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

[spiddyman007]

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

Swipe or chip?

 

[ecschwarz]

Swipe or chip?

I'd assume that if there is a physical card (and why wouldn't there be even if this service heavily relies on Apple Pay?), it would have all 3 kinds of capabilities (chip, magstripe, contactless).

 

[tmiw]

I'd assume that if there is a physical card (and why wouldn't there be even if this service heavily relies on Apple Pay?), it would have all 3 kinds of capabilities (chip, magstripe, contactless).

I wouldn't rely on the latter being there. Even now, contactless on cards is uncommon in the US (though slowly increasing).

 

[ecschwarz]

I wouldn't rely on the latter being there. Even now, contactless on cards is uncommon in the US (though slowly increasing).

You're totally right. I suggested it, as there seems to be a push to have contactless from Visa and Mastercard with new products from various financial institutions (note their advertising, Chase moving everyone to contactless cards, Capital One supporting it). Seeing as Apple and Goldman Sachs are joining as newcomers, I'd hope they'd add it by default. If it's a cost-saving measure or Apple wants all contactless to be only via Apple Pay, that could make sense, too.

 

[mattopotamus]

Of course you use a separate card for traveling, dining, gas, and sometimes entertainment.

But for a bread and butter everyday spending card, 2% is about as good as it gets at the moment.

Gods I miss the early 2000s and their straight 5% CB on everything cards.

That would be the dream. I’m still shocked citi hasn’t nerfed the doublecash card. 2% with no annual fee is pretty great.

 

[spiddyman007]

I'd assume that if there is a physical card (and why wouldn't there be even if this service heavily relies on Apple Pay?), it would have all 3 kinds of capabilities (chip, magstripe, contactless).

Credit or debit?

 

[ecschwarz]

Credit or debit?

All the reports have said credit - with a possibility of 2% rewards (some debit cards do 1% at most) being thrown around, that also seems the case. Technically there's already debit with the Apple Pay Cash "card" (just no physical one).

 

[spiddyman007]

All the reports have said credit - with a possibility of 2% rewards (some debut cards do 1% at most) being thrown around, that also seems the case. Technically there's already debit with the Apple Pay Cash "card" (just no physical one).

Cash or check?

 

[charlituna]

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.

1. Do you know what the term usury means? Because it doesn’t just mean giving credit or charging interest
2. Apple isn’t likely to get all that rich off this card. We haven’t seen what the interest rate is but they were hawking it as low so it’s probably under 10% and apple might get 50% of that. Plus there’s no fees. Plus the whole cash back thing. And no promise that folks will actually sign up in the first place.
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I'd assume that if there is a physical card (and why wouldn't there be even if this service heavily relies on Apple Pay?), it would have all 3 kinds of capabilities (chip, magstripe, contactless).

The physical card won’t have contactless because that’s what your phone is for. And i won’t be shocked if there’s on magstripe either.
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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.

It’s already not lasting. They have just as many folks hanging onto those iPhone 6 etc as buying new ones. So they need services as a way to keep getting money off the people that won’t upgrade

 

[LV426]

1. Do you know what the term usury means?

Yes, I do. In certain societies charging any interest whatsoever on loans is considered to be excessive, i.e. usury.

 

[Menel]

Yes, I do. In certain societies charging any interest whatsoever on loans is considered to be excessive, i.e. usury.

There is no incentive to loan without interest. Loans wouldn't happen. Why would the person/organization with money take on the risk, when they can earn elsewhere.

 

[LV426]

There is no incentive to loan without interest. Loans wouldn't happen. Why would the person/organization with money take on the risk, when they can earn elsewhere.

That’s not strictly true. Government can – if they choose – make zero interest loans available if it benefits society. Rampant free market debt creation fuelled by interest is one of the world’s greatest ills, leading to vast concentrations of wealth in a small number of hands. Search for Fractional Reserve Banking for more information.