Apple & Goldman Sachs Launch a Virtual Cred‑Card: A New Partnership in the Digital Wallet World
On Tuesday, Apple and Goldman Sachs kicked off a brand‑new virtual credit card that blends Apple‑centric perks with Goldman’s consumer strategy. The move shows Apple’s intent to steer away from just selling iPhones and Goldman’s aim to fortify its consumer banking arm.
What’s on the Card?
- 2% cash‑back on all purchases made through Apple Pay – because who doesn’t like a sweet little reward while still shopping?
- No pesky yearly or monthly fees – it’s a clean, fee‑free flare.
- An in‑app dashboard to keep finances in check – think of it as your personal financial coach housed right inside your phone.
- Option for a titanium physical card that looks sleek but has no printed number. The card’s unique ID stays safely on a chip in the iPhone, so all your virtual numbers are created on‑the‑fly for online or over‑the‑phone transactions.
Apple promises it won’t peek at your purchase data, and Goldman is prohibited from using that data for marketing or cross‑selling. Privacy first!
Why Should You Care?
Apple’s existing Apple Pay community sits around 50 million users. Adding a virtual card that’s tied to that ecosystem could help keep people glued to Apple’s brand for years to come. Even the average adoption rate in year one should be modest, but analysts expect around $1.4 billion of high‑margin revenue by mid‑2023, nudging Apple’s earnings up about 1.8%.
Goldman’s Angle
The card also strengthens Goldman’s Marcus consumer banking brand. Since 2015, Marcus has helped smooth out the ups and downs that come with trading or investment banking. Bringing a consumer‑oriented card into that lineup is a natural next step.
What Experts Are Saying
“It doesn’t stack up against premium reward cards like the Chase Sapphire Reserve or AmEx Platinum,” says credit‑card guru Sara Rathner from NerdWallet. “Those high‑end cards demand sky‑high fees but offer super‑cool perks—large sign‑up bonuses, annual credits, free Global Entry, and a higher points rate for travel.”
Meanwhile, Gene Munster of Loup Ventures notes the card’s launch might see a slow start, yet it could become a solid revenue stream that keeps Apple’s cash flow healthy.
Bottom Line
Apple and Goldman are forging a link that could weave a tighter thread between Apple users and Goldman’s consumer banking services. If the card’s bite goes beyond the initial launch, it might just lock fans even tighter into the Apple ecosystem—solidifying brand loyalty for the long haul.
