![]() ![]() The partnership has not gone smoothly, with Goldman Sachs running into customer service issues due to long wait times for disputed Apple Card transactions and issues with the Apple Savings account. Goldman Sachs and Apple have worked together on the Apple Card since it launched in 2019, and have also teamed up for the high-yield Apple Savings account and the Apple Pay Later feature. Synchrony Financial, known as the largest issuer of store credit cards, has considered taking over the Apple Card, according to The Wall Street Journal. Amex also had concerns about aspects of the program such as loan loss rates due to Apple's push to have customers approved, so the status of the talks is not known. ![]() Goldman Sachs at the time was said to be speaking with American Express about a possible takeover, but the Apple Card needs to run on the Mastercard network until 2026 due to a deal established between Apple and Goldman Sachs. ![]() Rumors earlier this year suggested that Goldman Sachs wanted to get out of its relationship with Apple as part of a plan to cut back on its consumer business. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them." "Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. Apple in a statement that was provided to CNBC said that it will continue to provide "the best tools and services" for Apple Card customers. Apple plans to stop working with Goldman Sachs in the next 12 to 15 months, and it is not yet clear if Apple has established a new partnership for the Apple Card.Īpple and Goldman Sachs will dissolve their entire consumer partnership, including the Apple Card and the Apple Savings account. Apple is ending its credit card partnership with Goldman Sachs, according to The Wall Street Journal. ![]()
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