Apple to end credit card partnership with Goldman Sachs
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San Francisco: Apple is reportedly ending its partnership with global investment bank Goldman Sachs over its Apple Card.
The iPhone maker has sent a proposal to Goldman Sachs, asking it to terminate their partnership within the next 12 to 15 months, according to The Wall Street Journal.
“The exit would cover their entire consumer partnership, including the credit card the companies launched in 2019 and the savings account rolled out this year,” the report mentioned late on Tuesday.
Goldman Sachs currently issues the Apple Card and powers the company’s savings accounts.
However, earlier reports hinted that their partnership was not going too well and Goldman Sachs reportedly explored offloading the Apple Card onto American Express.
“The tech giant recently sent a proposal to Goldman to exit from the contract in the next roughly 12-to-15 months, according to people briefed on the matter,” the WSJ report mentioned.
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Apple or Goldman Sachs were yet to comment on the report.
In August, the iPhone maker said Apple Card’s high-yield savings account by Goldman Sachs saw more than $10 billion in deposits since launching in April.
The savings account from Goldman Sachs offers a high-yield annual percentage yield (APY) of 4.15 per cent.
Since the launch of Savings, 97 per cent of customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits.
Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, providing the privacy and security users expect from Apple, and offering Daily Cash on every purchase.
With inputs from agencies
