Goldman Sachs and Apple joined forces for the Apple Credit Card back in 2019.
The partnership, however, might soon be coming to an end, as shared by The Wall Street Journal.
The report suggests that the two companies recently extended their contract until 2029, but Apple has now proposed to terminate the deal in the next 12 to 15 months. The news comes as Goldman Sachs is looking to exit the consumer lending business.
Goldman Sachs told Apple earlier this year that it wanted to get out of the Apple Card agreement and approached American Express to take over its role, The Wall Street Journal reported. The global investment bank is also looking to sell GreenSky, a company that provides home improvement loans and end its credit card partnership with General Motors, which it inherited from Capital One in 2018.
The Apple Card, which was launched in 2019, was designed to appeal to Apple’s loyal customers with features such as no fees, daily cash back, and seamless integration with the iPhone and Apple Pay. The card also offered a high-yield savings account, with a 4.15 annual percentage yield.
The future of Apple’s credit card might be uncertain, but that shouldn’t affect Canadians. The Apple Credit Card has never been available here to begin with.
A few years ago, Apple managed to get trademark approval for both Card and Cash in Canada, though the tech giant never launched the card here. You can read more about it here. Maybe if Apple switches to a new partner for the card, it might expand availability in the future.
Check out the complete report here.
Image credit: Apple
Source: The Wall Street Journal