Not only will millions of people acquire this card, but it will be the card that they actually use. This is not a secondary card; it's a primary. I don't know if the other card companies are publicly traded, but it might be a good time to sell their stock short.
Citigroup JPMorganChase American Express Capital One
(thats in order of card holder numbers)
Truthfully, Goldman is waaaaay late to the game & had to team with someone like Apple in order to gain any amount of traction in the market.
My Chase card has been EMV chip for almost a 8 years, NFC for 2 years. My Citi card has been chip for a decade.
The US is just incredibly slow to adoption - Visa & Mastercard have been rolling out biometric cards for 1-2 years in the rest of the world. Just like EMV chip having a decade head start in Europe over the US.
Goldman was never a bank -- it was an investment house until the 2008 crash when many were forced to become banks. Consumer banking is an entirely new area for them.
10 years of officially being a commercial bank is an eternity in the financial world, especially when you are the size of Goldman.
They already knew the financial draw of sub-prime debt & how to cash in financially on people unable to pay bills.
They also new that they needed someone like Apple to team with in order to pull attention.
GOLDMAN SACHS BANK USA
RSSD ID: 2182786
200 WEST STREET , NEW YORK, NY, UNITED STATES 10282
You do wonder why it takes so long to get this card launched? Technically Summer begins in about two weeks... Oh well, if its as popular as it seems, you'll get the email to sign up, and then get one that says your new card will arrive in 4 to 6 weeks..
There's a lot that goes into launching these types of things. The card itself is easy but the infrastructure is what takes time.
I love new ideas like this. I hope other CC companies will be put on notice to change how they do business. However, I will still not be getting an Apple Card. While I love a lot of its features it still doesn't match what my current credit card offers which is a lower interest rate and points (5%).
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GOLDMAN SACHS BANK USA
RSSD ID: 2182786
200 WEST STREET , NEW YORK, NY, UNITED STATES 10282