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Apple and Goldman Sachs reportedly ending partnership; Apple Card seeks new partner

Account holders get 3% back on Apple Pay purchases made using the Apple Card at the Apple Store (both physical and online), the App Store, Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. On purchases made from other retailers that accept the Apple Card via Apple Pay, customers 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.

Today, a person familiar with the situation told CNBC’s Leslie Picker that Apple has presented Goldman Sachs with a proposal that will dissolve the Apple-Goldman Sachs partnership within the next 12 to 15 months. This would force Apple to find a new financial partner to keep the popular Apple Card alive along with Apple’s high-yielding savings account. While Apple offers the card via its Wallet app, Goldman Sachs is running the back-end of the operations.

An Apple representative told CNBC today, “Apple and Goldman Sachs are focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them.” It isn’t clear whether Apple has a deal with a new partner although, as we mentioned at the beginning of this article, American Express was rumored in July to be interested in the business.

Goldman originally hoped to have its consumer credit division, which includes the Apple Card, hit the breakeven mark in 2022. But that has been pushed back until 2025. Last year, Wolfe Research analyst Bill Carcache said, “The Apple Card portfolio may generate lower revenues and face higher loss content relative to the industry average.”

If Goldman does want out, we’d expect Apple to announce a partnership with another firm fairly quickly. Stay tuned.

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