Apple to cancel credit card partnership with Goldman Sachs

Apple Card held in hand
(Image credit: Christine Romero-Chan / iMore)

What a difference a year makes! Or in the case of a financial partnership between Apple and Goldman Sachs, four years make! According to a recent story in The Wall Street Journal, the tech giant and financial goliath, which had combined forces in 2019 to launch a credit card program featuring the Apple Card, are planning on ending the partnership. 

The demise would not only affect the Apple Card program but also other consumer partnerships. For example, the two had plans to move beyond credit cards. In fact, just a little more than a year ago, there had been plans to roll out a new savings account program. But these all now appear to be canceled. 

At the moment, there’s also no word if Apple has a new partner lined up to take over issuing a consumer credit card or work together on other related consumer partnerships. However, the current partnership will end in about 12-to-15 months, according to the story in the Wall Street Journal.

Does Apple have a new partner lined up for the Apple Card program? 

The news is a disappointment for both Apple and Goldman Sachs since both parties seemed to have high hopes for the partnership: Apple was using it to expand its services division. Goldman Sachs was using it to help build up its financial offerings for consumers, instead of just big corporations and wealthy investors, which The Wall Street Journal noted were its "core clients."

When the Apple Card credit card program was launched in 2019, it was marketed as "a more user-friendly and secure alternative in a crowded market." It would also "charge no fees, pay daily cash rewards, and sync with consumers’ iPhones to analyze their spending." That optimism continued well into late 2022: Just a little over a year ago, Goldman Sachs extended the partnership through 2029.

However, despite this optimism, there were signs that the partnership might be in peril. This past June, there was news that Goldman Sachs had been looking to offload Apple Pay to American Express, despite the earlier extension of the partnership. Then, last month, The Wall Street Journal ran a story on how Goldman Sachs wanted out of all its consumer lending products, which included Apple Card. 

Terry Sullivan


Terry Sullivan has tested and reported on many different types of consumer electronics and technology services, including cameras, action cams, mobile devices, streaming music services, wireless speakers, headphones, smart-home devices, and mobile apps. He has also written extensively on various trends in the worlds of technology, multimedia, and the arts. For more than 10 years, his articles and blog posts have appeared in a variety of publications and websites, including The New York Times, Consumer Reports, PCMag, Worth magazine, Popular Science, Tom’s Guide, and Artnews. He is also a musician, photographer, artist, and teacher.

  • LP Slade
    iMore.com said:
    Questions remain, including if Apple has a new credit-card partner lined up?

    Apple to cancel credit-card partnership with Goldman Sachs : Read more

    Sorry, what on Earth are they saying about the savings account? “…just a little more than a year ago, there had been plans to roll out a new savings account program. But these all now appear to be canceled.” The savings account is very much live and has been for like a year now. Who is writing this stuff?
    Reply
  • Annie_M
    LP Slade said:
    Sorry, what on Earth are they saying about the savings account? “…just a little more than a year ago, there had been plans to roll out a new savings account program. But these all now appear to be canceled.” The savings account is very much live and has been for like a year now. Who is writing this stuff?
    That's a great question!
    Reply
  • devonair
    Ditto. I've had the savings account option active on my account since last April, with my Apple Card cashback savings automatically depositing into it.
    My bigger question: what will happen to existing accounts?
    Reply
  • Annie_M
    devonair said:
    Ditto. I've had the savings account option active on my account since last April, with my Apple Card cashback savings automatically depositing into it.
    My bigger question: what will happen to existing accounts?
    I do not have the Apple Card, but I am also wondering what will happen to those that do!
    Reply
  • SvenJ
    Same here RE Savings Account. I have wondered what the benefit to GS has been. I haven't paid a cent of interest on my Apple purchases, and that's all I use it for. That's how banks make money, so I imagine GS isn't happy with me, unless Apple is kicking in some profit for them.
    Reply
  • scruffypig
    I won’t be turning in my Titanium Apple Card anytime soon. I will be holding on to that sucker. Prolly will be worth something big someday. Only physically used like two times. Always been kept in original cardboard case except two times.
    Reply