For those of you concerned about the "antitrust" aspect here, the specter of Apple controlling everything... Keep in mind that Apple has had a partnership-based

For those of you concerned about the "antitrust" aspect here, the specter of Apple controlling everything... Keep in mind that Apple has had a partnership-based branded credit card for years: the Barclaycard Visa with Apple Rewards. There is nothing fundamentally new in Apple offering a credit card. What's new here is they're tightly integrating it with Apple Wallet and in some aspects driving a better deal (like eliminating fees and points and data brokering). Overall I would characterize their offering as a "competitive" rewards card. But what's really distinctive here is the elegant Apple-designed UI around managing your spending and interest charges and rewards, which looks exceptional. The other really clever thing is how they've leveraged the iPhone to improve the security of the backwards-compatible physical card. For non-ApplePay e-commerce they can rotate the CSC/CVV number you look up on your phone (since it's not printed on the card). And they can just reach out to you through iOS with suspicious transaction notifications and strongly re-authenticate you, instead of relying on antiquated robocalls. One question I have is whether the card will have a stripe on it or just a chip. Traditionally merchants would be liable for fraudulent swipes without properly-checked signatures. If the signatureless card supports swipes, presumably Goldman Sachs would need to take on that liability now. Maybe that explains why rewards are 1% on physical card transactions instead of 2%.