Apple and Goldman Sachs to part ways on Apple Card, no successor named
Goldman Sachs is expected to stop issuing the Apple Card in early 2025, as the companies seek other financial institutions to back the card and savings account.
Apple's consumer-focused credit card, called the Apple Card, has been seen as a success for Apple, but not for Goldman Sachs. After months of reports about a disgruntled Goldman Sachs, it seems the companies are ready to part ways.
According to a report from The Wall Street Journal, Apple sent a proposal to Goldman Sachs to exit their contract in 12 to 15 months. The exit would cover their entire partnership, including Apple Card and Apple Savings.
There isn't any information about a possible new partner beyond speculation. Goldman Sachs has allegedly held discussions with American Express to take over Apple Card, and Synchrony Financial has also apparently cited interest in taking over.
The report says the partnership has had issues from the start. Apple ran ads saying that Apple Card wasn't from a bank, the company insisted on customers getting their bill at the start of each month, and regulatory scrutiny occurred as a result of the partnership.
It's still early days as the proposal hasn't even been approved. Apple Card and Apple Savings customers should carry on as usual until Apple makes an official announcement.
There isn't any word on how this might affect Apple Card holders, rates, fees, or other operations surrounding the credit card. Apple will likely fight to retain the same level of control it exerted with Goldman Sachs, which seems to have led to this situation in the first place.
Read on AppleInsider