Apple is working with Goldman Sachs and Mastercard to launch a credit card that some say poses a threat to fintech companies and regional banks.
Thanks to Apple, the iPhone is hardly used as a phone at all. The same thing may very well happen to our wallets — forcing established credit card companies to change the way they do business.
Among the features other card companies might want to copy is Apple's heightened security. The card will incorporate a one-time use authentication code that is protected by biometric security — either"Touch ID" or"Face ID" through the iPhone. The sleek, minimalist titanium card just has the holder's name etched onto it with lasers. It forgoes card numbers and other sensitive information.
The interest rate on the Goldman Sachs-linked credit card are expected to range from roughly 13 percent to 24 percent. There's no teaser rate — which fintech companies and banks often use to attract customers. The card has no fees of any kind — that includes late fees, international fees or annual fees, according to Apple.
For Goldman, the move marks a further push into its new consumer financial products. Goldman Sachs rolled out its retail bank called Marcus in 2016. Until then, the investment bank was mostly known for catering to high-net-worth individuals and institutional investors throughout its 150-year history.
"Regional banks are going to have a tough time -- the big banks can still play defense," said Prospect's Ryan Gilbert."Those who haven't done much exciting over time will see more pressure especially If direct deposits go to Apple."
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