Apple Ends Credit Card Partnership with Goldman Sachs

In a recent development, Apple is set to terminate its credit card collaboration with Goldman Sachs Group, as reported by the Wall Street Journal. The tech giant has submitted a proposal to the Wall Street bank, outlining its intention to conclude the partnership within the next 12 to 15 months. This decision encompasses the entire spectrum of their consumer partnership, including the high-yield deposit account introduced by Apple earlier this year, which boasts an annual percentage yield surpassing Goldman’s offering for an online savings account.

The collaboration between Apple and Goldman Sachs began in 2019 with the launch of a virtual credit card. However, the recent proposal signals a shift in their strategic alliance. When questioned about the report, Apple responded by emphasizing their commitment to providing an exceptional customer experience that promotes healthier financial lives. Despite the termination of the partnership, Apple remains dedicated to innovation, vowing to continue delivering cutting-edge tools and services to its consumers.