Both companies are seeking new revenue sources as their bread-and-butter businesses struggle

Apple Inc. AAPL -1.12% and Goldman Sachs GS -1.27% Group Inc. plan to start issuing this spring a joint credit card paired with new iPhone features that will help users manage their money.

The card will be rolled out to employees for testing in the next few weeks and officially launch later this year, according to people familiar with the matter. The companies hope to lure cardholders by offering them extra features on Apple’s Wallet app, which will let them set spending goals, track their rewards and manage their balances, the people said.

The Wall Street Journal reported last year that the companies planned to launch a joint credit card. It is a major push by Apple into the financial lives of hundreds of millions of iPhone users. It is also part of Goldman’s broader strategy to appeal to rank-and-file consumers.

Apple and Goldman are entering a crowded field with little experience. Both are looking for new revenue sources as their bread-and-butter businesses struggle.

As iPhone sales cool, Apple is turning to fee-generating services. It has apps that stream music, curate news stories and make mobile payments, and is teaming up with Hollywood studios to produce original TV shows. The company aims to boost its services revenue to $50 billion by 2020.

Apple currently takes a small cut when iPhone users make credit-card purchases through Apple Pay. It would get a bigger slice of the swipe fees from its own card, some of the people said. Executives also hope the card will boost use of Apple Pay, which has been slow to catch on among users and merchants.

Goldman launched an online consumer bank, Marcus, in 2016 to offset a decline in securities trading. Apple has a loyal following among wealthy, tech-savvy young adults whom Goldman hopes to turn into Marcus customers.

The credit card is Goldman’s first, and a heavy lift. The bank is adding customer-support call centers around the country and building an internal system to handle payments. The latter project has a $200 million budget, people familiar with the matter said, a major investment at a time when the bank is trying to cut costs.

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