Apple and Goldman Sachs are readying a joint credit card, according to the Wall Street Journal. The new credit card will integrate with the Apple Wallet app on the iPhone to offer special features like the ability to set spending goals and track purchase rewards. The card would purportedly offer rewards like 2% cashback, and maybe more when buying Apple gear.

The report says the new card will be tested with employees in the next month or so with a launch later in the year. The Wallet app has undergone a significant design change in the iOS 12.2 beta, so it makes sense that Apple has bigger plans in the offing.

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Apple launched Apple Pay in 2014 and more recently rolled out Apple Pay Cash in the US.

Apple takes a small processing fee for purchases made with Apple Pay. The company would be able to take a bigger cut of the ‘swipe fees’ made with its own brand card. This would of course help contribute to Apple’s Services revenue.

The new Apple Pay card will use the Mastercard payment network, according to the Wall Street Journal. The Journal first reported on the idea of an Apple-Goldman Sachs credit card partnership in May 2018.

Perks like air miles are said not to be on the table, with Apple and Goldman leaning on rich integration with the iPhone as the main draw for their card. It is not known if the card would have any associated surcharges or admin fees for customers.

The Wallet app has undergone significant design changes in the iOS 12.2 beta, including new transitions and new layouts for information. It is rare for Apple to redesign apps without a motivating purpose, and a launch of an Apple credit card would certainly fit the bill. The Journal story suggests that more new Wallet banking features are in development:

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. There also could be notifications based on analysis of cardholders’ spending patterns, alerting them for example if they paid more than usual for groceries one week.

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