Apple is in discussions with Barclays to take over from Goldman Sachs as the tech giant’s credit card partner, according to two sources familiar with the matter. This move comes as Goldman Sachs retreats from its consumer finance ambitions.
Synchrony Financial, a prominent credit card issuer, is also in talks with Apple regarding the partnership, one source confirmed. Both sources, however, requested anonymity due to the private nature of the talks.
Several financial institutions are competing to replace Goldman Sachs, which initially launched the credit card with Apple in 2019. However, some lenders, while attracted to working with Apple—one of the world’s leading brands—view the original deal as risky and unprofitable, according to sources who spoke with Reuters in December 2023.
Discussions between Apple and Barclays have been ongoing for months, but a deal could still take several more months to finalize, one source revealed.
JPMorgan Chase has also been in talks with Apple regarding the partnership since last year, Reuters previously reported.
Representatives from Apple, Goldman Sachs, Barclays, and JPMorgan declined to comment, while Synchrony did not immediately respond to a request for comment.
Although Goldman Sachs’ credit card deal with Apple runs until 2030, the partnership may end sooner, as Goldman CEO David Solomon indicated during a recent earnings call.
In 2024, Goldman transferred its General Motors credit card business to Barclays, enabling the latter to expand its card presence in the U.S. This deal allows customers to earn reward points on new GM vehicles, including electric cars.
Goldman Sachs entered the consumer finance space nearly a decade ago in an effort to diversify its revenue streams. However, by late 2022, the company decided to scale back its retail business after setting aside billions of dollars to cover potential losses.
