Apple, Goldman Sachs To Unleash iPhone/Card Combo

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Apple is working with Goldman Sachs on the release of a joint credit card paired with personal financial management applications, according to the Wall Street Journal.

The Wall Street Journal reported previous year that the companies planned to launch a joint credit card.

Using Apple Wallet, cardholders will be able to set spending goals, track rewards on purchases, and manage their account balances.

Apple announced contactless payment system Apple Pay in September 2014, which launched in the United Kingdom in July 2015, allowing users to register credit and debit cards to an iPhone to make swift transactions.

Last month, Apple bested analyst expectations in earnings and revenue for its fiscal first quarter, muting earlier warnings by CEO Tim Cook that results would disappoint due to lackluster iPhone sales.

It'll apparently use the Mastercard payment network - the second-largest in the United States after Visa - and cardholders will earn around 2 percent cash back on purchases, but potentially more on Apple products.

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Where the Goldman Sacks card will be different, according to the WSJ article, is its tighter integration with features offered by the Apple Wallet app on the iPhone and the iPod Touch.

The credit card is to be tested on employees of both companies in the next few weeks, with an official launch planned in the USA later this year.

That's where the credit card business comes in.

Goldman Sachs has been investing in rolling out consumer banking products through its Marcus unit.

Needless to say, Apple has remained completely tight-lipped on its plans, but the company is expected to announce the credit cards in September when it takes the wraps off its new iPhones. The question with Goldman is will Apple help socialize the investment-bank model for the general consumer? The company has already partnered Barclays to issue Barclaycard with Apple Rewards, by which users can earn points from purchases made at Apple or elsewhere, which can then be converted to Apple Stores or iTunes Store coupons.

Both Apple and Goldman Sachs have been contacted for comment.

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