Hollis Johnson/Business Insider

Apple snubbed Goldman Sachs when it unveiled the Apple Card.

The investment bank spent about $300 million to build the credit card and reassigned thousands of its engineers to finish it on time, The Wall Street Journal reported over the weekend, yet the iPhone maker debuted it with the slogan "Created by Apple, not a bank."

Goldman conceded to Apple's demands to scrap late fees and not sell customer data, and it agreed to use its signature font and simplify customers' monthly statements, The Journal said.

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Apple snubbed Goldman Sachs when it unveiled the Apple Card.

The investment bank spent about $300 million to build the credit card and reassigned thousands of its engineers to finish it on time, The Wall Street Journal reported over the weekend. Yet the iPhone maker debuted it on stage and in advertisements with the slogan "Created by Apple, not a bank."

Goldman's consumer-banking division, Marcus, made several concessions to win the Apple Card mandate. It agreed to scrap late fees and not sell customer data, sacrificing two common revenue streams, The Journal said. It also gave in to Apple's demands, against the advice of Goldman's lawyers, to use its signature font on monthly statements and prune them of standard industry language, the newspaper reported.

Creating the card was also costly and distracted from other initiatives. Goldman spent about $300 million to build it, and it reassigned thousands of engineers across the company to fix a security vulnerability earlier this year, delaying other Marcus products by months, The Journal reported.

Goldman resisted Apple's calls to charge all Apple Card customers the same interest rate regardless of their credit score, The Journal said, citing people familiar with the matter.

And despite the bank's role in building the card, Marcus executives were barred from entering Apple's base of operations — a Tribeca loft — ahead of the Apple Card's launch in August, The Journal reported.

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