UPDATED 14:30 EDT / FEBRUARY 21 2019

APPS

Apple’s rumored credit card will reportedly launch this spring with iOS integration

Apple Inc. will release its rumored credit card this spring with an iOS integration and dedicated personal finance features, the Wall Street Journal reported today.

Word of the iPhone maker’s ambitions in this area first emerged last May by way of a leak that has since been followed by several others. Apple’s credit card is said to be a joint project with Goldman Sachs Group Inc., which has been making forays into digital banking in recent years as part of an effort to create new revenue streams.

The companies reportedly hope to lure in consumers with a set of exclusive iOS features. The Journal’s tipsters claimed that the credit card will integrate with Apple’s Wallet app, which enables consumers to access their payment cards, boarding passes, coupons and related items in a centralized interface.

Users who order the card will gain the ability to manage their balances directly in the app. It’s not clear exactly how the feature will work, but the tipsters did say this capability is just one of several in the works. The Wallet app will reportedly also enable card owners to set spending goals and track payment rewards such as discounts.

The companies are expected to offer a 2 percent cashback on all transactions with potentially higher rates for purchases of Apple devices. Previously, it was reported that the iPhone maker and Goldman Sachs were in talks about introducing a financing option to let customers take out loans for iOS device purchases.

Their joint card apparently isn’t expected to offer other benefits such as air miles. That suggests the companies are counting on the Wallet integration to be the main selling point, though it’s possible the narrow perk selection is simply the result of an aggressive launch schedule and will expand over time.

Apple is said to be planning a limited rollout a few weeks from now that will make the card available to employees for testing.

Photo: Apple

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