The Wall Street Journal reported today that Apple in the following year to a year and a half, he will end his cooperation with Goldman Sachs. In addition, it is not yet clear whether Apple decided only to change the partner or whether to completely terminate the project Apple Card as such. Given that Goldman Sachs is the sole and essential partner for Apple Card a Apple Savings, he doesn't have Apple how to continue operating without a change of partner Apple Card. Earlier this year, information began to emerge that Goldman Sachs wanted to withdraw from the consumer business and wanted to end its partnership with Applem.
Another problem is that Goldman Sachs is reportedly preparing to take over American Express as a card issuer, of course Apple Card is tied to the Master until 2026card. Apple Card introduced Apple in 2019 and gradually followed up this service with other services such as Apple Pay Later or Apple Savings. All of them are basically consumer loans, where the customer can draw money up to a certain amount, with the fact that he will pay this money at the end of the month. If he doesn't pay them, interest follows. In the US, this practice is quite common, and so-called credit cards operating on this principle are used by both ordinary people and the richest.
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The question is whether Apple wants to give up in the future Apple Cardbecause, according to the available information, it is a relatively loss-making service that has not yet Applu has not even started generating profits 4 years after its launch. The problem with profits in this case is not only Apple, but also a partner bank. Goldman Sachs doesn't get money from basically anything that is common with credit cards. It does not earn money from monthly fee, annual fee, late payment fee or foreign transactions. The only thing Goldman Sachs u Apple Card earns money, are loans that it provides to cardholders when they decide to split a purchase using Apple Card in installments. Compared to other credit cards, the income from Apple Card significantly limited and if Apple will not change this model, it will be difficult to find a bank willing to go along with it.
