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3mo ago

Apple Explores New Partners for Apple Card as Goldman Sachs Looks to Exit

Goldman Sachs signals potential early end to its Apple Card contract, with Apple in talks with Barclays, Synchrony, and JPMorgan Chase for a replacement.

Overview

  • Goldman Sachs is seeking to exit its Apple Card partnership early, despite a contract running until 2030, as it winds down its consumer lending business.
  • Apple has reportedly been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase as potential new financial partners for the Apple Card.
  • Goldman Sachs previously approached American Express about a takeover, but the Apple Card's reliance on the Mastercard network until 2026 complicated potential deals.
  • The partnership has faced scrutiny, including a $90 million fine from the U.S. Consumer Financial Protection Bureau in 2023 over customer service issues and dispute handling.
  • Launched in 2019, the Apple Card remains exclusive to the U.S., and it is unclear how a new partner might affect its features or policies.