Apple could get into the financial business, according to a new report.
The Cupertino-based company is reportedly in the process of releasing a credit card. This new initiative would be part of a partnership with investment bank Goldman Sachs, The Wall Street Journal reported. Apple's new credit card with Goldman Sachs would signify the end of Apple’s existing credit card partnership with Barclays. It would also use Apple's own Apple Pay branding, something never done before.
Goldman Sachs will also offer in-store loans to Apple customers. Mind you, the investment bank recently acquired the team behind credit card startup Final, and has had a partnership with American Express and its Platinum card for a long time. As for Apple, it is preparing to release this Apple Pay credit card early next year, likely in an effort to bolster Apple Pay. However, we're not sure how it would work.
Would the card offer any sort of benefit? For instance, if you bought a MacBook Pro with it, what sort of incentive would you get in return, such as free iTunes movie credits or what have you? Also, would it live in the Apple Pay app? There are so many unanswered questions at this point, but Apple might address them at WWDC 2018, and if not, then at its anticipated iPhone event this autumn.