Goldman Sachs Group Inc. will issue Apple Inc.’s new co-brand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.
Goldman Sachs’s arrangement with Apple would replace the technology giant’s previous deal with Barclays Plc, the person said, asking not to be identified discussing internal plans. The two companies are still formulating the product, the person said.
Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.
Goldman Sachs is planning a deeper foray into the world of co-brand credit cards, a space that’s become increasingly competitive as banks ratchet up rewards to win business with retailers. The firm has been expanding into consumer finance through its new unit Marcus, an effort led by Harit Talwar, the former head of Discover Financial Services’ U.S. card business.
More from Bloomberg.com: Mahathir Wins in Historic Malaysia Power Shift
Read more: Goldman, Wells Fargo look to cards for big returns
Barclays currently offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases. For purchases over $999, Barclays also offers 18 months of interest-free financing.
Goldman Sachs has recently hired Scott Young and Anand Sivadasan, who had previously negotiated co-brand credit-card partnerships for Citigroup Inc., and Shailesh Mendonca, a digital marketing executive from Capital One Financial Corp.
More from Bloomberg.com: The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers
More from Bloomberg.com
Read Apple Picks Goldman Sachs to Issue Reward Credit Card on bloomberg.com
Read on The Source
