Goldman Sachs hints that Apple’s new credit card will be rolled out internationally

  • The Goldman-linked credit card offers cash back, including a 3 percent reward on direct purchases of Apple products.
  • Ultimately, it aims to expand Apple’s sources of revenue while also supporting Goldman’s push into different retail offerings.

Apple’s latest offering of a credit card could become available internationally, the chief executive officer for Goldman Sachs International told CNBC Tuesday.

The U.S. investment bank is making new efforts to expand its client base: It opened an online retail bank called Marcus in 2016, which it rolled out to the U.K. last year, and announced Monday that it’s partnering with Apple for a credit card.

“With that product (Apple Card) we are going to start in the U.S. but over time, absolutely, we will be thinking of international opportunities for it,” Richard Gnodde, CEO Goldman Sachs International, told CNBC’s Elizabeth Schulze Tuesday.

The Goldman-linked credit card offers cash back, including a 3 percent reward on direct purchases of Apple products. Ultimately, it aims to expand Apple’s sources of revenue while also supporting Goldman’s push into different retail offerings.

Apple iPhone users based in the U.S. will be able to get the card this summer.

“We will launch it through the summer and we do think it will catch on quickly,” Gnodde added.

The investment bank has usually offered its services to governments, corporations and institutional investors. But, more recently, it’s tried to increase its client base and is set to continue down this path. It has plans to take its online retail bank, Marcus, to Germany.

“The next move would be in Europe, it will be to Germany,” Gnodde told CNBC. “But we really want to get this business here in the U.K. up and running and certainly we have got some time to spend here before we move there.”

Source: CNBC

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