Report: Apple and Goldman Sachs plan integrated credit card

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Report: Apple and Goldman Sachs plan integrated credit card

By Dan Berthiaume - 02/21/2019
Apple and Goldman Sachs Group are preparing a new type of credit card.

According to the Wall Street Journal, the tech giant and the financial services firm will release a joint credit card that is integrated with the Apple Wallet app. Users will be able to track and manage their spending activity and account balances directly from their iPhones.

Payments will be processed on the MasterCard network, with Apple reportedly receiving a larger percentage of credit card purchases than it does for purchases made with its Apple Pay digital payment service. Cardholders are expected to earn about 2% back on purchases. Consumers may receive a larger cashback reward for purchases of Apple products.

Official release is reportedly expected this spring, with Apple employees beta testing the new card before it is made available to the general public. There has not yet been any official statement from Apple or Goldman Sachs.