Apple Card may have suitors lining up as it publicly partes ways with Goldman Sachs.
According to Reuters, Apple is in talks with Barclays and Synchrony Financial to replace Goldman Sachs as a card issuer. report. This follows rumors last year that Chase was also in talks with Apple.
Apple's widespread name recognition and reputation may be attractive to card issuers looking to expand their consumer base as competition from “buy now, pay later” apps increases.
Goldman's contract with Apple runs through 2030, but the relationship could end sooner, Goldman CEO David Solomon said at a briefing. Financial report earlier this week.
It is important to note that nothing is finalized yet. However, if Apple acquires a new issuer, it could mean big changes for current cardholders.
While this card is consistently rated #1 in customer satisfaction according to JD Power research, it actually offers a competitive welcome offer, convenient card extra benefits, protection, and more than other top credits. It lacks many features that the card offers. According to CNET credit card experts, it offers a brand name, a polished user experience, and 3% cash back on all Apple products.
Apple's continued relationship with Goldman Sachs has recently been called into question. Goldman Sachs has exited consumer lending over the past few years following financial losses and increased federal oversight. Last year, the U.S. Consumer Financial Protection Bureau fined Apple and Goldman Sachs $89 million for negligence and mismanagement.
If Apple Card adds a new issuer, your Apple Card Savings account may also see big changes. High-yield savings accounts currently offer 3.90% APY Available only to Apple Cardholders.
Apple, Goldman Sachs and Chase did not immediately respond to requests for comment. Synchrony and Barclays declined to comment.
If you currently have an Apple Card and are looking for better benefits, wait to see what happens with your bank issuer or consider applying for another credit card that offers better benefits and perks. You can also.
