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Apple Ending Apple Card Partnership With Goldman Sachs

According to The Wall Street Journal, Apple is ending its credit card partnership with Goldman Sachs. Apple and Goldman Sachs are ending their consumer partnership, which includes the Apple Card and the Apple Savings account. In a statement provided to CNBC, Apple stated that it will continue to provide “the best tools and services” to Apple Card customers.


Goldman Sachs was said to be in talks with American Express about a possible takeover at the time, but the Apple Card is required to run on the Mastercard network until 2026 due to an agreement between Apple and Goldman Sachs. 


Goldman Sachs has encountered customer service problems due to prolonged wait times for disputed Apple Card transactions and issues with the Apple Savings account.


Due to customer complaints, the Consumer Financial Protection Bureau launched an investigation into Goldman Sachs, causing friction with Apple. Apple is dissatisfied with its Apple Card and Apple Savings products’ customer service, and some Goldman Sachs executives blame the regulatory scrutiny on Apple.


The bank does not receive a cut of the fee that merchants pay Apple to accept the Apple Card, nor does it have the authority to collect annual, late, and foreign transaction fees. Goldman Sachs does profit from loans made to cardholders who split Apple purchases into instalments. However, it is unclear whether Apple will be able to negotiate a similar deal with another issuer, given the limited revenue of the Apple Card.

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