Apple is again said to be partnering with American investment bank Goldman Sachs to introduce an Apple Pay credit card as soon as later this year.
The report comes from The Wall Street Journal who first reported in mid-2018 that claimed at the time Apple and Goldman Sachs were “working out the terms of the new deal” which could see perks for customers including interest-free financing on Apple devices and points toward Apple gift cards.
Similar to mobile banking apps Monzo and Monese, the new Apple credit card could offer users push notifications based on analysis of cardholders’ spending patterns, and possibly alerts when regular bills are higher than in previous months, reports the WSJ.
Executives have discussed borrowing visual cues from Apple’s fitness-tracking app, where “rings” close as users hit daily exercise targets, and sending users notifications about their spending habits. There also could be notifications based on analysis of cardholders’ spending patterns, alerting them for example if they paid more than usual for groceries one week.
Last year the WSJ suggested the new partnership could also offer in-store loans to Apple customers buying products on finance.
The partnership will extend into other services including Goldman offering in-store loans to Apple customers buying iPhones and other gadgets.
According to report, the new Apple Pay credit card will replace the current Apple Rewards credit card with Goldman Sachs replacing Barclays BCS as the creditor. Apple is expected to collect a higher percentage of fees from the Goldman Sachs card, boosting its services revenue.