The card, which will be fixed into the Apple Wallet app, will go through internal testing before being made publicly available in spring. Apple is expected to get a cut each time the credit card is used; more than it currently does through Apple Pay, where user uptake has been slow. The firm is also said to want to boost its app revenue to $50 billion by next year.
In turn, Goldman has reportedly committed a $200 million budget to building the internal loans infrastructure, given it is its first credit card. The bank is hoping to onboard new retail clients at low cost.
"It is a major push by Apple into the financial lives of hundreds of millions of iPhone users. It is also part of Goldman’s broader strategy to appeal to rank-and-file consumers," the newspaper reported. "Executives must now walk a fine line between encouraging responsible borrowing and getting users to spend enough on the card to generate profits."
Benefits for card users will include being able to track their spending, as well as earning 2 percent cash back on most purchases; "potentially more on Apple gadgets and services."