The Apple Card has been around for a few years at this point having launched in 2019, but it might not be around all that much longer. That's after a Wall Street Journal report claimed that the partnership between Apple and Goldman Sachs that makes the Apple Card possible is on the verge of being killed off.
The Apple Card is a Goldman Sachs-backed credit card that is entirely managed via the Wallet app on an iPhone and offers various cashback deals that are surprisingly competitive. But the card is only available in the United States four years after its 2019 debut, with little sign that it is going to expand beyond the country's borders. Now, the Wall Street Journal, says that Apple is pulling the plug on its credit card partnership with Goldman Sachs, with the deal possibly exited within the next 12 to 15 months. The exit would reportedly cover the entire consumer partnership, including the credit card itself.
However, it isn't clear what that would actually mean for customers of the Apple Card. Would they continue to be able to use their card with Apple picking up a new backer, or would their cards be converted to a standard Goldman Sachs credit card, and its management be moved away from the Wallet app entirely? That isn't yet known, but it seems that the decision to end the agreement is mutual.
Earlier this year we saw reports that Goldman Sachs was losing huge sums of money on its deal with Apple, and this parting of ways could turn out to be the best thing for all parties depending on what it means for Apple Card owners around the country.