Apple’s Goldman Sachs Credit Card Partnership May Be Coming to an End – Report
(Reuters) – Apple is pulling the plug on its credit card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday.
The technology giant recently sent a Wall Street bank a proposal to exit the deal within the next 12 to 15 months, the report said, citing people briefed on the matter. Apple and Goldman had started to introduce a virtual credit card in 2019.
The exit would cover their entire consumer partnership, including the savings account launched this year, the report added.
Asked about the report, the iPhone maker said: “Apple and Goldman Sachs are focused on providing our customers with an incredible experience to help them live healthier financial lives. The award-winning Apple Card has been well received by consumers, and we will continue to innovate and provide them with the best tools and services.”
Goldman declined to comment.
In April, Apple introduced a high-yield deposit account that offers a higher annual return than Goldman offers for an online savings account at its digital consumer bank, Marcus.
The cooperation, which was part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago until 2029, the report added.
Apple launched a “buy now, pay later” (BNPL) service in the US earlier this year, and it was rolled out through the Mastercard Installments program, the company said at the time, adding that Goldman was the Mastercard payment authority.
