Jim Cramer breaks down Apple's Goldman Sachs-backed credit card and explains why it will rise to be the best of its new group of offerings.
The low expectations surrounding the new Goldman Sachs-linked credit card that Apple plans to roll out is good news for both stocks, CNBC's Jim Cramer said Thursday.
This deal is"found money" for Apple, who has a wide reach, because the investment bank will take on all the risk, he added. Additionally, it offers instant cash back. The program will bring value to Goldman Sachs, which is currently the cheapest stock in terms of price-to-earnings of the major banks, a result of its"episodic" revenue stream, Cramer said. If Goldman Sachs can use algorithms to make lending decisions and produce, hypothetically, 10 million credit cards through Apple's ecosystem, it could cushion both the bank's episodic nature as well as Apple's periodic cell phone launches, he explained.
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