Goldman Sachs may exit credit card deal with Apple: report
Goldman Sachs, one of the largest investment banks in the world, is reportedly considering ending its partnership with tech giant Apple, according to sources familiar with the matter. The Wall Street Journal broke the news on Friday, revealing that the bank is currently in talks with American Express to potentially take over its partnership with Apple and its credit card ventures.
The partnership between Apple and Goldman Sachs initially began in 2019 when they launched a virtual credit card. This virtual credit card, which is made out of titanium and features no visible number, has been well-received by customers. It currently offers a generous 3% daily cash back on purchases, allowing customers to either spend or save the cash. Additionally, the card offers interest-free monthly installments specifically for purchases of Apple devices, making it an attractive option for those looking to invest in the latest products.
In March of this year, Apple further expanded its payment services by introducing a “buy now, pay later” service in the United States. This service is facilitated through the Mastercard Installments program, with Goldman Sachs serving as the issuer of the Mastercard payment credential. It is unclear at this time how this potential partnership shift with American Express would impact this service.
When approached for comment, American Express did not immediately respond to Reuters’ request for a statement. Both Apple and Goldman Sachs have also declined to comment on the matter, leaving many industry experts and customers speculating about what this potential break in partnership could mean for the future of the virtual credit card and other collaborations.
FAQs:
Q: What is the virtual credit card offered by Apple and Goldman Sachs?
A: The virtual credit card, made out of titanium with no visible number, offers 3% daily cash back on purchases and allows for interest-free monthly installments on Apple device purchases.
Q: What is the potential partnership takeover by American Express?
A: Goldman Sachs is reportedly in talks with American Express to potentially take over their partnership with Apple and its credit card ventures.
Q: How does Apple’s “buy now, pay later” service work?
A: Apple’s “buy now, pay later” service allows customers to make purchases and pay for them in monthly installments, interest-free, through the Mastercard Installments program.
Q: Will this potential partnership shift affect the “buy now, pay later” service?
A: It is currently unclear how this potential partnership shift with American Express would impact Apple’s “buy now, pay later” service. No official statements have been made regarding this matter.
Report suggests Goldman Sachs might terminate partnership with Apple on credit card deal
Goldman Sachs is reportedly contemplating ending its partnership with Apple, according to sources familiar with the matter, as reported by the Wall Street Journal on Friday. The financial institution and the tech giant began introducing a virtual credit card in 2019. Talks are currently underway between Goldman Sachs and American Express regarding the transfer of Apple’s credit card and other ventures with the technology company. In March, Apple launched its “buy now, pay later” service in the United States, utilizing the Mastercard Installments program, with Goldman Sachs serving as the issuer of the Mastercard payment credential. Apple’s credit card, which is manufactured from titanium and lacks a visible number, presently offers a 3% daily cash back for spending or saving, as stated on Apple’s website. It also provides interest-free monthly payments for purchases of Apple devices. Reuters reached out to American Express for comment, but no immediate response was received. Both Apple and Goldman Sachs declined to provide comments on the matter. This report aims to present a comprehensive and focused coverage of the topic.