Apple loves a hype cycle. It announces a product 6 months before it comes out, doesn’t give a release date, and then whip us up into a frenzy by saying we can have in two weeks once we’ve all forgotten about it. That’s what it looks like is happening with the Apple credit card.
The industry is rumbling with rumors that Apple fans will have their slick new cards in a few short weeks. The spin cycle is gearing up.
The Apple credit card is powered by Goldman Sachs, and old-school Wall Street bank that traditionally hasn’t served the consumer. They have a good handle on how to speak your language, though, so we’ll be keeping a close eye on how the Apple card works in the wild.
A lot of millennial Apple geeks who are the target market for this card are struggling to buy homes, though. The Wall Street Journal says that’s because of lingering economic effects from the 2008 financial crisis (not avocado toast).
However, a lack of millennials in the real estate game isn’t going to sink the economy. Zillow surveyed a bunch of economists who said that a recession is coming soon, but it won’t be fueled by real estate like the mid-2000’s slump.
If the thought of a recession depresses you, new research says that exercise makes you happier than having money. I guess that’s true if you can afford a gym membership. Oh well, put it on your new Apple credit card!
In the rest of the world, finance tech is thriving. The founder of Alibaba, China’s Amazon, also runs a major lender that’s lent nearly $300 billion at a 1% default rate. A hip Brazilian bank just raised $400 million from investors, too. Hopefully the Apple credit card stacks up against global innovation competition.
All this and more in today’s Linkage. Enjoy.