Apple and Goldman Sachs prepare to launch a joint credit card later this year, according to a report by The Wall Street Journal claims. The main selling point of the card should be further integration with the Apple Wallet app, which will allow users to manage their balances and set their spending goals. According to NewspaperThe card will begin internal testing in the coming weeks before its public launch.
The partnership is under review as Apple and Goldman Sachs seek to replace their declining revenues in other areas of their business, according to the report. Apple is turning more and more to services as hardware revenues decline, and the new credit card is expected to generate more revenue than the existing Apple Pay commission. In addition to these banking plans, Apple also plans to launch video streaming services and news, the latter may be announced next month.
At the same time, Goldman Sachs launched its own Marcus Bank in 2016 in response to the decline in securities trading. With this credit card, it would benefit Apple's existing customers, who might not otherwise consider using Goldman Sachs for personal banking. This credit card would be the first to be offered by the bank. Apple previously partnered with Barclaycard to offer a rewards-based credit card based on spending at Apple stores.
Besides a 2% refund rate, the main selling point of the credit card should be further integration with the Apple Wallet app than conventional cards. You can set spending goals and track rewards. The application would have been designed to encourage you to pay off your credit card debt and manage the balances. If the rings of the Apple Watch are trying to help you improve your physical health, this card could do the same for your financial health.
The projects, which were announced for the first time last May, will not be without cost for Goldman Sachs or Apple. the WSJ note that Apple is likely to anger its existing banking partners, who will not see the same level of integration as that provided by the new credit card. At the same time, Goldman Sachs would expect to spend up to $ 200 million on the project, which will require it to create customer support centers and a new internal payment system.
the WSJ says the card could be launched as early as this spring and that it could eventually extend to personal loans, wealth management services and other products. Apple did not immediately respond to a request for comment.