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It would be “odd” for Apple Inc. to offer a jointly developed credit card with Goldman Sachs Group Inc. and not with Synchrony Financial, Moffett Nathanson analyst Lisa Ellis said, since Synchrony dominates the market for co-brand offerings.

“Goldman must be offering Apple a very good deal,” Ellis said by email. She added that the Goldman partnership “makes the card more risky for Apple,” as it would be “Goldman’s first foray into a consumer credit card.” The card “could blow up on them, particularly if we head into a macroeconomic slowdown.”

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