Apple may launch its own credit card this spring

Apple credit card could be next services conquest

Apple credit card could be next services conquest

According to a report in the, Apple and Goldman Sachs are joining up to launch a new credit card that will be heavily integrated with the iPhone.

Apple will reportedly have a different kind of product launch later this year: a credit card, jointly operated by Goldman Sachs. Through the Apple Wallet integration, users will be able to set spending goals, manage balances and track rewards, we're told.

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. That's up from 36% estimated in the September quarter, and 20% percent for the December quarter of 2017.

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

This isn't the first time the Wall Street Journal has reported on a possible joint card between Apple and Goldman Sachs.

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The credit card will integrate with Apple's iOS Wallet app.

The report comes from The Wall Street Journal, which spoke to sources familiar with the plan.

The credit card move is a big step for both companies.

"If those features are good, and are available across any/all cards stored in the Apple Wallet, not just the Apple co-brand, then it would make the Apple Wallet, in conjunction with Apple Pay, potentially more threatening to PayPal", she said. Goldman, which has been expanding into the field through its Marcus unit, has been planning a deeper foray into the world of co-branded cards, a space that's become increasingly competitive as banks ratchet up rewards to win business with retailers.

Rather than competing with other credit cards offering lots of points, the Apple and Goldman Sachs card may try to attract users with features that emphasize budget management.

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