Services & Software

Apple, Goldman Sachs reportedly launching iPhone-linked credit card

It'll let you set spending goals and manage your balance via Apple's Wallet, according to the Wall Street Journal.

Apple is reportedly readying a big payment push by offering its own credit card.
Lino Mirgeler/Picture Alliance via Getty Images

Apple and Goldman Sachs will issue a credit card this spring with money-managing features tucked into the iPhone, according to a report.

Employees will test the card in the coming weeks before an official launch later in 2019, the Wall Street Journal reported Thursday, citing unnamed sources. We got a hint last May that this partnership, which brings both companies into a new market, was coming.

The card will reportedly let you set spending goals, track rewards and manage your balance via Apple's Wallet app.

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Apple makes a little money each time you make a purchase through Apple Pay, but the Journal reported that it would get a bigger slice when you use its card.

It'll apparently use the Mastercard payment network -- the second-largest in the US after Visa -- and cardholders will earn around 2 percent cash back on purchases, but potentially more on Apple products.

The report follows Apple CEO Tim Cook in January teasing an expansion of the company's services in 2019 as it seeks new revenue sources following lackluster holiday 2018 iPhone sales.

Apple declined comment, while Goldman Sachs didn't immediately respond to a request for comment.

First published at 7:37 a.m. PT.
Updated at 9:51 a.m. PT: Adds that Apple declined comment.