Apple to end credit card partnership with Goldman Sachs: Report

Apple is ending its collaboration with Goldman Sachs Group GS.N for its credit card, as per a report from the Wall Street Journal on Tuesday. According to individuals familiar with the situation, the tech giant has proposed to the Wall Street bank that they terminate the agreement within the next 12 to 15 months.

Apple and Goldman initially introduced a virtual credit card in 2019.

The termination would encompass their complete consumer partnership, including the savings account unveiled earlier this year, the report detailed.

In April, Apple introduced a high-yield deposit account that offers a higher annual percentage yield than Goldman's online savings account at its digital consumer bank, Marcus.

The collaboration, which formed part of the bank's broader strategy to expand its consumer base, had been extended just a year ago, now extending through 2029, the report added.

Earlier in the year, Apple introduced its "buy now, pay later" (BNPL) service in the United States, enabled through the Mastercard Installments program. The company stated at the time that Goldman was the issuer of the Mastercard payment credential.

The Apple Card is a digital-first credit card designed to be used primarily through Apple Pay on Apple devices like the iPhone, iPad, and Apple Watch. The physical Apple Card is made of titanium and has no visible card number, CVV, expiration date, or signature. It offers cashback rewards, has no fees, and provides spending insights through the Wallet app on iOS devices. Users can apply for the Apple Card through the Wallet app on their compatible Apple devices in select countries.

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