Apple Card adds Uber rewards in wider launch
Apple is expanding the list of merchants where Apple Card users may earn 3% cash back, starting with Uber.
Beginning Tuesday, with the rollout of Apple Card to all U.S. customers following a soft launch, cardholders will receive 3% cash back when they use the Apple Card with Apple Pay for Uber and Uber Eats, with more merchants and apps to be added in the coming months, Apple said.
The move suggests Apple felt the need to sweeten its deal with rewards for certain everyday purchases, beyond just spending on Apple products, which people tend to buy occasionally.
For Uber, the deal with Apple Card builds on its legacy of in-app payment advancements, including leveraging its own app for instant issuance of the cobranded Uber Barclays card two years ago.
Overall, Apple seems intent on using Apple Card to drive Apple Pay purchase volume, with Apple Card users get 2% cash back on other Apple Pay purchases.
Customers who apply for Apple Card within Wallet app can be approved within about two minutes and may use the card immediately for purchases with their iPhone or Apple Watch. Those who opt to receive a titanium version of the card by mail receive 1% cash back on purchases made with the card.
The Apple Card is issued by Goldman Sachs, whose CEO David Solomon said in a memo to employees Tuesday that the credit card marks a beginning for a firm that has traditionally eschewed consumer banking.
“With no real legacy technology or a longstanding consumer business to defend, we are positioned to innovate unlike many others in the industry,” Solomon wrote. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.”
Goldman, which launched its consumer banking unit under the Marcus brand in 2016, now has $5 billion in loan balances, more than $50 billion in deposits and four million customers, according to the memo.
Kevin Wack contributed to this report.