Banking, finance, and taxes
Why Goldman Sachs and Apple Will Launch a New Credit Card
Published:
Last Updated:
Goldman Sachs Group Inc. (NYSE: GS) and Apple Inc. (NASDAQ: AAPL) shocked the world when they announced that they are planning to introduce a new joint credit card. The duo plan on debuting this credit card as early as next year.
The platform for the card will be branded with Apple Pay, the online mobile payment platform Apple has been pioneering for years.
This move also comes at an important time for Goldman Sachs. The investment bank currently is making a push into consumer banking activities such as deposit-taking and personal loans, and this card would be a further extension into the trillion-dollar market that is credit cards. Goldman Sachs also will displace Barclays as Apple’s financial partner for credit cards.
According to CNBC:
The move could address priorities for both companies. Apple is looking to boost revenue from things other than gadgets, and the payments space is in the midst of intense competition from banks and tech startups. Goldman is looking to diversify its revenue away from institutional areas like trading and investment banking with its push into areas of finance that touch ordinary consumers.
Previously it was reported that Apple was in talks with Goldman Sachs to offer financing for its customers buying Apple products in store, including iPhones.
Shares of Goldman Sachs were last seen at $244.65, with a consensus analyst price target of $275.43 and a 52-week trading range of $209.62 to $275.31.
Apple was trading at $189.47 a share, with a consensus price target of $194.49 and a 52-week range of $142.20 to $190.37.
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.