Apple, Goldman Sachs partnership reportedly coming to an end; new partner sought for the Apple Card،
Account holders receive 3% back on Apple Pay purchases made with the Apple Card at the Apple Store (physical and online), App Store, Uber and Uber Eats, Walgreens, Nike, Panera Bread , T-Mobile, ExxonMobil and Ace. Material. On purchases made at other retailers that accept the Apple Card through Apple Pay, customers receive 2% cash back. The cashback amount belonging to each cardholder is counted daily and can even be transferred daily to an interest-bearing savings account.
Today, a person familiar with the situation said
CNBC’s Leslie Picker that Apple presented Goldman Sachs with a proposal that would end the Apple-Goldman Sachs partnership within the next 12 to 15 months. This would require Apple to find a new financial partner to keep the popular Apple Card as well as Apple’s high-yield savings account alive. While Apple offers the card through its Wallet
app, Goldman Sachs handles the back end of operations.
Request the Apple Card directly from the Wallet app on your iPhone
An Apple representative told CNBC today: “Apple and Goldman Sachs are focused on delivering an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has received great response from consumers and we will continue to innovate. and provide them with the best tools and services. It’s unclear whether Apple has a deal with a new partner although, as we mentioned at the start of this article, American Express was rumored to be interested in the company back in July.
Goldman originally hoped its consumer finance division, which includes the Apple Card, would break even in 2022. But that was pushed back to 2025. Last year, Wolfe Research analyst Bill Carcache , said: “Apple Card wallet could generate lower revenue. revenues and face higher losses compared to the industry average.
If Goldman wants to exit, we expect Apple to announce a partnership with another company fairly quickly. Stay tuned.
