Apple is teaming up with Goldman Sachs to launch a new credit card. It will be boosted by a number of new iPhone features designed to help consumers keep track of their money. Employees will begin testing the soon-to-be-released card in the coming weeks. It will officially be launched in the spring (via Wall Street Journal).
Managing Finance Like Your Health
New money management features will be added to the Wallet app. They will include allowing users to set spending goals, track rewards, and manage their balance. The visuals are likely to be inspired by the rings in Apple’s fitness tracking apps.
Taking a Bigger Cut
Apple reportedly wanted to make the new card the default in Apple Pay. However, existing contracts with other card providers prevented it from doing this. While Apple currently takes a small cut of Apple Pay credit card payments, it will earn more from launching its own card. Apple will give consumers 2% on purchases, and possibly more on purchases of Apple products. The new card will work on Mastercard’s payment network.
The Apple Pay credit card would the first time Goldman Sachs had launched its own credit card. It launched digital bank Marcus in 2016. It is adding call centers and an internal payments system in the run up to the launch