Apple-Goldman Sachs credit card to launch this spring


    Staff Reporter
    Covering credit scores, personal finance and breaking news

    Apple and Goldman Sachs to launch new credit card this spring

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    and Goldman Sachs are set to launch a new credit card integrated with the
    iPhone later this year, according to media reports.

    Feb. 21 Wall Street Journal report said the two companies will pair the card
    with new iPhone features to provide users with help managing their finances,
    including getting notifications about their
    spending habits. News of Apple and Goldman Sachs’ credit card collaboration first broke in May 2018, but there were few details at that
    time about how the card would be structured.

    of attracting customers with big rewards offers,
    the companies are hoping to lure them with integrated Apple wallet app features
    that will enable them to manage their balances, set spending goals and track
    rewards. The card will reportedly offer 2 percent cash back on most purchases,
    and potentially more on Apple products. It will use Mastercard’s payment

    Employees will be testing the card over the next few weeks in
    preparation for its official launch this spring, the report said.

    New card to go after iPhone users

    new card from Apple and Goldman Sachs could help drive more usage of Apple Pay,
    which has suffered from generally slow uptake of mobile payments by consumers.
    The tech giant could also supplement the revenues it already earns from Apple
    Pay transactions with swipe fees generated by the new card. 

    Goldman Sachs is hoping to make inroads with mainstream consumers, particularly
    in its burgeoning consumer lending business. The Wall Street Journal report
    noted the bank is seeking to turn iPhone users into customers for Marcus – the
    consumer bank Goldman Sachs launched in 2016. 

    See related: Guide to mobile wallets: Samsung Pay, Apple Pay, Google Pay

    An expert’s opinion

    Rossman, industry analyst at, is waiting to see if the new card
    will offer a sign-up bonus and special balance transfer terms, whether or not
    it charges an annual fee and what its rewards structure will be.  

    is 2 percent across the board and better rewards on Apple purchases.
    If that’s the case, and if there’s not a substantial sign-up bonus, it’s
    basically a close competitor to the Citi Double Cash Card,” Rossman said.

    feels it’s an interesting, if not groundbreaking, offer from Apple and Goldman,
    two companies with strong brand recognition.

    firms will likely position this as a good fit for cash back lovers who spend a
    lot with Apple. That may be the main differentiator from Citi Double Cash, he

    remain to be seen, but if, let’s say, it offers 3 percent back at Apple and 2
    percent elsewhere, the incremental gain over the Double Cash would be just
    $14.49, even if you paid retail for the highest-end iPhone at $1,449,” Rossman
    pointed out.

    See related: What would my ideal cash back card look like?

    has had success with fitness trackers – another crowded space – and may apply
    many of the same lessons here with budgeting and debt-reduction tools.

    not sure consumers would sign up for a credit card just for the kinds of
    budgeting tools they can get for free from Mint and others, but Apple does have
    a lot of loyal followers,” Rossman said.


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