Apple Inc. and Goldman Sachs Group Inc. plan to start issuing this spring a joint credit card paired with new iPhone features that will help users manage their money.
The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.
As iPhone sales cool, Apple AAPL, -0.41% is turning to fee-generating services. It has apps that stream music, curate news stories and make mobile payments, and is teaming up with Hollywood studios to produce original TV shows. The company aims to boost its services revenue to $50 billion by 2020.
The credit card is Goldman’s GS, -0.02% first, and a heavy lift. The bank is adding customer-support call centers around the country and building an internal system to handle payments. The latter project has a $200 million budget, people familiar with the matter said, a major investment at a time when the bank is trying to cut costs.
An expanded version of this report appears on WSJ.com:
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