Apple and Goldman Sachs Expected to Launch Credit Card Later This Year With Unique Features in Wallet App

Discussion in ' News Discussion' started by MacRumors, Feb 21, 2019.

  1. MacRumors macrumors bot


    Apr 12, 2001

    Apple and investment bank Goldman Sachs plan to launch a joint credit card later this year, according to The Wall Street Journal.


    The report claims the card will be rolled out to Apple employees for internal testing in the next few weeks and officially launch later this year. The card would be accessible through the Wallet app on iPhone, potentially with unique features for setting spending goals, tracking rewards, and managing balances.
    The card will be issued by Goldman Sachs and use Mastercard's payment network, according to the report. The card is said to offer around two percent cashback on most purchases and potentially more on Apple products and services.

    Apple has tweaked the Wallet app's interface in the iOS 12.2 beta, potentially foreshadowing the credit card's arrival.

    Wallet app in iOS 12.2 beta on left, previous version on right

    The Wall Street Journal first reported on these plans last year, noting that the Goldman Sachs card could replace the Barclaycard Visa with Apple Rewards currently issued in the United States. Apple is expected to collect a higher percentage of fees from the Goldman Sachs card, boosting its services revenue.

    Article Link: Apple and Goldman Sachs Expected to Launch Credit Card Later This Year With Unique Features in Wallet App
  2. arkitect macrumors 603


    Sep 5, 2005
    Bath, United Kingdom
    Wow! Colour me impressed…

  3. FilipeTeixeira macrumors member

    Mar 10, 2013
    Is this finally a reply to Revolut and N26? Lets hope so.
  4. Falhófnir macrumors 68030


    Aug 19, 2017
    I have to wonder whether by 'spending goals' they mean 'spend at least £X,000 per month in credit' (preferably on Apple products and services) gotta close those rings o_O
  5. arkitect macrumors 603


    Sep 5, 2005
    Bath, United Kingdom
    I had the same thought.

    Seems like a very Apple thing to do.
  6. Menel macrumors 603


    Aug 4, 2011
    Money is in services. All the big companies are making money in services.
    Apple is the oddball out making their billions on hardware, but signs point to that not lasting. Hardware can become a mass produced race to the bottom commodity when you can't differentiate yourself from the competition.
  7. 69Mustang, Feb 21, 2019
    Last edited: Feb 21, 2019

    69Mustang macrumors 603


    Jan 7, 2014
    In between a rock and a hard place
    Goldman Sachs? Of all the companies to partner with. Goldman Sachs.

    /walks away slowly shaking head in disappointment:(:oops:

    Goldman Sachs is a literal hot garbage organization.
  8. DarkWinter macrumors member

    Feb 29, 2012
    Well it makes sense that they would get into the credit card business given that you'll need to borrow all the money you can get your hands on to afford the latest iPhone/:apple: device these days...! :p:D
  9. LV426 macrumors 6502a

    Jan 22, 2013
    Usury. Apple are rich enough already. The people who make money for credit card operators are generally those who are least able to afford credit.
  10. axantas macrumors regular


    Jun 29, 2015
    This will bump Apple back into pole position as most innovative company again.
    As there is no cheap internal display cable or innovative new keyboard it will be successful and become a cash cow.
  11. jclardy macrumors 68040


    Oct 6, 2008
    Ah yes, you have to close rings by spending more money. Plus they can give you notifications - "Looks like you haven't spent enough money today, tap here to buy an iPad mini to hit your spending goal!"
  12. Sasparilla, Feb 21, 2019
    Last edited: Feb 21, 2019

    Sasparilla macrumors 65816

    Jul 6, 2012
    Goldman Sach's has terrible optics - at least in the U.S. (they were actively playing both sides of the field knowingly helping to drive the U.S. housing market over the cliff and betting to profit off the crash, 5crew the country, that caused the financial crisis back in 2008 or so). When it comes to taking care of the customer or not doing something illegal - history has shown they actively choose the 3rd option which is do what makes the most money if they think they can get away with it (if that includes actively misguiding customers so be it).

