Apple Card Could Find New Home With Barclays or Synchrony. What Cardholders Should Know
It looks like the Apple Card may already have a number of suitors amid its public breakup with Goldman Sachs.
Apple is in talks with Barclays and Synchrony Financial to replace Goldman Sachs as its card issuer, Reuters reports Report. Following last year’s rumors that catch up It is also in talks with Apple.
Apple’s widespread name recognition and reputation may appeal to card issuers looking to expand their consumer base amid increasing competition. Buy now pay later app.
Goldman Sachs CEO David Solomon said in a company release that although the contract with Apple is valid until 2030, the relationship may end sooner. Earnings Conference Call earlier this week.
It’s worth noting that nothing has been finalized yet. However, if Apple does have a new card issuer, it could mean big changes for existing cardholders.
Although often evaluated No. 1 in customer satisfactionAccording to JD Power’s research, the card actually lacks many of the features offered by other top credit cards, including a competitive welcome offer, useful extra card benefits, and protections. What it offers, according to our CNET credit card experts, is a brand name, a smooth user experience and 3% cash back on all Apple merchandise.
The ongoing relationship between Apple and Goldman Sachs has been called into question recently. Goldman Sachs has exited consumer lending over the past few years due to financial losses and increased federal scrutiny. Last year, the U.S. Consumer Financial Protection Bureau Apple and Goldman Sachs fined $89 million Because of negligence and mismanagement.
If the Apple Card does get a new issuer, it could also mean big changes for the credit card industry. Apple Card Savings Account. this high yield savings account Currently available Annualized 3.90% And only available to Apple Card holders.
Apple, Goldman Sachs and Chase did not immediately respond to requests for comment. Synchrony and Barclays declined to comment.
If you currently have an Apple Card and are looking for better rewards, you can wait and see how the bank issuer dance plays out, or you can consider applying for a different card Credit cards that offer better rewards and benefits.
