Even if Goldman Sachs is looking for a way out of backing the Apple Card, Apple is currently in talks with at least three potential companies to take over Goldman’s end of the Apple Card partnership.
According to Reuters, Apple is in talks with Barclays, Synchrony, and JPMorgan Chase. Goldman Sachs had reportedly approached American Express about taking over the Apple Card a few years ago, as well, but nothing came of it. Apple’s credit card uses the Mastercard network, and that might have prevented an American Express takeover.
As reported on Thursday, Goldman Sachs is in the process of winding down its consumer lending business, which has lost billions of dollars in recent years. During a recent earnings call,
Last year, the U.S. Consumer Financial Protection Bureau fined Apple and Goldman Sachs nearly $90 million combined after finding the companies mishandled transaction disputes and misled iPhone users about interest-free payment options.
Apple offered the following comment as to the fine:
“Apple Card is one of the most consumer-friendly credit cards available and was specifically designed to support users’ financial health. Upon learning about these inadvertent issues years ago, Apple worked closely with Goldman Sachs to quickly address them and help impacted customers.”
If Apple does find a new financial partner for the Apple Card, it’s unclear whether there will be any major changes to the card’s features and policies. The Apple Card, which was launched in 2019, remains available only in the U.S.
Stay tuned for additional details as they become available.