General Motors did it, Sears and JC Penny have done it, and so have a number of blue chip corporations. Creating your own finance company, which bypasses banks and allows for a whole new revenue stream for sales and gathering interest payments is an American institution, with both Google and Amazon now joining in the mix.
So this then begs the question for the world's largest tech company... how long until we get to see the First National Bank of Apple?
Google is getting into the credit business for the first time, with the launch on Monday of a programme in the UK to finance purchases of its search advertising by businesses.
The move marks the opening of a new front in the battle between the biggest internet companies, as they turn to their balance sheets as a source of competitive advantage. Amazon said last week that it had begun making loans to independent sellers that offer their products on its marketplace, marking the online retailer’s first move into financial services.
Google’s decision to issue its own credit card, which will also be made available in the US within weeks and other unspecified countries later, signals the company’s first attempt to use its huge cash reserves to support its core search advertising business by subsidising low-interest rate credit lines. - Financial Times
Apple has prided itself on being different and independent of the herd mentality, but in the end, the potential gain of being able to finance your own products to the miltiude of Apple zombies is something that might be too enticing to avoid.