Apple terminates Apple Card partnership with Goldman Sachs

Apple is set to terminate its credit card partnership with Goldman Sachs within the next 12 to 15 months, as reported by The Wall Street Journal.

The dissolution will apply to the entire consumer partnership, including the Apple Card and Apple Savings account. It is not yet known whether Apple has been able to find a new partner for Apple Card, but the company confirms its commitment to providing "the best tools and services" to Apple Card customers.

In response to the impending split, Apple stated, "Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives."

The Apple Card, launched in collaboration with Goldman Sachs in 2019, has faced challenges such as customer service issues and regulatory scrutiny, leading to tension between the two companies. As part of the termination, Apple will continue to innovate and enhance its financial tools and services for users of the Apple Card.

Amid rumors earlier this year suggesting Goldman Sachs' desire to end its relationship with Apple, potential discussions with American Express about a takeover were reported. Synchrony Financial, a major issuer of store credit cards, is also reportedly considering taking over the Apple Card.