Goldman Sachs and Apple Join Forces to Provide Credit Card

Aside from gadgets and other state-of-the-art smartphones and computers, it seems that technological mogul, Apple, is also venturing into the banking industry. Together with Goldman Sachs, the company aims to offer a credit card built for iPhone users.

Easier Banking, Manageable Finances

Many people around the world know the struggle of working with banks, particularly with their long lines and often frustrating services. Through the joint credit card provided by Apple and Goldman Sachs, users will now be given the chance to get easier access to banking as well as handling their finances.

Under this feature, iPhone clients will be given 2 per cent cash back, with the possibility of getting more returns when purchasing Apple products, reports CNBC. Through select iPhone features and the help of the Wallet application, customers can track their spending as well as their rewards.

Skeptical Business

There are numerous skeptics as well as suspecting individuals who continue to doubt the abilities of these companies. According to Fortune, it seems that both businesses are still relatively new to the banking industry. As a result, the credit card launch might encounter a few road bumps along the way.

To help address some of the concerns, Fortune reports that Goldman Sachs has taken the lead. The company has already invested $200 million, going to call centers, payment processing and other related services.

The joint credit card by Goldman Sachs and Apple is expected to come out this spring. However, the companies have not yet chosen their official launch date, notes Fortune.