Apple and Goldman Sachs to launch credit card in August
The joint venture between the Wall Street and Big Tech giants is on track to launch next month.
The Apple Card is on track to debut in the first half of August, and is the most ambitious collaboration between a Wall Street titan and a Big Tech giant.
The stark white card will have no fees, deep iPhone integration and a unique system for tracking spending. The product has been designed to be used primarily via Apple Pay, rather than as a physical credit card. However, the company will also issue users an actual card for merchants that don’t accept Apple Pay.
The Apple Card features a cash-back rewards structure instead of points, offering users 1 per cent on purchases made with the physical card, 2 per cent for Apple Pay transactions and 3 per cent for purchases of Apple products or services.
Web of services
"Apple is a great partner and we together are excited about delivering a product that we think customers will love," said a Goldman Sachs spokesman in a statement.
For Apple, led by chief executive Tim Cook (pictured), the credit card will be a way to bring in more recurring sales from iPhone users and tie them further into the firm’s web of services.
Goldman Sachs chief executive David Solomon said the joint venture was “a major step in the growth of our consumer franchise” when the project was first announced in March.
In May, the US investment bank said its first digital account Marcus by Goldman Sachs had attracted 250,000 customers to its 1.5 per cent variable savings rate, amassing £8bn in deposits just eight months after its British launch. The bank added that the digital business - named after founder Marcus Goldman - launched in 2016, now holds more than $35bn in assets under management in its UK and US operations