What's new: The card will be tested with employees this spring and will work with features in Apple's wallet app that will help cardholders set goals, track spending, and manage balances, the WSJ said, citing people familiar with the product.
A wider rollout to consumers will come later this year, according to the Journal.
The credit card is due to be tested with employees of both companies in the coming weeks before an official launch in the USA later in the year. Representatives for Apple and Goldman Sachs didn't immediately respond to requests for comment.More news: Scotland lose Finn Russell to injury ahead of France clash
Bloomberg reported last May that Apple and Goldman were developing a co-branded credit card as a way for the investment bank to deepen its push into consumer finance.
Goldman Sachs has been investing in rolling out consumer banking products through its Marcus unit.
The credit card, as part of Apple Pay, would contribute to Apple's growing services segment. Apple also seems to be gearing up to offer magazine subscriptions through Apple News and is rumored to be creating a streaming video service, but it may not stop there. Goldman Sachs, meanwhile, is looking to launch services that appeal to the everyman, and offering a credit card is one way to do that.More news: Security researchers reveal details of serious bug in compression tool WinRAR
It'll apparently use the Mastercard payment network - the second-largest in the USA after Visa - and cardholders will earn around 2 percent cash back on purchases, but potentially more on Apple products.
"If those features are good, and are available across any/all cards stored in the Apple Wallet, not just the Apple co-brand, then it would make the Apple Wallet, in conjunction with Apple Pay, potentially more threatening to PayPal", she said.
Apple is reportedly serious about services, and that includes digital services, health services, and yes, of course, financial services.More news: Another Aston Martin Hypercar In The Works, Code-named Project 003