Apple in Talks With Barclays and Synchrony to Replace Goldman as Credit Card Partner [Report]
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Posted January 16, 2025 at 4:55pm by iClarified
Apple is in talks with Barclays and Synchrony to replace Goldman Sachs as its credit card partner for Apple Card, according to a new report from Reuters. While several financial firms are interested in working with Apple, the original deal terms were viewed as risky and unprofitable.
Negotiations between Apple and Barclays have been ongoing for several months, but it may still take months to strike a deal, the first source said. JPMorgan Chase (JPM.N), opens new tab has also been in talks with Apple about the business since last year, Reuters reported previously.
"As you know, we have a contract with Apple to run that partnership until 2030, although, there's some possibility that it won't continue until that time frame."
Notably, Goldman recently transferred its unprofitable General Motors credit card business to Barclays. If Barclays views the takeover of the GM card as a success, it may be more inclined to take over the Apple Card partnership.