Goldman Sachs Wants to End Apple Partnership, American Express Might Take Over

Goldman Sachs does not want to continue its partnership with Apple, according to a new report from The Wall Street Journal. Apple has teamed up with Goldman Sachs for the Apple Card credit card in the United States, Apple Pay Later, and the Apple Savings account that ‌Apple Card‌ users can opt for.

apple card 1
The banking company wants to cut back on its consumer business, and is now in talks with American Express (or Amex) about a potential takeover. A deal would see Goldman Sachs offloading its credit card partnerships to another company, which would include the ‌Apple Card‌ and other credit cards like one it offers for General Motors.

American Express has not yet established an agreement with Goldman Sachs, and a deal is not "imminent or assured," according to people who spoke to The Wall Street Journal.

Goldman Sachs recently extended its partnership with Apple through the end of the decade. Apple would have to agree to a transfer, and is aware of the talks that Goldman Sachs has been having with Amex.

Top Rated Comments

sniffies Avatar
12 months ago
That sachs.

Oh well.
Score: 74 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
12 months ago
I love my American Express card. Their customer service is top-notch. Their #1 priority is the customers and that’s why I’ve been with them for over 10+ years!
Score: 64 Votes (Like | Disagree)
isomorphic Avatar
12 months ago
Honestly I'd prefer AmEx to GS. I was sad when Costco switched from AmEx to Citi.
Score: 43 Votes (Like | Disagree)
hoodafoo Avatar
12 months ago
I only signed up for the card to get the fancy piece of titanium
Score: 42 Votes (Like | Disagree)
techno-Zen Avatar
12 months ago
If it's AMEX.. I'm OUT
Score: 35 Votes (Like | Disagree)
thinkthis Avatar
12 months ago

I don’t particularly care either way, but swapping out MasterCard for AmEx is not a 1:1 trade—the AmEx network sucks. Apple and/or Goldman and/or AmEx better be offering some serious perks to keep customers around if they switch.
Agreed - AmEx has higher transaction fees and as such a lot of places do not accept them. Would be a serious downgrade IMO. AmEx has it's uses, but it is not a one size fits all solution that would need to be used for Apple Pay.
Score: 25 Votes (Like | Disagree)

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