Applewill announce new streaming services and is also expected to share details concerning its forthcoming credit card planin conjunction with Goldman Sachs at an event today. JD Power’s Vice President, Banking and Credit Card services, Jim Miller, shared a few thoughts on these plans:
Why is Apple interested in this business?
“Credit cards can provide Apple with a new revenue stream further diversifying beyond iPhone sales. Credit card balances are at an all-time high and credit losses remain low, so the economics are very good right now. Goldman Sachs will take the credit risk and incur most of the costs for the credit cards. Financially Apple isn’t taking much of a risk.”
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