Apple in Talks With Barclays, Synchrony to Replace Goldman Sachs as Apple Card Partner

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Apple is in discussions with two financial firms to replace Goldman Sachs as the card issuer for the Cupertino firm’s Apple Card credit card. Barclays and Synchrony Financial are both reported to be in talks with Apple as the iPhone maker looks for a replacement for current Apple Card partner Goldman Sachs, the investment bank that’s working to get out of the consumer finance business.

Reuters reports that “two sources familiar with the matter” tell them that both firms are discussing a possible card partnership with Apple. Both sources asked to remain anonymous as they are discussing what are private talks.

Negotiations between Apple and Barclays have been ongoing for several months, said the report’s first source, although it may still take months to strike a deal. While that may not seem concerning, as Goldman’s credit card deal with Apple is in force until 2030, Goldman CEO David Solomon told analysts on an earnings call on Wednesday that the partnership may end sooner.

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JPMorgan Chase has also been in talks with Apple about the credit card business since last year. Talks with AMEX reportedly stalled, likely due to the financial company’s reluctance to sacrifice its well-known AMEX brand by appearing to be in a secondary position to Apple in the partnership. 

Several financial firms have explored replacing Goldman, the original financial partner for Apple’s credit card, which launched in 2019, Reuters’ sources said. While lenders are tempted to partner with Apple as one of the most recognizable brands in the world, they also see the original Apple Card deal terms between Apple and Goldman Sachs as risky and unprofitable.

Goldman Sachs has been looking to exit the consumer financial market. In 2024, the firm convinced Barclays to take over its General Motors credit card business, which allows card customers to earn reward points that can be redeemed to buy new GM cars, such as Chevrolets, Buicks, Cadillacs, and more, including electric vehicles. Barclays was agreeable to replacing Goldman Sachs in the GM card deal as it’s looking to expand its card footprint in the United States.

Goldman Sachs first entered the consumer financing business close to ten years ago as it looked to expand beyond its traditional businesses, which included trading and investment banking. However, in late 2022, faced with billions of dollars in potential losses, the Wall Street firm decided to pull back on its consumer finance-related plans.

While the 2019 launch of the Apple Card was called the “most successful credit card launch ever” by Goldman CEO David Solomon, the honeymoon soon ended between the partners. Sources claimed that the Apple Card had cost Goldman Sachs over $1 billion in its first three years of operation. 

Apple also insisted that applicants who may have otherwise been turned down be approved. The Cupertino firm also insisted that all Apple Card customers receive their statements on the first of the month, not on a rolling basis throughout the month, as most credit card companies do, creating a customer service burden for Goldman Sachs.



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