It looks like Apple Card may have suitors lining up amid its public breakup with Goldman Sachs.
Apple is in talks with Barclays and Synchrony Financial to replace Goldman Sachs as the card issuer, according to Reuters. report. This follows last year's whispers that Chase was also in negotiations with Apple.
Apple's widespread name recognition and reputation could be tempting for card issuers hoping to grow their customer base amid growing competition from Buy Pay Later apps..
Although the deal with Apple runs until 2030, it's possible the relationship could end sooner, Goldman CEO David Solomon said at the time of his company. earning call earlier this week.
It is important to note that nothing has been finalized yet. However, if Apple gets a new issuer, it could mean big changes for current cardholders.
Although it is regularly evaluated No. 1 for customer satisfactionaccording to research by JD Power, the card actually lacks many features offered by other top credit cards – including a competitive welcome offer, useful additional card benefits and protection. What it does offer is the brand name, a sleek user experience, and 3% cash back on everything Apple, according to our CNET credit card experts.
The continued relationship between Apple and Goldman Sachs has been called into question recently. Goldman Sachs has pulled back from consumer lending in the past few years due to financial losses and increased federal scrutiny. Last year the US Consumer Financial Protection Bureau fined Apple and Goldman Sachs $89 million for carelessness and mismanagement.
If Apple Card really gets a new issuer, it could mean big changes for Apple Card Savings Account. On high yield savings account currently offers a 3.90% APY and is only available to Apple Card holders.
Neither Apple, Goldman Sachs nor Chase immediately responded to requests for comment. Synchrony and Barclays declined to comment.
If you currently have the Apple Card and are looking for better rewards, you can wait and see how the issuing bank dance plays out, or you might consider applying for a different one credit card that offers better rewards and the benefits.