Apple has entered talks with Barclays and Synchrony Financial to become the future issuer of the Apple Card and take over from Goldman Sachs, according to new information obtained by Reuters.
While the current nature of negotiations remain unclear, Reuters reports that talks between Apple and Barclays have been ongoing for several months. However, it could still be a while before a conclusive deal is finalised between Apple and the British bank. On the other hand, the nature and progress of talks with Synchrony couldn’t be determined at this point.
The report adds that other financial institutions remain in the run for the Apple Card partnership, including JPMorgan Chase. Moreover, the report notes that Barclays could have an upper hand during negotiations, especially since it took over the General Motors credit card business from Goldman Sachs, the current Apple Card issuer.
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It has become an open secret that Apple is seeking new partners for the Apple Card beyond Goldman Sachs as the latter is looking to exit the consumer loans business altogether after suffering billions in losses. Despite having a contract with Apple until 2030, Goldman CEO confirmed the credit card partnership will likely be terminated before then.
