Snippet: Apple and Goldman Sachs Expected to Launch Credit Card Later This Year With Unique Features in Wallet App ☇

Joe Rossignol for MacRumors:

The report claims the card will be rolled out to Apple employees for internal testing in the next few weeks and officially launch later this year. The card would be accessible through the Wallet app on iPhone, potentially with unique features for setting spending goals, tracking rewards, and managing 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.

The card will be issued by Goldman Sachs and use Mastercard’s payment network, according to the report. The card is said to offer around two percent cashback on most purchases and potentially more on Apple products and services.

This seems like it might be an interesting product, especially if the rumor of 2% cash back is true (for the pay-in-full folks). There have been some complaints about Goldman Sachs being involved, but I suspect there could have been complaints about Apple partnering with any large financial institution.