NEW YORK — Goldman Sachs and Apple are looking to partner together to create a new credit card.
It would be the first foray by Goldman Sachs into the $1 trillion credit card market, The Wall Street Journal reported Thursday, citing unnamed sources.
The Goldman-Apple credit card would be tied to Apple’s payment service known as Apple Pay and Apple’s co-brand partnership with Barclays would come to an end, the Journal said.
Goldman has been incrementally pushing into consumer banking products. It does personal loans and savings accounts under the brand Marcus, and has been looking at other consumer products.
A co-brand credit card is when a company partners with a bank to create a credit card that will spur loyalty and spending with the company.
There are hundreds of co-brand partnerships, with brands large and small, and it’s an intensely competitive business for credit card companies.
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