Apple is ending its credit card partnership with Goldman Sachs, according to The Wall Street Journal. Apple plans to stop working with Goldman Sachs in the next 12 to 15 months, and it is not yet clear if Apple has established a new partnership for the Apple Card.
Apple and Goldman Sachs will dissolve their entire consumer partnership, including the Apple Card and the Apple Savings account.
Rumors earlier this year suggested that Goldman Sachs wanted to get out of its relationship with Apple as part of a plan to cut back on its consumer business. Goldman Sachs at the time was said to be speaking with American Express about a possible takeover, but the Apple Card needs to run on the Mastercard network until 2026 due to a deal established between Apple and Goldman Sachs.
Goldman Sachs and Apple have worked together on the Apple Card since it launched in 2019, and have also teamed up for the high-yield Apple Savings account and the Apple Pay Later feature. The partnership has not gone smoothly, with Goldman Sachs running into customer service issues due to long wait times for disputed Apple Card transactions and issues with the Apple Savings account.
The U.S. Consumer Financial Protection Bureau launched an investigation into Goldman Sachs due to the customer complaints and following accusations of gender discrimination when determining credit limit. While Goldman Sachs was cleared of gender bias, all of these problems led to tension with Apple.
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