Apple Plans To End Credit Card Deal With Goldman Sachs

[{"selector":"#anim-3b5f7565-ba7a-4b35-bc87-381b383adcf1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-390a6142-32bb-4580-a07e-3a12e61e52c6","keyframes":{"transform":["translate3d(0px, -193.8617%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Apple has suggested terminating its collaboration with Goldman Sachs for the Apple Card credit card within the next 12-15 months, concluding its consumer finance agreement.

[{"selector":"#anim-ba930f5d-401f-49b5-bc55-8a0fe7d0b10b","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] In April, Apple launched a high-yield deposit account with an annual percentage yield surpassing Goldman's offering for an online savings account at its digital consumer bank.

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The partnership, which was a part of the bank’s larger strategy to grow its consumer franchise, was extended a year ago through 2029.

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[{"selector":"#anim-d71f56f8-acef-4857-acbc-ba73e025a831","keyframes":{"opacity":[0,1]},"delay":300,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Earlier this year, Apple introduced its "buy now, pay later" (BNPL) service in the U.S., facilitated by the Mastercard Installments program, with Goldman serving as the issuer of the Mastercard payment credential.

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