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Apple Teaming With Goldman Sachs On Joint Credit Card: Report

Apple (AAPL) and Goldman Sachs (GS) plan to issue a joint credit card paired with iPhone features to help users manage their money, the Wall Street Journal said Thursday. The Apple credit card will launch in the spring, the report said.

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Employees will be the first to use the credit card on a test basis before it rolls out broadly later this year, the Journal said.

For Apple, the credit card will generate user fees as it continues to expand its services business. For Goldman, the card is part of the investment bank's push to appeal to consumers.

The companies hope to attract consumers by offering cardholders cash back of about 2% on most purchases. The rebate could be higher on Apple devices and services, the Journal said.

Apple Credit Card Would Bolster Wallet App

The card will offer extra features in Apple's Wallet app, the report said. These could include setting spending goals, tracking rewards and managing balances.

Apple's digital payment service Apple Pay currently uses third-party credit cards. The company gets a small cut of transaction fees when iPhone users make credit-card purchases through Apple Pay.

With the Apple credit card, the company would get a bigger cut of the swipe fees.

The Apple-Goldman Sachs card will use Mastercard's (MA) payment network, the Journal said. It is the second largest in the U.S. after Visa (V).

Apple stock fell 0.6% to close at 171.06 on the stock market today. Goldman Sachs stock dipped 1.1% to finish at 196.36.

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