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Report: Goldman Sachs partners with Apple to launch credit card

Apple Inc. and Goldman Sachs Group Inc. have teamed up to launch a credit card as they battle weaknesses in their core businesses, The Wall Street Journal reported.

The planned card would carry the Apple Pay brand and may be launched early next year, the report said, citing people familiar with the matter. Apple will replace its rewards-card partnership with Barclays PLC, the report said.

Apple is facing slowing iPhone sales growth, while Goldman is coping with a slump in securities trading, the report said. The two companies are still hammering out the terms and benefits of the card.