July 19, 2024
Apple to End Apple Card Partnership With Goldman Sachs [Report]

Apple to End Apple Card Partnership With Goldman Sachs [Report]

Posted November 29, 2023 at 12:27am by iClarified
Apple is reportedly pulling the plug on its partnership with Goldman Sachs, leaving the future of Apple Card in question.

In a new report, the WSJ says Apple has sent the company a proposal to exit the contract.

The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months, according to people briefed on the matter. The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year.

The paper was unable to determine if Apple had already lined up a new issuer for the card.

Apple's deal with Goldman Sachs was extended just over a year ago and was set to continue until 2029; however, Goldman has become increasingly dissatisfied with the endeavour and has reportedly been looking to offload it to another company, possibly American Express.

Goldman is also in the process of ending its credit card partnership with GM and last month agreed to sell GreenSky, its home improvement loan business, to a group of investors. It appears the company plans to exit the consumer loan business entirely and return its focus to big corporate and investor clients.

Sources tell Bloomberg that Apple is committed to Apple Card and does not plan to discontinue the service; however, it is not yet in talks with a new issuer.

Additionally, Apple has providing a statement on the news saying it's "focused on providing an incredible experience for our customers to help them lead healthier financial lives."

"The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them."

More details in the full report linked below...

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Apple to End Apple Card Partnership With Goldman Sachs [Report]
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Comments (3)
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aligfx - November 30, 2023 at 5:38am
It would make more sense for Apple to establish its own financial institution and get it over with Banks once and for all. They are at a point with their cash they can acquire countries in cash
dmorg - November 29, 2023 at 7:27am
Doesn’t matter who the credit card company that ends up partnering with Apple is anyways. These banks are only there to make lots of money from the consumers by charging insane interest rates, late fees, hidden fees, confusing financing terms, etc.
McApple1 - November 29, 2023 at 12:35am
For the best. Never really appreciated GS anyway and it had mixed reception to those I know.
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