After their ventures in the world of smartphones and computers; Apple is now teaming up with Goldman Sachs for the credit card game.
According to a recent report from the “Wall Street Journal” Apple and Goldman Sachs is under discussion for teaming up for their plan to launch a new credit card. This new credit card will be fully integrated with a user’s iPhone.
One of a kind Apple Wallet:
Users who use the Apple Wallet will be able to use these cards. The features available for these new cardholders will be as follows.
- Set spending goals
- Track rewards on purchases
- Managing account balances
If this is not all, there is news that the customers will be able to earn 2 percent cash back on most of their purchases along with presumably higher bonuses on buying Apple products and services.
How will be up for Beta testing:
The cards which will be issued in a few coming weeks will be up for testing by Apple employees first. This joint credit card service with Goldman Sachs will be using the MasterCard payment network.
Benefits for both Apple and Goldman Sachs:
This new credit card will be beneficial for both of these companies.
Benefits for Apple;
Apple in the past few years has turned its focus from the sale of this hardware towards its service-based products. iPhone top officials released a statement that they would no longer be sharing their report on how many units they have sold during their quarterly earnings report.
The reason is that Apple thinks that the sale of the devices is not able to provide the full picture as to how well the company is really doing. Despite many people in the world using Apple’s smartphones and tablets; the tech giant says that the number of paid subscriptions is the only way to present an accurate report of the company’s true success.
With their own Apple Credit Card, Apple will now be able to have the double benefit on their fees as they are already taking a cut on their app and multimedia service sales. With this credit card, Apple will now also be able to take a cut on the credit card purchases made via Apple Pay. So basically Apple is already aware how much more revenue they are going to make.
Benefits for Goldman Sachs;
As for Goldman Sachs, this is going to be a worldwide investment project for this Banking giant who will launch their first credit card. Goldman Sachs is fairly new in this game of consumer-facing banking as they launched their first consumer bank service “Marcus” only back in 2016.
As for now, both Apple and Goldman Sachs are putting their hopes on this credit card being a huge success.