Goldman Sachs will issue Apple’s new cobrand credit card, according to a person familiar with the matter, as the investment bank deepens its push into consumer finance.

Goldman Sachs’ arrangement with Apple would replace the technology giant’s previous deal with Barclays, the person said, asking not to be identified discussing internal plans. The two companies are still formulating the product, the person said.

Apple Inc.'s flagship retail store in San Francisco.
Apple Inc.'s flagship retail store in San Francisco. Bloomberg News

Spokesmen for Goldman Sachs, Apple and Barclays declined to comment. The Wall Street Journal reported on the new partnership earlier Thursday, saying a card could be released next year.

Goldman Sachs is planning a deeper foray into the world of cobrand credit cards, a space that’s become increasingly competitive as banks ratchet up rewards to win business with retailers. The firm has been expanding into consumer finance through its new unit Marcus, an effort led by Harit Talwar, the former head of Discover's U.S. card business.

Barclays currently offers cardholders three points for every dollar spent on Apple products, two points per dollar spent at restaurants and one point per dollar spent on all other purchases. For purchases over $999, Barclays also offers 18 months of interest-free financing.

Goldman Sachs has recently hired Scott Young and Anand Sivadasan, who had previously negotiated cobrand credit card partnerships for Citigroup, and Shailesh Mendonca, a digital marketing executive from Capital One.

Bloomberg News