Apple’s Card partnership could move from Goldman Sachs to American Express
Illustration: The Verge
The Apple Card may soon no longer be backed by Goldman Sachs. According to a report from The Wall Street Journal, Goldman Sachs is in talks to offload its partnership with Apple to American Express.
Apple launched its credit card in partnership with Goldman Sachs in 2019 and, more recently, made its new Pay Later service available to users in March. While Apple’s new financial division is handling the lending side of its buy now, pay later service, it’s still working with Mastercard and Goldman Sachs to enable the program.
But now, sources tell the Journal that Goldman Sachs wants to exit from both of these partnerships and have American Express take its place. According to the Journal, a deal with American Express isn’t “imminent or assured.” It also wouldn’t happen anytime soon, given that Apple would have to agree to the new partnership. Apple is reportedly aware of these discussions but didn’t immediately respond to The Verge’s request for comment.
The shift to American Express could affect where Apple cardholders can use their card. While Apple Cards are currently issued by Mastercard, which is accepted at a majority of retailers across the US, American Express has a bit less reach, although this seems to have improved in recent years.
Illustration: The Verge
The Apple Card may soon no longer be backed by Goldman Sachs. According to a report from The Wall Street Journal, Goldman Sachs is in talks to offload its partnership with Apple to American Express.
Apple launched its credit card in partnership with Goldman Sachs in 2019 and, more recently, made its new Pay Later service available to users in March. While Apple’s new financial division is handling the lending side of its buy now, pay later service, it’s still working with Mastercard and Goldman Sachs to enable the program.
But now, sources tell the Journal that Goldman Sachs wants to exit from both of these partnerships and have American Express take its place. According to the Journal, a deal with American Express isn’t “imminent or assured.” It also wouldn’t happen anytime soon, given that Apple would have to agree to the new partnership. Apple is reportedly aware of these discussions but didn’t immediately respond to The Verge’s request for comment.
The shift to American Express could affect where Apple cardholders can use their card. While Apple Cards are currently issued by Mastercard, which is accepted at a majority of retailers across the US, American Express has a bit less reach, although this seems to have improved in recent years.