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

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
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.

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Top Rated Comments

ryanmp Avatar
9 months ago

The significant Apple Card benefits: Uniqueness benefiting customers. Change for another basic card? Why bother?
Monthly installments on Apple purchases, really all I use my Apple Card for these days, but it's great.
Score: 6 Votes (Like | Disagree)
CWallace Avatar
9 months ago

How does Barclays compare to Chase?
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.


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.
My Amazon Prime store card is handled by Synchrony and I have no complaints.
Score: 5 Votes (Like | Disagree)
jz0309 Avatar
9 months ago
Barclays was Apples partner before GS, no issues with my Barclays card.
Glad Amex is not in the race
Score: 5 Votes (Like | Disagree)
ifxf Avatar
9 months ago

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
I agree, don’t understand why people put everything in the Apple basket. In those cases, if Apple locks you out of your account you are down your phone, passwords, email, credit card and savings account. I much rather spread my association over multiple companies so account lockout impact is minimized.
Score: 5 Votes (Like | Disagree)
macsound1 Avatar
9 months ago
Synchrony is like the subprime credit card company that operates most "store credit" credit cards and accepts anyone who applies. Not exactly the forward thinking, professional bank that Chase, Citibank, and American Express are.

https://upgradedpoints.com/credit-cards/synchrony-bank-store-credit-cards/
Score: 5 Votes (Like | Disagree)
TheLinkster Avatar
9 months ago
Amex can't take over because of an exclusivity agreement with Mastercard that won't expire for several years.
Score: 4 Votes (Like | Disagree)