March 21, 2019

Apple, Goldman Sachs partnering to develop a new credit card

12 May 2018, 08:01 | Casey Mitchell

Apple, Goldman Sachs partnering to develop a new credit card

Apple, Goldman Sachs partnering to develop a new credit card

The Goldman-Apple credit card would be tied to Apple's payment service known as Apple Pay and Apple's co-brand partnership with Barclays would come to an end, the Journal said.

As per the reports of BGR, the card would be having the Apple Pay logo and would launch sometime around 2019. Apple from its end is now offering Barclay interest-free financing on Apple devices, and also grants Apple gift cards with enough paid purchases.

Goldman has been incrementally pushing into consumer banking products.

As The Wall Street Journal reports, Apple now takes a 0.15 percent cut of every Apple Pay transaction, but with its new Goldman Sachs credit card, it would take more than 0.3 percent.

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It would also allow Apple to serve more customers in a greater capacity.

There are hundreds of co-brand partnerships, with brands large and small, and it's an intensely competitive business for credit card companies.

Recently, Amazon, Google, and Samsung made moves to get into the same space as they look to make mobile payments easier for consumers - while, of course, bathing in money.

This is the second time Apple and Goldman have been mentioned together as potential partners.

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Apple has been winning the hearts of it's invested lately, this can be seen last week when Berkshire Hathaway Inc bought 75 million additional Apple Inc shares in the first three months of the year, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker.

Goldman Sachs previously acquired a credit card startup, Final. Other credit options available through Apple are at higher interest rates, from 14.9 percent all the way up to 26 percent. Financial terms of the deal were not disclosed. But some users still prefer physical payment methods, which is why Apple is releasing an Apple Pay credit card.

Apple declined to comment on the report, which cited unnamed people close to the matter.

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