Apple's next big product might be a credit card

Apple's next big product might be a credit card

Apple's next big product might be a credit card

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

It would be "odd" for Apple offer a jointly developed credit card with Goldman Sachs Group Inc. and not with Synchrony Financial, MoffettNathanson analyst Lisa Ellis said, since Synchrony dominates the market for co-brand offerings.

Apple announced contactless payment system Apple Pay in September 2014, which launched in the United Kingdom in July 2015, allowing users to register credit and debit cards to an iPhone to make swift transactions. The card may offer savings to Apple customers, in addition to making it easier for them to keep tabs on spending. For example, customers will be able to earn a 2 percent cash back on most purchases. Spending on Apple products and services could potentially result in more cashbacks, some of the people told WSJ. However, existing contracts with other card providers prevented it from doing this.

At this point, both Apple and Goldman Sachs are still working on the project, and the latter is said to be in a rather advanced planning stage, as it's preparing for setting up call centers for customer support. Still, with these Apple credit cards said to be entering testing with the company's employees in the next few weeks, it may not be long before we get that official confirmation.

Goldman Sachs has been investing in rolling out consumer banking products through its Marcus unit. Those Wallet features could include budgeting services, the ability to see card rewards, and more.

At present, the best credit card for Apple fans is the Barclaycard Visa Apple Rewards Card.

But, one thing I know for certain is that Goldman is likely to do some local hiring to bring in some knowledge from their uptown and crosstown card rivals.

Apple did not immediately respond to Reuters' request for a comment.

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