Apple Ends Credit Card Partnership with Goldman Sachs. 🍏💳
Apple is reportedly terminating its credit card partnership with Goldman Sachs, as per the Wall Street Journal. The technology giant recently sent an offer to Goldman Sachs to exit the contract within the next 12 to 15 months.
The collaboration between Apple and Goldman Sachs began in 2019, resulting in the launch of a virtual credit card, Apple Card.
The exit plan includes discontinuing all consumer partnerships, encompassing the recently introduced savings account.
Responding to inquiries, Apple stated its commitment to providing customers with an exceptional financial experience, emphasizing the success of the Apple Card and a dedication to ongoing innovation.
Goldman Sachs has not commented on the matter, but the partnership has faced challenges in recent years, including increased costs under CEO David Solomon's leadership and regulatory scrutiny for handling repayments, billing errors, and alleged gender bias in determining credit limits.
Despite Apple Card's savings account investments reaching $10 billion in August, Goldman Sachs executives viewed them as problematic.
As the situation unfolds, the tech and finance communities await further developments.
