Apple has already shown an interest in replacing your wallet with Apple Pay and Apple Pay Cash, and now a new report claims that the company is taking another step to being the only payment service you need.
Apple and Goldman Sachs are teaming up to launch a joint credit card this spring. Sources speaking to The Wall Street Journal say that the card will use Mastercard's payment network and offer extra features on Apple's Wallet app that'll let you set spending goals, track rewards, and manage balances. Cardholders will reportedly earn two percent cash back on most purchases and possibly more on Apple products and services. It's also said that executives are considering using visual cues like in Apple's Health app, where users close rings for exercise, movement, and standing, for the credit card app.
The card will reportedly be rolled out to Apple employees for testing in the coming weeks and then launched to the public later this year.
There are lots of established players in the credit card market, but Apple is said to have a couple of big motivators behind launching a credit card. Apple would get a larger piece of the swipe fees from its own card compared to other cards used in Apple Pay, and it also hopes that the credit card could help to boost usage of Apple Pay.
After launching a mobile wallet to store your credit and debit cards and then rolling out Apple Pay Cash for peer-to-peer payments, a joint credit card seems like the next big step for Apple to take. It's definitely a big move for the company, but offering a credit card along with features in the Wallet app to help you easily track rewards and manage your balance could be appealing to some folks, especially those looking to move away from physical wallets and cards.
