NerdWallet, Sara Rathner, said on Tuesday (August 6th), “The Apple Card doesn’t play in the same league as premium rewards credit cards like the Chase Sapphire Reserve or AmEx Platinum.

Those cards charge ultra-high fees, but in return you get some pretty sweet perks: massive sign-up bonuses, annual statement credits, free Global Entry, and a higher point-earning rate for travel expenses. ”