Apple, Goldman Sachs Team Up on Credit Card Paired With iPhone

www.wsj.com

Back in May of 2018 it was reported that Goldman and Apple were teaming up on a new credit card. Well, it seems like they're finally ready for rollout with the new card ready for rollout this spring. The interesting announcement this week was centered around the features that the card will offer.

Engineers are working on new features for the Apple Wallet app that would encourage users to pay down their credit-card debt and manage their balances. Executives have discussed borrowing visual cues from Apple’s fitness-tracking app, where “rings” close as users hit daily exercise targets, and sending users notifications about their spending habits, for example flagging an unusually high grocery bill.

Competing in credit cards is no small feat, and you can trust both companies to tread carefully. Letting users set spending goals, track rewards and manage their balances in a financial health manner is the first step towards what they both hope to be broader and more holistic offerings over time.

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