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On March 25th, Apple launched a credit card integrated into its Apple Wallet wallet and offering cash back on purchases at no cost. The Apple Card is operated by Goldman Sachs and Mastercard.
Customers can request the card from their iPhone and receive a decision in minutes, said Apple. Goldman described the card as "genuinely on the customer's side" in a press release that was later removed from its website.
Users will receive a 2% cash back on purchases, or 3% for purchases made directly with Apple. Purchases made with the physical credit card receive a 1% refund. Apple plans to offer "some of the lowest rates in the industry."
Goldman launched a consumer banking offering called Marcus in 2016. It has $ 45 billion in deposits and $ 5 billion in personal loans, the company announced on March 25.
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