Apple Considers Transitioning Card Partnership from Goldman Sachs to American Express

Apple's collaboration with Goldman Sachs for its Apple Card may undergo a significant change as reports indicate Goldman Sachs is seeking to sever ties with the tech giant

Apple’s collaboration with Goldman Sachs for its Apple Card may undergo a significant change as reports indicate Goldman Sachs is seeking to sever ties with the tech giant. According to The Wall Street Journal, Goldman Sachs is currently engaged in discussions with American Express to transfer its partnership responsibilities.

Since its launch in 2019, the Apple Card has been supported by Goldman Sachs. More recently, Apple introduced its Pay Later service in March, which, while managed internally by Apple’s financial division, still relies on partnerships with Mastercard and Goldman Sachs to facilitate the program.

Sources familiar with the matter have revealed that Goldman Sachs aims to terminate both of these partnerships and propose American Express as a replacement. However, The Wall Street Journal notes that a definitive agreement with American Express is not imminent, and Apple’s approval would be required before any transition can occur.

Should the partnership shift to American Express, it may impact the acceptance of Apple Cards. Currently, Apple Cards utilize the Mastercard network, enabling widespread acceptance across numerous retailers in the United States. However, American Express has traditionally possessed a narrower reach, though recent efforts have expanded its network coverage.

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