Apple is ending its credit card partnership with Goldman Sachs in the next 12 to 15 months, according to The Wall Street Journal.
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4-year-old partnership
Since 2019, Goldman Sachs and Apple have collaborated on the Apple Card, as well as the high-yield Apple Savings account and the Apple Pay Later feature.
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What went wrong?
Initially, favorable economic conditions and low interest rates led Goldman Sachs to waive certain credit card fees, but this caused revenue loss and rising costs associated with collaboration.
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American Express talks uncertain
Goldman tried to offload the partnership to American Express, but they expressed concerns about loan loss rates and other aspects of the program, leaving the status of the talks uncertain.
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Synchrony considers taking over
Synchrony Financial, the leading issuer of store credit cards, has contemplated taking over the Apple Card.
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Apple's comment
Apple in a statement to CNBC said that it will continue to provide "the best tools and services" for Apple Card customers.