Apple’s credit card plans — JD Power VP sheds some light on the move

Apple will announce new streaming services and is also expected to share details concerning its forthcoming credit card plan in conjunction with Goldman Sachs at an event today. JD Power’s vice president of banking and credit card services, Jim Miller, shared a few thoughts on these plans:

Why is Apple interested in the credit card 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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