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Three Companies Are Now in the Running to Take Over the Apple Card

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Apple is in talks with Barclays and Synchrony about becoming its new financial partner for the Apple Card, according to Reuters sources.

Apple-Card-iPhone-16-Pro-Feature.jpg

The report today added that Apple has also been holding discussions with Chase Bank owner JPMorgan since last year, so there are at least three potential companies in the running to take over the Apple Card from current partner Goldman Sachs.

Goldman Sachs had reportedly approached American Express about taking over the Apple Card a few years ago, as well, but nothing came of it. Apple's credit card uses the Mastercard network, and that might have prevented an American Express takeover.

Goldman Sachs is in the process of winding down its consumer lending business, which has lost billions of dollars in recent years. On a recent earnings call, Goldman Sachs CEO David Solomon said the company is contracted to be the Apple Card's lender until 2030, but he said there is a "possibility" that the partnership will end earlier.

In 2023, The Wall Street Journal reported that Goldman Sachs wanted out of the Apple Card partnership, but it has yet to part ways with Apple.

Last year, the U.S. Consumer Financial Protection Bureau fined Apple and Goldman Sachs nearly $90 million combined after finding the companies mishandled transaction disputes and misled iPhone users about interest-free payment options.

"Apple Card is one of the most consumer-friendly credit cards available, and was specifically designed to support users' financial health," said Apple, in response to the fine. "Upon learning about these inadvertent issues years ago, Apple worked closely with Goldman Sachs to quickly address them and help impacted customers."

If the Apple Card does eventually get a new financial partner, it is unclear if there would be any major changes to the card's features and policies.

Launched in 2019, Apple's credit card remains available in the U.S. only.

Article Link: Three Companies Are Now in the Running to Take Over the Apple Card
 
Article Link
https://www.macrumors.com/2025/01/16/apple-card-new-partner-talks/
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They could pick like a regional bank like there partner Citizens and then just pump a ton of money into citizens thus making apple a bank via proxy.....
 
I had a store card that was issued through Barclays and it was nothing but anguish if I had a problem. Card was hacked several times despite it never leaving my control.

I do not have a Chase card but I do have several CapitalOne cards and they have always been very responsive to any issues I’ve raised. I was disappointed to read that CapitalOne was out of the possibilities.
 
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Synchrony manages CareCredit (vet payments with 6-months 0% interest), and Lowe's (0% financing for major purchases for a year), and they're OK. By this, I mean I haven't experienced any major service calamities with either, but I only use one of the two cards I have with them maybe once every 18 months. I'd be curious to hear from folks who are more monthly users of Synchrony cards.
 
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The significant Apple Card benefits: Uniqueness benefiting customers. Change for another basic card? Why bother?
 
ELman said:
How does Barclays compare to Chase?
Click to expand...

I have cards with both and both are fine. Barclays also used to have an agreement with Apple for credit cards before the official Apple Card was released and they offered up to 24 months SAC on large ($1000+ purchases) plus their "cash back" was redeemable as iTunes/Apple gift cards.

FoxyKaye said:
Synchrony manages CareCredit (vet payments with 6-months 0% interest), and Lowe's (0% financing for major purchases for a year), and they're OK. By this, I mean I haven't experienced any major service calamities with either, but I only use one of the two cards I have with them maybe once every 18 months. I'd be curious to hear from folks who are more monthly users of Synchrony cards.
Click to expand...

My Amazon Prime store card is handled by Synchrony and I have no complaints.
 
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TheLinkster said:
Amex can't take over because of an exclusivity agreement with Mastercard that won't expire for several years.
Click to expand...
They have an agreement with Goldman that doesn't expire for years either... But they are most likely going to get out of that.
 
MacRumors said:


Apple is in talks with Barclays and Synchrony about becoming its new financial partner for the Apple Card, according to Reuters sources.

apple-card-1-iPhone-13.jpg

The report today added that Apple has also been holding discussions with Chase Bank owner JPMorgan since last year, so there are at least three potential companies in the running to take over the Apple Card from current partner Goldman Sachs.

Goldman Sachs had reportedly approached American Express about taking over the Apple Card a few years ago, as well, but nothing came of it. Apple's credit card uses the Mastercard network, and that might have prevented an American Express takeover.

