in 2023 Appleis trying to end its credit card partnership with Goldman Sachs We conveyed it to you. In fact, in the same year, Goldman Sachs executives stated that Apple Card’s savings accounts were a mistake. we shared.
Information shared by Reuters According to Apple, they will be the new financial partner of Apple Card. Barclays ve Synchrony He is meeting with. The news also states that Apple has been in talks with JPMorgan, owner of Chase Bank, since last year. In this sense, we can say that the company is in talks with at least three potential companies to take over Apple Card from Goldman Sachs.
By the way, let us point out that Apple has worked with Barclay’s in the past. Barclay’s and Apple had a Barclaycard Visa with Apple Rewards. At the time, users could earn rewards on future Apple or iTunes purchases. Although this partnership begins to expire in 2020; On May 7, 2021, cardholders received a Barclays View MasterCard that earns points toward MasterCard benefits instead of Apple-specific benefits.
However, it is worth noting that Apple is working with Synchrony Financial on the Apple Pay focus. The company uses Synchrony Financial for its buy now, pay later option when paying with Apple Pay.
Goldman Sachs and Apple relationship
Goldman Sachs partnered with Apple in 2019 to launch the Apple Card. While the card was gaining popularity among Apple customers, Goldman Sachs was losing cash due to the deal. Due to the company’s Apple Card 1.2 billion dollars in 2022 It was announced that he lost. The platform solutions unit, which hosts Apple Card, announced a net loss of $859 million in 2024.
If you remember, Goldman Sachs met with American Express to take over Apple Card a few years ago. However, these talks did not lead to anything. The fact that Apple’s credit card uses the Mastercard network may have caused American Express to be disapproving of this issue.
In a recent earnings call, Goldman Sachs CEO David Solomon recalled the company’s contract with Apple Card through 2030, saying that the partnership between the two institutions likely to end sooner mentioned.
Apparently; The partnership in question has not met the expectations of the parties for a while and is also coming to the fore with new problems. In October 2024, Apple and Goldman Sachs were accused of misleading Apple Card holders. was fined millions of dollars. The two companies were accused of mishandling Apple Card transaction disputes and misleading customers about interest-free payment options. For these reasons Apple, $25 million when paying a fine, Goldman Sachs at least $19.8 million in damages and an additional $45 million penalty was obliged to pay.
It is unknown how Apple Card eventually acquiring a new financial partner will affect the card’s features and policies. Apple’s credit card, launched in 2019, can only be used in the USA.
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