(Reuters) - Corporate giants Goldman Sachs ( GS ) and Apple ( AAPL ) will pay $89 million for violations of consumer protection laws in their joint credit card business, the U.S. Consumer Financial Protection Bureau announced Wednesday.

Goldman Sachs ( GS ) will also face restrictions on its ability to issue new credit cards, according to CFPB.

"The companies violated consumer financial protection laws through their practices related to Apple ( AAPL ) card affecting hundreds of thousands of Apple Card users," CFPB Director Rohit Chopra told reporters. "This led to wrongful charges, mishandled disputes and damaged credit reports."