Apple Credit Card Coming In August

Despite some hiccups along the way with Goldman Sachs, the Apple credit card is on track for an August release, according to a report by Bloomberg.

The collaboration between the two companies was sometimes tense and the stakes were high if it wasn’t successful. The Apple Card could be launched as early as the second half of August, which would meet its originally scheduled date for release when the card was announced in March.

Owners of iPhones will have the ability to sign up for the card using the wallet app, which will contain support for the card in the 12.4 iOS update.  

The partnership between the giant tech company and the old-school Wall Street institution was ambitious and the first of its kind. The companies split the responsibilities of bringing the card to fruition, and they worked together on the technology.

“Apple is a great partner and we together are excited about delivering a product that we think customers will love,” a Goldman Sachs spokesman said.

Goldman Sachs Chief Executive Officer David Solomon and other bank execs attended the launch announcement of the card in March. Publicity from the announcement, which was well received and delivered with the usual Apple excitement, has helped Goldman Sachs show that it’s now trying to create financial offerings for everyone. The bank has been around for a long time, but it only recently pivoted toward products for the general populace. 

The credit card for Apple is a way to get its customers deeper into its web of products and services. 

Apple handled the design of the card, and the software interface on mobile. Goldman Sachs worked on the infrastructure of the card, payment disputes, the tracking of transaction data and gathering monthly statement information. 

There was a hiccup between the two companies in May when Apple was concerned about the technology that Goldman Sachs developed to power the card, and Apple asked for changes. However, the two companies came together, and have been testing the card with Apple workers for weeks.

The Apple Card will offer cash-back rewards instead of points. It will give 1 percent on card purchases, 2 percent on Apple Pay transactions and 3 percent for Apple products or services. 


New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.