Apple Teams Up with Goldman Sachs
According to a report by the Wall Street Journal, Apple and Goldman Sachs will issue a joint credit card paired with new iPhone features that will help users manage their money. The new card will be rolled out to Apple and Goldman employees for testing in the next few weeks and officially launch later this year.
Engineers are working on new features for the Apple Wallet app that will be linked to the card and encourage users to manage their balances and pay down their credit-card debt. Executives have discussed using visual cues from Apple’s fitness-tracking app such as “rings” that close as users hit daily exercise targets for sending users notifications about their spending habits. Cardholders will earn cash back of about 2% on most purchases and potentially more on Apple gadgets and services, according to people close to the matter.
Recall: last April, Marcus by Goldman Sachs acquired Clarity Money , a NY-based startup offering an app that allows users to connect their bank and credit card accounts to manage their money.