Apple Card: Allegedly three potential new banking partners
The Apple Card, which has now been available in the USA for over five years, needs a new bank. Now there are other candidates.
Advertising for the Apple Card: So far only available in the USA.
(Image: Apple)
A total of three financial institutions are apparently ready to take the place of Goldman Sachs in the Apple Card. However, negotiations are dragging on. As the news agency Reuters reports, citing informed circles, two other candidates have now leaked out in addition to JPMorgan Chase.
British and American interested parties
The British bank Barclays, which is also known in Germany as a credit card provider, and the American company Synchrony Financial, which specializes in payment systems and credit cards, are also interested. The Reuters sources claim that negotiations between Apple and Barclays have been going on for several months and that it could take several more months before they are finalized. Synchrony, on the other hand, appears to have only recently started talking to Apple.
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Interestingly, the iPhone manufacturer has just introduced a pay later service with FIrma, but this requires a Mastercard from Synchrony. In the future, a “Pay Later” option can be selected immediately via Apple Pay if you have the right credit card. This allows you to pay off a purchase over a fixed monthly amount; the conditions initially remained unclear.
Goldman Sachs wants out
Launched in 2019, the Apple Card is a credit card with comparatively customer-friendly conditions. It is currently only available in the USA. Apple started with its partner, Goldman Sachs, but the bank has wanted out of the contract for some time. The reason: the bank has not been able to earn money with the Apple Card. The corresponding division is said to make a loss of more than half a billion US dollars a year.
Of the parties interested in taking over the business, Barclays is likely to be of particular interest to European customers. The bank is also very active in the EU and could therefore help Apple to finally offer the Apple Card outside the USA. Goldman Sachs had originally also planned to internationalize its retail banking business, but largely abandoned the idea.
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