Apple Card recently passed its five year anniversary, and I’ve recently been thinking about whats next for the credit card. With Apple Card not being super profitable, combined with the fact that Apple wants to position itself as more of a services company, I think it could make a lot of sense for Apple to start offering a higher end credit card.
Apple Card today
Currently, Apple Card is a simple, no annual fee credit card focused on providing 2% cash back whenever you use Apple Pay. It also has an elevated 3% category for Apple and other partner merchants, incentivizing users to spend more money at Apple. It’s not bad, but also it’s not a super exciting credit card.
Apple Card in its current form also cost Goldman Sachs (the issuing bank) over a billion dollars, and Goldman Sachs is set to exit its Apple Card partnership in the next 3-6 months. With those two things on the table, I think it might be quite interesting to see an annual fee version of…
Source 9to5mac.com