Wall Street Journal reported that Apple and Goldman Sachs are nearing the consumer launch of their previously announced joint credit card. This new credit card will be paired with the iPhone to encourage use of Apple Pay and include features that help consumers manage their finances like setting financial goals and tracking rewards. Additionally, cardholders will receive 2% cash back on most purchases and potentially more on Apple purchases. The WSJ reports that the Apple Pay card will use CardLinx member Mastercard’s payment network.
This is part of Goldman’s foray into consumer banking after it launched Marcus, its online consumer bank in 2016. However, this is Goldman’s first credit card offering in a market that is heavily saturated.
Apple and Goldman Sachs are leaders in their industries and their partnership to launch a combo-credit card/iPhone commerce app is evidence of the enduring digital engagement appeal of credit cards and offers. Leading tech companies and banks increasingly realize that a reliable way to keep consumer digital mind share is through commerce apps that reward consumers with offers and new personalized buying experiences.