Goldman's Apple pairing furthers bank's mass-market ambitions

But Goldman is entering a crowded market for co-branded cards where retailers often have the upper hand, and analysts question how much tolerance its shareholders will have for growing the bank’s fledgling consumer business through credit card lending. Goldman has been courting consumers since the 2016 launch of its online bank Marcus, and with its first credit card it is targeting fee-conscious ones. There will be no annual or late fees, and customers will pay variable annual interest rates of between 13.24 percent and 24.24 percent, according to Apple’s website. Apple and Goldman did not disclose the economic terms of their partnership when it was announced on Monday. But banks have been increasingly willing to take less favorable deals because post-financial crisis regulations make the credit card business attractive for lenders, which are required to hold less capital against such debt than against other assets.