Apple, Goldman to test joint credit card with employees soon, reports WSJ

Apple’s next big product might be a credit card

Apple’s next big product might be a credit card

Apple Inc. will release its rumored credit card this spring with an iOS integration and dedicated personal finance features, the Wall Street Journal reported today. The Apple Pay credit card will be using Mastercard's payment network and will give shoppers two per cent cash back on nearly all purchases, with the possibility of higher cash back on Apple products and services.

If this does happen, it will not be the first time Apple takes part in card issuing. That's up from 36% estimated in the September quarter, and 20% percent for the December quarter of 2017. Apple has chose to use MasterCard's payment network and cardholders could stand to receive 2% cash back when they make a purchase, according to the report.

It will use the Mastercard payment network and will allow users to track their rewards, set spending goals and manage balances, people close to the matter said.

Apple is said to be planning a limited rollout a few weeks from now that will make the card available to employees for testing.

The credit card move is a big step for both companies. Being that so many consumers already own Apple's smartphones and tablets, the tech behemoth argued that number of paid subscriptions to its services is much more accurate portrayal of the company's success.

For Goldman Sachs, this would actually be the global investment banking giant's very first credit card.

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Users who present the card to purchase Apple products and services may be given increased benefits or discounts.

WSJ notes that, while investors once needed $10m in fun (d) money for Goldman bankers to bat an eye, Marcus customers can now open accounts with just a Washington in their pocket.

Apple's prior relationship with Barclaycard soured so it will be interesting to see how the new relationship with Apple will proceed.

Apple has been trying to break into financial services in a significant way for three years through its Apple Pay feature. However, its decision to partner with Goldmach Sachs on a consumer-facing product is an interesting one.

Apple did not immediately respond to Reuters' request for a comment.

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