Friday, March 1, 2024

Apple plans to end Goldman Sachs partnership for card

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Shillong, November 29: In recent developments, Apple is reportedly initiating the conclusion of its collaboration with global investment bank Goldman Sachs regarding the Apple Card. According to The Wall Street Journal, Apple has submitted a proposal to Goldman Sachs, urging the termination of their partnership within the next 12 to 15 months.

As per IANS, the proposed exit would encompass their entire consumer partnership, including the credit card launched in 2019 and the savings account introduced this year. Although Goldman Sachs currently issues the Apple Card and manages the company’s savings accounts, earlier reports hinted at challenges in their partnership. There were indications that Goldman Sachs explored the possibility of transferring the Apple Card to American Express.

The Wall Street Journal report, citing people briefed on the matter, stated that Apple recently sent a proposal to Goldman Sachs to exit the contract in the next approximately 12 to 15 months. As of now, neither Apple nor Goldman Sachs has commented on the reported proposal.

In August, Apple revealed that the Apple Card’s high-yield savings account, managed by Goldman Sachs, amassed over $10 billion in deposits since its launch in April. The savings account offers an attractive high-yield annual percentage yield (APY) of 4.15 percent. Notably, 97 percent of customers have chosen to automatically deposit their Daily Cash into their accounts since the launch of Savings, facilitating the establishment and continuation of healthy savings habits.

Integrated into the iPhone’s Wallet, the Apple Card has revolutionized the credit card experience by simplifying the application process, eliminating fees, promoting reduced interest payments, ensuring the expected privacy and security from Apple, and providing daily cash rewards on every purchase.

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