By WSJ City

Apple and Goldman Sachs plan to start issuing this spring a joint credit card paired with new iPhone features that will help users manage their money.

KEY POINTS

   -- The card will officially launch later this year, according to people 
      familiar with the matter. 
 
   -- The companies hope to lure cardholders by offering them extra features on 
      Apple's Wallet app. 
 
   -- The app will let them set spending goals, track their rewards and manage 
      their balances, the people said. 
 
   -- The Wall Street Journal reported last year that the companies planned to 
      launch a joint credit card. 
 
   -- 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.

WHY THIS MATTERS

As iPhone sales cool, Apple is turning to fee-generating services. The company aims to boost its services revenue to $50bn by 2020. 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 companies are betting that Apple customers will use the card because it is better integrated into the iPhone.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

February 21, 2019 08:34 ET (13:34 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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