Apple starts issuing credit card to iPhone users

SAN FRANCISCO: Apple Inc rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs Group Inc on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank’s new consumer business.

Apple announced the card in March, aiming to draw in iPhone owners by offering a card with 2% cash back on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy.

For Goldman, the issuing bank, the card builds on a foray into its Marcus consumer banking brand, started in 2015.