Apple and Goldman Sachs have partnered together to create a credit card that is synchronized on the iPhone via a mobile app.
The iPhone app will have features and visualization to help users manage their finances such as tracking their spending, rewards and balances, but will not be connected to user bank accounts due to security concerns Apple has with bank accounts.
Goldman’s partnership with Apple allows Goldman to expand their consumer user base and fees with the new card, while also helping Apple generate an additional income stream through mobile payments.
Cardholders will earn around 2% ‘cash back’ on most purchases, with the possibility of earning more back on Apple products.
MasterCard, the second largest credit card provider in the US to Visa, will be providing Apple and Goldman access to their payment network.
Author: Adam Sarwar