Analyst: Apple Card to be a ‘significant player in the U.S. card market’

“The new Apple credit card could become a ‘significant player in the U.S. card market,’ HSBC says in new note, and that’s good news for partner Goldman Sachs (GS) as well,” Teresa Rivas reports for Barron’s.
“The new credit card is designed to work seamlessly with the Apple Wallet, and includes plenty of perks, including cash back rewards without annual, late, or international fees,” Rivas reports. “On Thursday, HSBC’s Nigel Fletcher took a fresh look at the Apple Card. While the firm has Hold ratings on both Apple and Goldman Sachs, he’s optimistic about the ‘large potential captive target market,’ that could ultimately see half of Apple’s 146 million-strong adult installed U.S. user base adopt the card in the coming years.”
Rivas reports, “He’s estimating potential net income of $300 million the first year, climbing to $1.5 billion by year five.”
Apple’s physical laser-etched titanium Apple Card
 
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MacDailyNews Take: The results of our current poll speak volumes:
Source: MacDailyNews Poll, March 25 – April 4, 2019
 
The biggest news of Apple’s “It’s Show Time” event, by far, was Apple Card.
What was our very first reaction to the physical Apple Card?
“Yes, we want that physical card. We’ll use the digital card via our Apple Watches whenever possible, of course (more cash back), but we want that titanium, laser-etched card!” – MacDailyNews, March 25, 2019