According to The Wall Street Journal, Apple and Goldman Sachs may be ending their partnership on the Apple credit card after four years of collaboration. The companies recently extended their agreement until 2029, but Apple is considering terminating the contract within the next 12 to 15 months. Although the pair launched a high-yield savings account earlier this year, Goldman may not be too upset about a potential breakup, as reports suggest the bank was looking to exit the consumer lending business. It had even expressed its desire to end the agreement with Apple and approach American Express to take over its side of operations. In addition, Goldman recently made arrangements to sell home improvement loan company Green Sky and plans to end its other credit card partnership with General Motors. This shift in strategy is a result of the bank’s losses in its attempt to diversify outside of corporate and very wealthy clients. Apple, on the other hand, remains focused on providing an excellent experience for its customers. However, the partnership between Apple and Goldman has faced challenges, with complaints from Goldman employees about payment schedules and mass application approvals, as well as reports from customers about poor customer service. The future of Apple’s credit card and high-yield savings account is uncertain, as the company’s services sector continues to grow in revenue compared to its general sales. Synchrony Financial has been exploring the possibility of taking over Goldman’s role.
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