Apple and Goldman hope to lure cardholders by offering them extra features on Apple's Wallet app. While Apple already takes a small cut through Apple Pay, it would potentially get a bigger slice of the fees from it's own card.
| less than a minute read
Apple, Goldman Sachs Team Up on Credit Card Paired With iPhone
Goldman launched an online consumer bank, Marcus, in 2016 to offset a decline in securities trading. Apple has a loyal following among wealthy, tech-savvy young adults whom Goldman hopes to turn into Marcus customers. The credit card is Goldman’s first, and a heavy lift. The bank is adding customer-support call centers around the country and building an internal system to handle payments. The latter project has a $200 million budget, people familiar with the matter said, a major investment at a time when the bank is trying to cut costs.
