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Apple Inc. reportedly plans to dissolve its credit card partnership with Goldman Sachs Investment banking company. The news emerged on Tuesday, Nov. 28, after the iPhone and MacBook manufacturer reportedly sent a proposal to the bank to terminate their contract.
According to sources, Apple's proposal indicated its wish to end its credit card deal with Goldman Sachs within the next 12 to 15 months. Reuters reported that the companies first launched their collaborative virtual credit card in 2019.
Apple's Exit Proposal to Goldman Sachs
It was revealed that Apple and Goldman Sachs' team-up was part of the latter's wider strategy to expand its consumer franchise. But now the latter has decided to end the deal, and its exit proposal covers its entire consumer partnership, including the savings account that was only introduced this year.
Apple's newly launched "buy now, pay later" (BNPL) service in the U.S. will also be affected, as this was made possible through the Mastercard Installments program with a credit card issued by Goldman Sachs. On the other hand, the deposit account for online savings may also be discontinued if the partnership is cut via the approval of the exit proposal.
What the Contract Termination Means
In any case, CNBC reported that once Apple and Goldman Sachs dissolved their alliance, the former may have to look for a new financial partner so it can continue with its credit card service offering. Meanwhile, it is unclear if the tech company has already found a new partner for its Apple Card, but its representative told the publication, "Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives."
The rep added, "The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them."
Photo by: Matias Cruz/Pixabay
