The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.
While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.
Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.
Discover leaned heavily on rewards to drive new card acquisitions and sales growth in the fourth quarter, but suffered a double whammy of rising reward costs and higher charge-offs, causing it to miss analyst earnings expectations.
Proposals that would have financial firms monitor or refuse to finance certain firearms purchases are misguided, putting the onus on unelected corporations.
In selling its Walmart credit card portfolio to Capital One and extending a partnership with Sam’s Club that appeared to be in peril, Synchrony Financial avoids an expensive legal battle with the world’s largest retailer.