    Having Apple team with them is very disappointing - its almost like having Apple partner with the mob on a credit card - especially since Goldman is not a normal bank and doesn't normally do credit cards (that I know of). There must be something special in it for Goldman, for them to be doing this....I'd much rather have Apple stick with Barclay.
  13. amyhughes macrumors newbie

    Jan 11, 2016
    Michigan, USA
  14. profets macrumors 601

    Mar 18, 2009
    How about expanding Pay Cash to countries other than the US?
  15. ipedro macrumors 601


    Nov 30, 2004
    Toronto, ON
    All of this makes sense in the big picture if you recall the past to see where Apple is going in the future. Apple has a history of disrupting boring and/or broken markets that deliver services that people need but that they use only reluctantly because there are no alternatives.

    Apple made the computer accessible and fun. It’s easy to forget but computers were for crunching numbers, mostly the realm of nerds who knew how to operate the command line. The Mac changed everything.

    Apple disrupted music in the same way. The iPod came at a time when piracy was rampant. It was a terrible experience though. You’d download programs like Napster or Limewire and download music, not knowing if you’d get a bad recording and would end up with a junk pile of disorganized mislabelled music in folders. iPod + iTunes made it easy to pay a fair price for music and get a properly organized collection. That’s why it became so popular that nobody ever really caught up.

    Apple is now pursuing two other sectors that absolutely need to be disrupted. Health and financial services. Both are full of bureaucracy and not consumer friendly. The only ones who do well in either are insiders or experts in those fields.

    Apple is on one hand opening up health records to make our data our data, easily accessible and making it useful by helping us to be proactive and knowledgeable to improve our own health.

    Now, on the other hand, most of us hate having to deal with banks, hidden fees and overly complicated services. Apple Pay has already made it easier and safer on the transaction side. Money management and growth is the next obvious step. I’m very interested to see what Apple does here.
  16. Solomani macrumors 68040


    Sep 25, 2012
    Alberto, Canado
    Apple + Goldman Sachs. That makes two horsemen of the Apocalypse. Just need 2 more. :p
  17. enc0re macrumors regular

    Jun 7, 2010
    If it truly offers 2%CB plus a little extra for Apple purchases, I'd switch over from my Citi DoubleCash as my primary card in a heart beat. Let's hope Apple can get us that good of a deal.

    I've been eyeing Goldman Sach's online savings account (Marcus) anyway. Who knows, they might make me a full fledged GS customer. I assume that would be the goal for GS.

    Now all they need in the mix is a high-interest or rewards checking account with check deposit and bill pay.
  18. iReality85 macrumors 6502a

    Apr 29, 2008
    In other words, like every other credit card in my actual wallet. Spending goals, tracking rewards, and managing balances are already done in every credit card app on my iPhone.

    So innovative.​
  19. adamjackson macrumors 68000

    Jul 9, 2008
    Sweet. I hope the card is metallic with a shiny apple logo. Or customizable and I'd pick the 80s fruit color logo as mine. In, just let me know when they're available
  20. Scottsoapbox macrumors 6502a


    Oct 10, 2014
    Goldman Sachs doesn't bother to pick up dropped hundred dollar bills on the street... they aren't worried about your dimes.
  21. az431 macrumors 6502a


    Sep 13, 2008
    Portland, OR
    You're right, they should have partnered up with Bank of America or Wells Fargo instead.
  22. 69Mustang, Feb 21, 2019
    Last edited: Feb 21, 2019

    69Mustang macrumors 603


    Jan 7, 2014
    In between a rock and a hard place
    None of them are paragons of virtue. But Goldman? There's nothing redeeming there. Every connotation of Goldman Sachs is negative.

    Curious. What's your take on the situation?
  23. Romeo_Nightfall macrumors 6502


    Aug 8, 2018
    Wrong, wrong, wrong.
    Innovation can differentiate You, neither hw nor ‚service‘. Service is copyable much easier than hw.
    We need some good hw companies too, it’s a thinking failure to expect every company a service company.
    Apple was never good at Services, and will not be, probably. They were great in integrating hardware in an inferior service structure - but they left that track. Now they are just inferior in everything except airPods, which are mainly hw.
  24. dewalt macrumors newbie

    Jun 16, 2009
    This is odd...Goldman Sachs, at least in the US, doesn't have a large credit card business. That's a lot of overhead to create, unless Apple is taking that on.

    2% cash back on most purchases is good. do all the other benefits match up? My Citi 2-year extended warranty has been money for me.
  25. whooleytoo macrumors 604


    Aug 2, 2002
    Cork, Ireland.
    Wow. Sounds like a solution in search of a problem.

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