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The
card, which will be linked with Apple's Wallet app, will allow
users to set spending goals, track rewards, and manage balances,
WSJ said.
The new cards will be rolled out to employees for testing in
next few weeks and will be launched later this year.
The deal will benefit both the companies tap into new income
sources. Apple has been sharpening its focus on its services
business, including the App Store, mobile payments and music
streaming after a recent dip in iPhone sales, which generate
most of the company's profit.
Goldman is also looking to increase its consumer loans to offset
dips in its trading business.
Apple did not immediately respond to Reuters' request for a
comment. Goldman declined to comment.
The joint card, which will use Mastercard's payment network,
offers a cash back of about 2 percent on most purchases.
Spending on Apple products and services could potentially result
in more cashbacks, some of the people told WSJ.
Goldman Sachs has already started adding customer-support call
centers, and building an internal system to handle payments, a
project that could cost the bank $200 million, WSJ said, a time
when banks are focused on reigning in expenses to boost their
bottom lines.
The Wall Street bank could eventually offer other financial
products, such as Marcus loans and wealth management services,
to Apple customers, WSJ said.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Shailesh
Kuber)
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