Apple in Talks with Barclays and Synchrony to Replace Goldman Sachs as Apple Card Partner

Goldman Sachs Apple Card

Apple is reportedly in discussions with Barclays and Synchrony Financial about replacing Goldman Sachs as its credit card partner. This comes as Goldman Sachs considers an early exit from its Apple Card partnership, which was originally set to run through 2030.

Talks between Apple and Barclays have been underway for several months. Synchrony Financial is also in discussions with Apple about the credit card partnership. JPMorgan Chase has previously expressed interest as well.

The current partnership has faced difficulties, with Goldman Sachs reporting significant losses in its consumer finance division. In 2024, the company’s Platform Solutions unit, which includes the Apple Card, posted an $859 million net loss. In October 2024, Goldman Sachs was fined over $90 million by the Consumer Financial Protection Bureau for missteps related to the Apple Card.

Changing banking partners could impact the features of the Apple Card and the new Apple Savings account, which are currently supported by Goldman Sachs.

Despite challenges for Goldman Sachs, the Apple Card has gained popularity. As of January 2024, Apple reported over 12 million cardholders, with users earning more than $1 billion in Daily Cash rewards in the previous year.

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