Apple and Goldman Sachs

[admin]

the two are issuing a joint credit card that pairs with your iPhone to make managing money easier.

• The specs: The co-branded card will test with employees before officially rolling out to the rest of us this spring, per the WSJ.
• The allure: Cardholders will get extra features inside the Apple Wallet app—setting spending goals, managing balances, and tracking rewards.
• And the reason: Is youuuuu Times are changing...

Faced with shrinking iPhone demand, Apple’s boosting its fee-generating services unit (with a $50 billion revenue target by 2020). It’ll snag a bigger share of fees from its own card than it can from card purchases made through Apple Pay right now.

And Goldman wants to use its first credit card to appeal to the everyman (and offset a slump in securities trading). It’s got high hopes new Apple/Goldman customers might also become customers at its online consumer bank, Marcus.