Wall Street research firm Alliance Bernstein estimates the Apple Card could bring in about $1bn in annual revenue; this would put the card on the same level as Chase Sapphire Reserve and the Amex Platinum; the researchers say the main drivers behind the estimates are Apple’s hundreds of millions of users, brand cachet and the new card’s value prop; Apple says there will be no fees on the card so revenue will come from swipe fees and interest payments for customers who have balances; “This revenue should be almost pure profit to Apple, as Goldman Sachs bears all of the operational and credit risk for the program,” Bernstein wrote in the note according to Business Insider. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.