Apple Inc said on Monday it will launch a credit card with Goldman Sachs Group I...
NEW YORK - Apple Inc said on Monday it will launch a credit card with Goldman Sachs Group Inc this summer that can be used to earn cash back on the purchase of Apple products, but analysts suggest its rewards do not stand out among rivals.
Cardholders will earn 2 percent cash back on all purchases made using their phones or 3 percent cash back on Apple products. Credit card industry analysts said the rewards programs were not significantly different from what is currently available in the market, but that Apple’s broad consumer reach could make it a major player.
Apple Pay is accepted by 70 percent of U.S. merchants and will be available in more than 40 countries by the end of the year. Commuters in New York, Chicago and Portland, Oregon, will eventually be able to use it to pay for public transportation, Apple said. Tim Devaney, of free credit score app Credit Karma, said the rewards are competitive but are not what will differentiate the Apple Card. “The Apple Card is consumer-friendly,” he said, noting features such as a calculator that shows how much interest a consumer will incur by paying a balance over time.
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