Consumer Electronics giant Apple is apparently set to stun the financial world by announcing a strategic partnership with American Express to launch its own credit card later this year.
Separate sources have confirmed that the card will be the first of a series of financial products that the behemoth expects, will be as popular as its iPods or iPhones.
There's a fact that's not widely publicised outside a select few; the top 10 American technology companies have a combined cash and short term asset chest of nearly a trillion dollar which would be enough to prop up the UK economy.
Apple alone has around $80 billion dollars in cash and short term assets and the move was apparently motivated by the fact that banks are being unsuccessful at generating significant return on investments to please Apple.
Although the finer details are not set in stone, we've heard that the card will offer a loyalty scheme with points to collect for each dollar spent and a 12 month introductory with no fee and no interest to be paid on balance transfer, what's more; purchases from Apple will automatically carry a 24-month no interest paid facility.
Points can be redeemed against Apple products without any limitations on how many you can get. The launch of the product will coincide with the new Macbook Pro refresh and may be extended to countries outside the US depending on how successful the scheme is.
We understand as well that an Apple saving accounts that gives you Apple shares on top of your regular interest and an Apple mortgage that gives you free Apple products to kit your new house are also on the plan.