Goldman Sachs Set to Launch a Co-Branded Credit Card With Apple
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You’ll soon have the option to have a Goldman Sachs co-branded Apple credit card in your wallet. The investment bank and tech giant are reportedly set to launch a card as soon as early 2019.
The card would mark a big milestone for both entities. For Goldman Sachs, it would be its first real jaunt into the credit card space. And for Apple, it would mark the end of its relationship with Barclays, which currently has its rewards card.
At this point, there are no details regarding what the perks and structure of the credit card will look like. According to Wall Street Journal‘s sources familiar with the matter, the two companies are still in the process of figuring out the terms and benefits for cardholders.
Apple, Goldman and Barclays declined to comment.
According to the WSJ, the card would carry the Apply Pay brand. For Goldman Sachs, it could help the company get into a new sector in the credit card space, and it could offer Apple customers in-store loans. It’s faced trouble since the financial crisis, with its securities-trading business falling by two-thirds. And for Apple, the co-branded card could help build its mobile payment business, which has been growing slower than expected.
Goldman has long had a connection with American Express, specifically with a Goldman co-brand of the Platinum Card. This new Apple card would mark the first time Goldman has taken on a consumer credit card of its own that expands beyond its own customer base.
Apple’s current card with Barclays offers customers 3x points on Apple purchases, 2x points at restaurants and 1x points on all other purchases. You’ll get a $25 Apple Store gift card or App Store & iTunes gift card for every 2,500 points earned. The card also comes with the ability to get special financing on purchases made at Apple within the first 30 days of account opening.
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