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The Apple and Goldman Sachs partnership is reportedly ending. looking for a new partner for Apple Card

Account holders get 3% back on Apple Pay purchases realmade using your Apple Card at the Apple Store (both physical and online), the App Store, Uber and Uber Eats, Walgreens, , at Panera Bread, T-Mobile, ExxonMobil and Ace Cookware, accessories. On purchases made at other retailers that accept Apple Card through Apple Pay, customers receive 2% cash back. Each cardholder's cashback amount is calculated daily and can even be swiped daily into an interest-bearing savings account.
Today, a person familiar with the situation said CNBC's Leslie Picker that Apple presented Goldman Sachs with a proposal that would dissolve the Apple-Goldman Sachs partnership within the next 12 to 15 months. That would force Apple to find a new financial partner to keep the popular Apple Card alive alongside Apple's high-yield savings account. While Apple offers the card through its Wallet app, Goldman Sachs runs the back-end of operations.

An Apple representative told CNBC : “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them live healthier lives. The award-winning Apple Card has been well received by consumers and we will continue to innovate and provide them with the best tools and services.” It's unclear whether Apple has a deal in place with a new partner, although, as we reported at the beginning of this article, American Express was rumored in July to be interested in the business.

Goldman initially hoped that its consumer credit division, which includes Apple Card, would reach the point of exit from . But that has been pushed back to 2025. Last year, Wolfe Research analyst Bill Carcache said: "The Apple Card portfolio may generate lower revenue and face higher loss content than the industry average."

If Goldman wants out, we'll expect Apple to announce a partnership with another company fairly quickly. Stay tuned.


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