>It would be logical step for Apple to set up its own Financial Services company that would issue CCs itself Why would that be a "logical" step? Goldman Sach

>It would be logical step for Apple to set up its own Financial Services company that would issue CCs itself Why would that be a "logical" step? Goldman Sachs has already lost billions partially because Apple insisted on lower credit standards for applicants' approvals which resulted in a lower quality portfolio of credit-card holders that don't make their payments on time. In a round about way, Apple (inadvertently) got a bunch of GS money to buy its expensive Apple products and the later issue of creditcard holders getting behind on their debt repayments is GS's problem instead of Apple's. If Apple started a bank business to underwrite its own credit-card, what do they gain by taking on that extra financial risk? I suppose Apple could theoretically "gain" interest payments but Apple was the one pushing for less credit-worthy applicants which negates the point of getting interest money as profits. GS's losses of $1 to $3 billion already proved that model doesn't work. It actually seems more logical for Apple to shop the Apple-branded creditcard to other potential backers such as Citi or Chase. Sure, previous giant companies like General Electric started GE Captial, Sears started, Discover card, Toyota has Toyota Motor Credit... but that doesn't mean Apple wants to get into the bank business.