Apple and Goldman Sachs Group Inc have teamed up to issue credit cards that will be paired with iPhones and will help users manage their money, according to a report from The Wall Street Journal. The card will be linked with Apple’s Wallet app and will allow users to set spending goals, track rewards, and manage balances. The new cards will be rolled out to employees for testing in the next few weeks and will be launched later this year. This deal will benefit both Apple and Goldman Sachs Group Inc tap into a new revenue source. Off lately, Apple has been focusing its services business, including the App Store, mobile payments and music streaming after a recent dip in iPhone sales, which generate most of the company’s profit. Goldman is also looking to increase its consumer loans to offset dips in its trading business. The joint card will use Mastercard’s payment network, offers cash back of about 2% on most purchases. Spending on Apple products and services could potentially result in more cashbacks. Goldman Sachs has already started adding customer-support call centers and building an internal system to handle payments. This project could cost the bank $200 million. The bank could eventually offer ...
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