Goldman Sachs is in the process of winding down its consumer lending business, which has lost billions of dollars in recent years. On a recent earnings call, Goldman Sachs CEO David Solomon said the company is contracted to be the Apple Card's lender until 2030, but he said there is a "possibility" that the partnership will end earlier.

In 2023, The Wall Street Journal reported that Goldman Sachs wanted out of the Apple Card partnership, but it has yet to part ways with Apple.

Last year, the U.S. Consumer Financial Protection Bureau fined Apple and Goldman Sachs nearly $90 million combined after finding the companies mishandled transaction disputes and misled iPhone users about interest-free payment options.

"Apple Card is one of the most consumer-friendly credit cards available, and was specifically designed to support users' financial health," said Apple, in response to the fine. "Upon learning about these inadvertent issues years ago, Apple worked closely with Goldman Sachs to quickly address them and help impacted customers."

If the Apple Card does eventually get a new financial partner, it is unclear if there would be any major changes to the card's features and policies.

Launched in 2019, Apple's credit card remains available in the U.S. only.

Article Link: Three Companies Are Now in the Running to Take Over the Apple Card
Click to expand...

There's nothing about Synchrony that says global and nothing about their website that says Apple. If Apple goes this way I think they're saying they're going to buildout the front-end and Synchrony will just be the back-end bank. I bet Synchrony sees this as a strategic joint venture (even if not structured as one) and is pining hard for the business. However, divided responsibilities along this line are hard to get right and I'd guess Apple has their reservations that they want to make the investment to do this and if it will even work.

JP Morgan/Chase has all the pieces to meet Apple's needs but they are also big enough not to be pushed around by Apple. Apple might not be used to that.

Barclays is making a hard push into the US but it doesn't have quite the scale or reach as JPM plus I'm guessing a very ingrained British culture that may not mesh well with Apple's.

Should be interesting...
 
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Whatever happens, I hope it stays as Mastercard and not Visa. It is the only MC I have as everything else is Visa
 
I have both a Barclays card (through AARP) and a Chase card. Either one is fine with me. Lord forbid Apple goes to American Express (even though my grandfather worked for AMEX his entire adult life). It's a great company, but this isn't its forte.
 
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Three Companies Are Now in the Running to Take Over the Apple Card
Click to expand...
That's a weirdly worded title. Maybe it's me, but that makes it seem like Barclays, Synchrony, and JPMorgan Chase are all running to Apple and fighting each other to take over Apple Card and Savings when it's Apple who needs to find a partner.
 
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I have cards with all 3. Based on my experiences, I prefer Chase, then Synchrony, the Barclays. My customer service experiences with Barclays have definitely been the worst.
 
Or Apple just shuts the whole program down and we go back to using the other credit cards in our wallets. I get cash back (annually vs daily) with CostCo Citi card. All my cards get paid in full at the end of the month and sometimes during the month when balances get too high from a major purchase
 
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sw1tcher said:
That's a weirdly worded title. Maybe it's me, but that makes it seem like Barclays, Synchrony, and JPMorgan Chase are all running to Apple and fighting each other to take over Apple Card and Savings when it's Apple who needs to find a partner.
Click to expand...
It's the same situation as when your car dies. You need to find a new car. And every automaker and dealer is begging you to give them your business. Supply and demand is how capitalism works.
 
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TheLinkster said:
Amex can't take over because of an exclusivity agreement with Mastercard that won't expire for several years.
Click to expand...

bigjnyc said:
They have an agreement with Goldman that doesn't expire for years either... But they are most likely going to get out of that.
Click to expand...

The difference is Goldman wants to end the agreement. Does Mastercard?


sw1tcher said:
That's a weirdly worded title. Maybe it's me, but that makes it seem like Barclays, Synchrony, and JPMorgan Chase are all running to Apple and fighting each other to take over Apple Card and Savings when it's Apple who needs to find a partner.
Click to expand...

As @victorvictoria noted, even though Apple needs to find a new partner because Goldman wants out, it sounds like Barclays, JPMorgan Chase and Synchrony all want in. So the title makes sense in that Apple is not lacking for suitors to take over the Apple Card program.
 
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