Apple (AAPL) announced yesterday that the new credit card with Goldman Sachs (GS) will be available to all iPhone owners in the US later this month. Apple said earlier in March that it is developing this credit card with Goldman.
This new credit card will be part of the Apple ecosystem, with all the payments and pay back & messaging functions. According to Apple, the new card do not have a visible number on it, but it has a secure chip inside and the iPhone can generate virtual numbers for online and over-the-phone shopping.
The credit card will offer customers Daily Cash on the purchases, from 3-1 % of the purchases depending on the transaction and the Cash can be used like any other cash or send to friends. The cash is paid back to customers every day.
Apple has around 50 million Apple Pay users in the US and this service will be also part of the Goldman Sachs Marcus – consumer business. According to Apple, Goldman Sachs will not get the right to use or sell the data for marketing purposes.
Apple´s shares closed yesterday up 1,89 % to 197 dollars and the shares of Goldman Sachs (GS) also up, 2,15 % to 206,1 dollars in New York.