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

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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.
Executives have discussed borrowing visual cues from Apple's fitness-tracking app, where "rings" close as users hit daily exercise targets, and sending users notifications about their spending habits. There also could be notifications based on analysis of cardholders' spending patterns, alerting them for example if they paid more than usual for groceries one week.
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
 

DarkWinter

macrumors member
Feb 29, 2012
68
55
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
 

LV426

macrumors 6502a
Jan 22, 2013
953
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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.
 
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axantas

macrumors 6502
Jun 29, 2015
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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.
 

Sasparilla

macrumors 65816
Jul 6, 2012
1,437
2,232
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).

http://fortune.com/2016/04/11/goldman-sachs-doj-settlement/

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.
 
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ipedro

macrumors 603
Nov 30, 2004
5,193
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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.
 

enc0re

macrumors regular
Jun 7, 2010
169
341
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.
 

iReality85

macrumors 6502a
Apr 29, 2008
928
1,814
Upstate NY
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.
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.​
 
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adamjackson

macrumors 68000
Jul 9, 2008
1,750
2,706
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
 

az431

macrumors 68000
Sep 13, 2008
1,532
4,505
Portland, OR
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.
You're right, they should have partnered up with Bank of America or Wells Fargo instead.
 
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Romeo_Nightfall

macrumors 6502a
Aug 8, 2018
639
672
Vienna
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.
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.
 
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dewalt

macrumors member
Jun 16, 2009
34
16
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.

However....how do all the other benefits match up? My Citi 2-year extended warranty has been money for me.
 
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