Apple is in ongoing talks with two financial companies to take over Apple Card credit services management from Goldman Sachs, according to a new report. The iPhone giant has been discussing the matter with Barclays and Synchrony Financial for a while, apparently.
News of the talks comes just one day after Goldman Sachs’ CEO said on an earnings call the firm’s Apple Card management, scheduled through 2030, might end sooner than that.
Apple in talks with Barclays and Synchrony about taking over Apple Card credit management from Goldman Sachs
Apple’s ongoing talks with Barclays and Synchrony, among other financial institutions recently like JPMorgan Chase, come at a pivotal moment for the Apple Card program, Reuters reported. Apple’s credit card launched in 2019 as part of a broader financial services strategy. The current discussions come as Goldman Sachs signals a retreat from its consumer finance initiatives, even though the Apple Card agreement extends through 2030. Apple and Goldman both got hit with hefty fines for Apple Card mismanagement recently. And Goldman’s CEO said on an earnings call Wednesday its Apple Pay management could end before 203o.
For Apple users, this potential transition could bring fresh opportunities and features to Apple Card. Barclays, which recently acquired General Motors’ credit card portfolio, brings substantial experience in managing co-branded credit card programs. So it could introduce new rewards structures or benefits. Similarly, Synchrony Financial’s experience in retail credit card partnerships and just-announced work with Apple Pay Later could lead to enhanced integration with Apple’s services and products.
Timing still uncertain
The timing of any transition remains uncertain. Negotiations have reportedly been ongoing for months. While JPMorgan Chase has also expressed interest in the partnership, Apple appears to be conducting thorough evaluations in its partner vetting. It likely wants to ensure Apple Card maintains seamless integration with iOS devices. And continuity of features like Daily Cash rewards and detailed spending analytics in the Wallet app will also be important.
Apple Card holders should note that any eventual transition would likely be managed to minimize disruption to existing services. The Apple Card’s core features, including its deep integration with Apple Pay, instant card number generation and focus on privacy are expected to remain aspects of the product regardless of the banking partner selected.
Photo: Apple/Cult of Mac
Apple’s growing suite of financial products
The potential change in partnership reflects Apple’s commitment to evolving its financial services offerings. With a growing suite of financial products, including Apple Pay Later and Apple Savings, the company continues to position itself as a player in the digital finance space. And that’s especially true for its extensive user base of iPhone and iPad owners.
As discussions progress, Apple users should anticipate announcements about potential enhancements to the card program. But any formal changes will probably require months of preparation and regulatory approvals before they come out.
