Apple and Goldman Sachs, to release a rewards card

Checking Credit Card

Apple is planning to make it’s current Rewards Card, issued by Barclay Card, history, as a new replacement will be released next year with Goldman Sachs.

According to a report from Cult of Mac, citing an unconfirmed report, the two companies are now working together at the new card, which will be offered under the Apple Pay brand, as Goldman Sachs will allegedly replace Barclays, Apple’s current partner for credit cards.

Not confirmed, but it’s almost a certainty

Even though the information about the new rewards card wasn’t confirmed yet, it’s worth mentioning that the reports are coming from the Wall Street Journal, so this might as well be true.

For the moment, Goldman Sachs doesn’t offer any credit cards, so this would definitely be a step forward, as well as an adventure into a new area for the Wall Street firm. As a side note, during the financial crisis, they became a bank, mostly forced by investors. Now, they started acting like one, offering consumer banking services – including rewards cards – through its Marcus brand.

Through this, it can be said that both companies are reinventing themselves, as for Apple, payments are a very important part of its services story.

What happens with current rewards cards owners?

For the moment, it’s not really clear how current holders of the Apple Rewards Card will be affected by this highly rumored change. Most likely, the Cupertino-based company is trying to make the change as smooth as possible, while keeping the same benefits or offering something even better.

Current owners of the Barclaycard Visa receive 3 points for every dollar spent at Apple, 2 points for every dollar spent at restaurants, as well as one point for any other purchases they make. Each time they manage to gather $2,500 worth of points, they receive a $25 Apple Store Gift Card or App Store & iTunes Gift Card.

We’re curious to find out if Apple will maintain the same policy, since this is an offer that can’t be ignored.

Credit card interest rates