On January 15, 2025, an exclusive report citing sources said Apple is in talks with Barclays to replace Goldman Sachs as the new issuer of the Apple Card. At the same time, Apple has also held discussions with Synchrony Financial. Although these talks have been going on for months, sources said it could still take several more months to reach a final agreement.
Although Goldman Sachs’ credit card partnership with Apple is set to run through 2030, Goldman CEO David Solomon has said the partnership could end earlier. Other financial firms, including JPMorgan, have also been in talks regarding a potential deal.
Apple Card was highly popular when it launched, but it did not deliver the expected profitability, weighing on Goldman Sachs’ retail banking expansion plans. In 2024, Goldman Sachs transferred the General Motors credit card business to Barclays, helping Barclays expand its credit card footprint in the US market.
