Apple is set to announce a new credit card later in the year, according to a report in The Wall Street Journal.
Sources suggest that Apple will partner with investment bank Goldman Sachs to launch a new credit card, designed to add an additional string to Apple’s growing services bow.
It’s believed that the card has already entered testing amongst Apple employees and integrates with the Wallet app, offering unique features designed to help users set goals for their spending, track their rewards and loyalty schemes, and manage card balances.
The new service will act as a challenger to the growing number of fintech banks that are not only disrupting high street banks around the world but challenging Apple Pay.
The project will include “visual cues” in a similar vein to Apple Watch, allowing users to see how much they’ve spent using “rings”, and offering notifications when users draw close to their spending limits.
The card could also show users’ spending patterns and habits, and offer guidance if they’re looking to save money or reduce their overall expenditure.
The Wall Street Journal suggests that the card will be issued in partnership with Goldman Sachs and Mastercard, and offer up to two percent cash back on most purchases.
Users who present the card to purchase Apple products and services may be given increased benefits or discounts.
iOS 12.2, which is set to be released in the coming weeks, sees small tweaks to the Wallet app interface, offering more information on transaction history, foreshadowing the launch.
As well as Apple Pay, the company has dabbled in the banking sector by launching Apple Pay Cash, allowing users to send funds to one another via iMessage, stored inside of the Wallet app.
Whilst this service is only available in the United States to date, a wider rollout is expected in 2019, and could be bundled with the new Apple credit card to drive interest.
AppleMagazine will bring you the latest on the new Apple credit card as and when we get it.
