To lure millennials, Apple, Ikea and Uber are pushing branded credit cards
With Apple, Uber and Ikea launching branded credit cards, millennials (and older people) have more options than ever.
However, some of these cards have a high APR and any perks are quickly negated if you carry a monthly balance.
Millennials looking to pay with plastic have more options than ever.
Most recently, word spread of a new credit card courtesy of Apple and Goldman Sachs, which may be introduced as early as next year. The card will be branded with Apple Pay, the technology giant’s mobile payment and digital wallet platform.
Although few details have been released, the move clearly shows the big opportunity in credit cards, according to Matt Schulz, CreditCards.com’s senior analyst.
Millennials looking to pay with plastic have more options than ever.
Most recently, word spread of a new credit card courtesy of Apple and Goldman Sachs, which may be introduced as early as next year. The card will be branded with Apple Pay, the technology giant’s mobile payment and digital wallet platform.
Although few details have been released, the move clearly shows the big opportunity in credit cards, according to Matt Schulz, CreditCards.com’s senior analyst.
Apple and Goldman Sachs planning a new joint credit card, says Dow Jones Apple and Goldman Sachs planning a new joint credit card, says Dow Jones
12:24 PM ET Thu, 10 May 2018 | 00:49
“Despite worries in the industry about the rising cost of rewards and the uptick in delinquencies, banks still make a ton of profit off of credit cards, and Goldman Sachs wants to get its share,” he said.
For Apple, it’s another opportunity to get millennials on board with the brand, Schulz added. “They want to establish long-term relationships with these folks.”
The same goes for the Ikea Visa.
Introduced this month, the Swedish retailer famous for its home furnishings and bargain meatballs, is offering card holders 5 percent back in rewards on all Ikea purchases, as well as kitchen installation and TaskRabbit At-Home Assembly services; 3 percent back on dining, grocery and utility purchases and 1 percent back on all other purchases made with the card.
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Jessica Dickler
CNBC
8:30 AM ET Thu, 24 May 2018
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