Breaking: Apple Card to find new partner as Goldman Sachs partnership ends – Get the inside scoop!

Today, Apple announced a new deal for Apple Card holders. If you use Apple Pay with your Apple Card at certain stores, you can get money back. You can get 3% back on purchases at the Apple Store, App Store, Uber, Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. For purchases made at other retailers that accept the Apple Card via Apple Pay, customers can get 2% cash back. The cashback amount belonging to each cardholder is tallied daily and can even be swept daily into an interest-bearing savings account.

However, there may be big changes coming for the Apple Card in the future. Apple has reportedly presented Goldman Sachs, its current financial partner for the Apple Card, with a proposal to end their partnership within the next 12 to 15 months. This means that Apple may have to find a new financial partner to continue offering the popular Apple Card along with their high-yielding savings account.

An Apple representative confirmed that they are focused on providing a great experience for their customers through the Apple Card. However, it is not yet clear if Apple has a new partner lined up. It was rumored in July that American Express may be interested in partnering with Apple.

Goldman Sachs originally wanted to break even with their consumer credit division, which includes the Apple Card, by 2022. However, this has been pushed back to 2025. Last year, a financial analyst said that the Apple Card portfolio may bring in less money and have more losses compared to other credit card portfolios in the industry.

If Goldman Sachs does want to end their partnership, it is expected that Apple will quickly announce a new partnership with another financial firm. So, Apple Card holders should stay tuned for any updates on this potential change.

Spread the love