The Goldman Sachs Group (GS - Free Report) has marked its presence in the consumer finance industry with the launch of an innovative credit card in partnership with Apple (AAPL - Free Report) . This is the first ever credit card to be offered by Goldman Sachs, and it boasts several offers and benefits.
Per a CNBC’s article, in a memo sent to employees, David Solomon, CEO at Goldman Sachs said, “This partnership is a major step in the growth of our consumer franchise, furthering our vision to create the leading digital consumer platform.”
By simplifying the application process, eliminating fees, encouraging customers to pay less interest and guarantying security, the Apple Card has removed the hassles that credit card users usually face.
Customers will be eligible for cashbacks, including 2% cashback on all Apple Pay purchases made with the card and 3% upon buying at the Apple Stores or at the App Store. These cashbacks be added to the users Apple Cash card daily and can be put to use instantly.
Further, the card would relieve its users of annual, late, international or over-the-limit fees. Also, no penalty will be charged in case a customer misses payment. The iPhone maker has also partnered with Mastercard (MA - Free Report) for its global payments network.
Goldman has been making efforts to bolster its consumer lending platform, and continues to build on its online bank Marcus. While the bank is on track to remodel its business into a more profitable organization, it continues to be face investigations over its role in helping to raise funds for the 1Malaysia Development Bhd and other legal cases, which are likely to keep costs elevated.
Shares of the company have gained around 14% in the past three months compared with 5.6% growth of its industry.
Goldman currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A better-ranked stock in the same space is Evercore (EVR - Free Report) , currently flaunting a Zacks Rank of 1. The company’s current-year earnings estimates have been revised 5% upward over the past 60 days. Also, its shares have inched up 28.2% in the past three months.
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