Apple Teaming Up With Goldman Sachs for Apple Pay-Branded Credit Card

Apple is teaming up with investment bank Goldman Sachs for the launch of a new joint credit card that would be placed under the Apple Pay branding. The card could launch as soon as early 2019, according to The Wall Street Journal.

At the same time, Apple would end its partnership with Barclays, which offered customers an Apple rewards program and financing deals through a Barclaycard Apple Rewards Visa. For the new Goldman partnership, which will replace the Barclaycard, the bank is set to offer in-store loans to Apple customers buying iPhones and other Apple products.

faceidapplepaycash
Other specifics of the deal are still being decided upon, people familiar with the matter said, mainly including the terms and benefits of the planned credit card, "including the perks for customers." The Barclays/Apple card currently offers interest-free financing on Apple devices and points toward Apple gift cards.

Apple Inc. and Goldman Sachs Group Inc. are preparing to launch a new joint credit card, a move that would deepen the technology giant’s push into its customers’ wallets and mark the Wall Street firm’s first foray into plastic.

The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said.

Apple is believed to be adding more focus onto its growing services business, which Apple Pay is part of, and the Goldman Sachs partnership could be a way for the company to spread even more awareness of the digital wallet. In a report on Apple Pay adoption by Loup Ventures earlier this year, 16 percent of global iPhone owners were said to have activated Apple Pay. The researchers estimated widespread adoption for the service at 3-5 years from now, "given integration OS and iOS makes it the easiest to use digital wallet."

Apple first debuted Apple Pay in the fall of 2014, and although many retailers joined in support of the platform it has faced push back from companies like Target and Walmart as each try to develop their own digital wallet service. Last spring, Apple said it wasn't worried about the slow adoption of Apple Pay because it saw the mobile wallet as on track to soon become its customers' "primary payment system."

Related Roundup: Apple Pay

Top Rated Comments

Paleworm Avatar
66 months ago
If it offers rewards points or discounts toward Apple products, I would be interested.
Score: 19 Votes (Like | Disagree)
zooland Avatar
66 months ago
Goldman sachs are still crooks though. I pass.
Score: 16 Votes (Like | Disagree)
JeffyTheQuik Avatar
66 months ago
I hope it has an APR of 24.8%, like the BarclayCard did!
Score: 11 Votes (Like | Disagree)
robbyx Avatar
66 months ago
At this point, I don't know what type of company Apple is? Tech? Fashion? Credit card?
They are a big bloated behemoth that has lost its focus and it’s starting to show.
Score: 7 Votes (Like | Disagree)
sp3k0psv3t Avatar
66 months ago
I hope it has an APR of 24.8%, like the BarclayCard did!
Made me laugh because I just realized you’re right. Never carried a balance past the 0 intro periods offered so never realized. But Jesus Jones that’s a mess lol.
Score: 7 Votes (Like | Disagree)
centauratlas Avatar
66 months ago
If it offers rewards points or discounts toward Apple products, I would be interested.
And if they can match the Citi Double Cash (2% cash back) reward, it would be killer.
Score: 6 Votes (Like | Disagree)

Popular Stories

iOS 17 Icon Mock Feature Feature

iOS 17 Lock Screen Interface to Turn iPhone Into Smart Home Display

Wednesday May 24, 2023 9:47 am PDT by
An updated Lock Screen interface in iOS 17 will turn the iPhone into a "smart-home display," according to Bloomberg's Mark Gurman. When not in use and positioned in a horizontal orientation, the iPhone will show information that includes calendar appointments, weather data, notifications, and more, allowing it to serve as a home data hub. With the iPhone attached to a MagSafe charging stand...
iOS 17 on Phone Feature

iOS 17 Said to Feature Wallet, Find My, SharePlay, and AirPlay Upgrades

Wednesday May 24, 2023 9:59 am PDT by
Apple's upcoming iOS 17 update for the iPhone will include improvements across several apps and features, including Wallet, Find My, SharePlay, and AirPlay, according to Bloomberg's Mark Gurman. Apple is expected to preview iOS 17 during its WWDC keynote on June 5, and the update should be released to all users in September. In a report today, Gurman said the Wallet app in particular will...
wwdc 2023

Apple Announces WWDC 2023 Schedule, Including Keynote Time

Tuesday May 23, 2023 9:03 am PDT by
Apple today announced the schedule for its annual developers conference WWDC, which runs from June 5 through June 9. The schedule confirms that Apple's keynote will begin on June 5 at 10 a.m. Pacific Time, with the company expected to announce iOS 17, macOS 14, watchOS 10, its long-awaited AR/VR headset, a 15-inch MacBook Air, and more. Apple's keynote will be followed by the Platforms State ...
iOS 17 Mock Health Feature Blue

iOS 17 to Include Dedicated Journaling App and Mood Tracking

Wednesday May 24, 2023 10:05 am PDT by
The iOS 17 update that Apple plans to announce in June will include a dedicated journaling app, reports Bloomberg's Mark Gurman. The Wall Street Journal in April highlighted Apple's work on a Day One-style journaling app, but at the time, it was not clear if it would come in iOS 17. According to Gurman, the app is indeed slated for inclusion in iOS 17, and it will introduce "note taking and...
icloud photos

Apple's 'My Photo Stream' Service Shutting Down in July 2023

Friday May 26, 2023 11:51 am PDT by
Apple's "My Photo Stream" service is set to shut down on July 26, 2023, which means customers who are still using that feature will need to transition to using iCloud Photos prior to that date. My Photo Stream is a free service that uploads the last 30 days of images (up to 1,000) to iCloud, making them accessible on the iPhone, iPad, iPod touch, Mac, and PC. It predates iCloud Photos and...
mac mini green

Apple Now Selling Refurbished 2023 M2 Mac Mini Models

Wednesday May 24, 2023 12:34 pm PDT by
Apple today added refurbished M2 Mac mini models to its online store in the United States, offering the latest 2023 version of the desktop machine at a discounted price for the first time. Refurbished M2 Mac mini models are priced starting at $509 for the version with an 8-core CPU, 10-core GPU, 8GB RAM, and 256GB SSD. That's a $90 discount off of the original $599 price tag for that...
chatgpt for iphone feature

OpenAI's Official ChatGPT App for iPhone Expands to 40+ Countries

Thursday May 25, 2023 1:43 pm PDT by
OpenAI this week announced that its official ChatGPT app for the iPhone and the iPad is now available in more than 40 countries in addition to the United States. The app first launched in the United States last week, and OpenAI promised that it would expand to more countries in the coming weeks. As of today, the app can be used in Albania, Algeria, Argentina, Azerbaijan, Bolivia, Brazil,...
iOS 16

iOS 16.5 Now Available for Your iPhone With These New Features

Monday May 22, 2023 12:12 pm PDT by
Following around seven weeks of beta testing, iOS 16.5 was released to the public last week. The software update is a minor one, but includes a few new features and changes for the iPhone. To install an iOS update, open the Settings app on the ‌iPhone‌, tap General → Software Update, and follow the on-screen instructions. Below, we have recapped new features and changes in iOS 16.5,...