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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.
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 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."
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.
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.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."
The planned card would carry the Apple Pay brand and could launch early next year, people familiar with the matter said.
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
Tags: Goldman Sachs, wsj.com
[ 113 comments ]
Top Rated Comments
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18 months ago
If it offers rewards points or discounts toward Apple products, I would be interested.
18 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.
18 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.
18 months ago
Beginning of Apple Pay: You don't need to carry your credit cards with you. Just the phone!
Apple Pay Today: Get Apple Pay Credit Card!
Apple Pay Today: Get Apple Pay Credit Card!
18 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.
18 months ago
And AT&T celebrates no longer being viewed as the biggest devil with which Apple struck an exclusive deal. ;)
18 months ago
25% off list prices of Apple products and free battery replacements for the life of the product when purchased with the card! Also, a special VIP access to Genius Bar services including guaranteed same-day appointments.
$95 annual fee.
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