If you signed up for an Apple savings account or use an Apple Card, you may want to hunt around for an alternative as the company is reportedly looking to exit its partnership with card issued Goldman Sachs.
As the Wall Street Journal reports, Apple sent a proposal that would sever its partnership with Goldman Sachs within 12 to 15 months, even though both parties agreed last year to extend the deal through 2029.
Goldman may be willing to cut ties; earlier this year, Bloomberg said Goldman lost $3.03 billion in nearly three years on the group of businesses that houses the Apple Card and that the credit card made up a significant portion of those losses.
Since then, Goldman has been contemplating offloading the partnership with Apple to another company. Per the Journal, Goldman discussed handing over the program to American Express, but Amex turned down the offer, citing concerns about the program's loss rates. Synchrony Financial is another potential partner; it originally bid for the Apple Card deal against Goldman.
It's unclear if Apple has lined up a replacement for Goldman.
In a statement to Reuters, Apple did not address the issue directly, saying only that it will "continue to innovate and deliver the best tools and services" for the Apple Card. Goldman declined to comment.
However this shakes out, it's a bit of a setback for Apple's services business. The Apple Card in its current form has been rather popular with consumers in terms of consumer satisfaction, according to J.D. Power.
