“The new Apple credit card could become a ‘significant player in the U.S. card market,’ HSBC says in new note, and that’s good news for partner Goldman Sachs (GS) as well,” Teresa Rivas reports for Barron’s.
“The new credit card is designed to work seamlessly with the Apple Wallet, and includes plenty of perks, including cash back rewards without annual, late, or international fees,” Rivas reports. “On Thursday, HSBC’s Nigel Fletcher took a fresh look at the Apple Card. While the firm has Hold ratings on both Apple and Goldman Sachs, he’s optimistic about the ‘large potential captive target market,’ that could ultimately see half of Apple’s 146 million-strong adult installed U.S. user base adopt the card in the coming years.”
Rivas reports, “He’s estimating potential net income of $300 million the first year, climbing to $1.5 billion by year five.”
Read more in the full article here.
MacDailyNews Take: The results of our current poll speak volumes:
The biggest news of Apple’s “It’s Show Time” event, by far, was Apple Card.
What was our very first reaction to the physical Apple Card?
“Yes, we want that physical card. We’ll use the digital card via our Apple Watches whenever possible, of course (more cash back), but we want that titanium, laser-etched card!” – MacDailyNews, March 25, 2019<
Hundreds of millions of Apple users will have or have already had the same reaction. Apple is about to generate huge profits out of thin air.
Apple just revolutionized another industry with Apple Card. — MacDailyNews, March 26, 2019
Apple Card will be the most secure credit card ever made – April 3, 2019
Survey shows iPhone users want the Apple Card – which could greatly increase Apple Pay usage – March 29, 2019
Apple Card: More than just a mere credit card – March 28, 2019
Apple Card’s fine print – March 28, 2019
Millions of dollars are being lost to Apple Pay fraud – Apple Card to the rescue! – March 27, 2019
Apple just revolutionized another industry with Apple Card – March 26, 2019
Introducing Apple Card, a new kind of credit card created by Apple – March 25, 2019