Goldman Sachs may exit partnership with Apple

By Kevin Colleran On Jul 1, 2023

Goldman Sachs is considering exiting its partnership with Apple, the Wall Street Journal reported on Friday, citing sources familiar with the matter.

The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019.

The bank is in talks with American Express to take over its Apple credit card and other ventures with the tech giant, the report added.

Apple in March launched its “buy now, pay later” service in the United States enabled through the Mastercard Installments program, with Goldman Sachs as the issuer of the Mastercard payment credential.

Apple credit card, which is made out of titanium and no visible number, currently offers 3% daily cash back to spend or save, Apple’s website said. It also offers interest-free monthly installments on purchases of Apple devices.

American Express did not immediately respond to a Reuters request for comment, while Apple and Goldman Sachs declined to comment.

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(Reporting by Arshreet Singh and Akash Sriram in Bengaluru; Editing by Shweta Agarwal)

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