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Apple’s latest product? A joint credit card with Goldman Sachs

Apple’s latest product? A joint credit card with Goldman Sachs
[Photo: Al Hakiim/Unsplash]

Apple is set to roll out a credit card with Goldman Sachs this spring, reports the Wall Street Journal. The card will soon begin a testing phase internally with employees before rolling out to the general public. The Journal says both companies are hoping to lure additional customers by offering them extra card features through Apple’s Wallet app. Such extra features reportedly include the ability for users to set spending goals, manage their balances, and track their rewards via the Wallet app.

This isn’t the first time the Wall Street Journal has reported on a possible joint card between Apple and Goldman Sachs. Back in May of last year, the Journal reported on the initiative. At the time, the Journal said:

Apple Inc. and Goldman Sachs Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.

The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said.

So it looks like that timescale is being met. As for other details about the joint card, it is expected to use Mastercard’s network and will offer about 2% in cash back on the majority of purchases—but possibly larger cash-back offerings for purchases of Apple products.

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