Unlocking the Benefits: What it means for Apple Card users?

Apple Card Partnership with Goldman Sachs on the Rocks

Apple and Goldman Sachs are reportedly looking to part ways, putting the future of the popular Apple Card in jeopardy. According to a report from The Wall Street Journal, the partnership may come to an end in the next 12 to 15 months. The partnership includes not only the Apple Card but also the Apple Savings account service.

The decision to dissolve the partnership comes after reports of various issues with the Apple Savings Account and the Apple Card. Users faced difficulties withdrawing funds from their savings accounts, while Apple Card users reported problems such as unprocessed refunds and rejected transactions. This led to an investigation by the U.S. Consumer Financial Protection Bureau and has caused tension between the two companies.

Financially, Goldman Sachs has suffered a massive loss of $1.2 billion in just nine months as a result of the partnership. Executives at the company have expressed regret for getting involved in the consumer-lending business, with one executive reportedly saying, “We should have never done this f—ing thing.”

What does this mean for Apple Card users? The future of the Apple Card and Apple Savings account remains uncertain. Apple does not have a replacement lined up yet, and options such as teaming up with American Express or Synchrony Financial are not feasible due to existing agreements. However, it is unlikely that Apple will discontinue the Apple Card or Apple Savings Account services entirely.

For now, Apple will be exploring potential candidates to take over the Apple Card, and users can expect a quick resolution to the situation. Despite the uncertainty, Apple has assured users that it will “continue to innovate” and “deliver the best tools and services” for Apple Card users. The company is expected to finalize a deal fairly quickly to ensure the continued availability of the Apple Card. As the situation develops, Apple Card users can expect further updates from the company.