Goldman-ites Bite the Apple
Goldman Sachs has spent the best part of a century being cliquey with the world’s elite, clinking champagne glasses and talking business on the golf course. Now, the bank desperately wants to reintegrate into society. Its way in? Apple!
Apple happens to be expanding in Goldman’s direction, leaping from a focus on the iPhone to whatever solid footing it can find elsewhere. That includes a gaming subscription service, a news app, and a trendy credit card that’s being pushed out to hundreds of thousands of Apple fans. The Apple Card is just like a normal credit card, but you need an iPhone for it to work. It’s minimalist, it’s sleek, it gives you 3% cashback on Apple products, and it’s exactly what Goldman Sachs is looking for!
Usually, credit cards are kept away from those will low or no credit scores. The risk of folks not paying their debts would leave the issuer out of pocket. However, with the Apple Card turning a blind eye to all that, Goldman appears more than happy to be the official issuer and bear the risk. After-all, this is a chance for its infant consumer brand to be supercharged by the biggest consumer brand in the world. High risk, high reward?
Goldman investors are up for it, with low interest rates pounding the company’s bottom-line. Apple investors don’t mind handing some of the risk off, and customers are certainly on-board, too. This is a chance for bad borrowers crowd to get back on the straight and narrow. All the moving parts have come together, then. Have Goldman-ites bit into the good Apple, or the poison Apple? Time will tell!