Apple announces Apple credit card with Goldman Sachs

Apple and Goldman Sachs Group are joining forces in the consumer credit business, launching the Apple Card credit card for iPhones. The card is tied to Apple Pay, a service that lets people load banking information and pay in stores like Starbucks or use it for purchases online.
It works globally where Apple Pay is accepted, lets users track spending in the Wallet app, and focuses on transaction privacy. The card also includes a cash back program for rewards, including 2% cash back on all Apple Pay purchases and 3% on Apple Store and services like the App Store. The card excludes common charges like annual, foreign-transaction and late fees, Jennifer Bailey, Apple’s vice president of Apple Pay, said.
Apple and Goldman Sachs won’t share user data with partners and advertisers. Apple will also offer titanium credit cards with laser etching for places where Apple Pay isn’t accepted.
Still, the push into consumer credit cards is a major advancement for Apple’s payment-related initiatives. Apple made a big splash with Apple Pay in 2014 when it struck partnerships with payment networks like American Express and Visa.