Users can sign up through their iPhones and get access to the card in minutes, according to the tech giant’s Monday presentation. It pays 2 percent in cash back on Apple Pay transactions, 3 percent on purchases made directly through Apple, and 1 percent on purchases with a physical card.
The card is a step into new territory for both companies. Apple, which announced new subscriptions for video and news services Monday, is trying to develop new revenue sources beyond its popular hardware products. For Goldman Sachs, its first credit card would continue a nascent push into consumer financial products after spending most of its 150-year history catering to institutional investors, corporations and governments.
The card, which lets users manage spending and rewards through an iPhone app, was set to be tested by employees of both companies, a person with knowledge of the situation said last month.
Visa shares dropped slightly on the announcement from Apple.
Goldman Sachs CEO David Solomon attended the event in Cupertino, California, according to a person with knowledge of his plans.