Apple may launch its own credit card this spring

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Apple could team up with Goldman Sachs for the launch.
Photo: Ste Smith/Cult of Mac

Apple and Goldman Sachs are teaming up to create a joint credit card, according to a new report. The card may offer savings to Apple customers, in addition to making it easier for them to keep tabs on spending.

The Wall Street Journal claims that Apple be using the MasterCard payment network for its endeavor. It is rumored to be rolling out as soon as this spring.

An Apple credit card?

The credit card will integrate with Apple’s iOS Wallet app. The purpose of this is to create a payments method that makes it more straightforward to track rewards and spending. It will also be designed with the goal of letting users better manage account balances.

It will offer around 2 percent in cash back on most purchases. However, this figure may increase for Apple products. For anyone who spends a few thousand bucks a year buying the latest iPhone and iPad, along with a Mac here or there, that should make it very appealing. At present, the best credit card for Apple fans is the Barclaycard Visa Apple Rewards Card.

Apple has been focusing on payments heavily in recent years. The biggest example of this, of course, is mobile payment service Apple Pay. Apple Pay recently launched in Saudi Arabia and the Czech Republic, its 33rd and 34th markets.

A credit card collaboration between Apple and Goldman Sachs was first rumored back in May 2018. Apple is reportedly planning to test the card with employees during the next couple of months.

Source: WSJ