Apple Plans To End Credit Card Deal With Goldman Sachs

Apple has suggested terminating its collaboration with Goldman Sachs for the Apple Card credit card within the next 12-15 months, concluding its consumer finance agreement.

In April, Apple launched a high-yield deposit account with an annual percentage yield surpassing Goldman's offering for an online savings account at its digital consumer bank.

This move would terminate a prominent partnership between a bank and a tech giant, requiring Apple to seek a new financial collaborator for its widely-used credit card, Apple Card.

The partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029.

When Apple first launched the Apple Card in 2019, Goldman Sachs CEO David Solomon was in attendance at a glitzy Apple launch event at its California campus.

Earlier this year, Apple introduced its "buy now, pay later" (BNPL) service in the U.S., facilitated by the Mastercard Installments program, with Goldman serving as the issuer of the Mastercard payment credential.

For Apple, the credit card and savings accounts enhance iPhone value and services business growth. It remains uncertain if Apple has secured a new partner or would make substantial changes to its financial products.